Daily Tip- Reasons Why You Will Never Become Rich

Most people do not equate wealth with a mansion or a big yacht. In fact, just 7% of people surveyed associate wealth with material possessions like cars, houses and boats. Rather, to many, being rich means having just enough to not worry about the next payday – that’s according to 33% of those questioned. An additional 26% define being wealthy, or rich, as having more than enough money to sack their Boss. Still, few people place an actual dollar amount on what it means to be wealthy. Only 17% felt that being rich means having at least $500,000 or like 5 million Naira, and 11% stated a six-figure yearly income would make them feel rich. Yet most people who are rich don’t even consider themselves rich. Maybe it’s because being ‘rich’ or ‘wealthy’ has very little to do with material possessions, and more to do with how people feel about themselves. Nonetheless, according to financial experts you will never be rich if you are defined by anything on the following list:

1. Overspending- If you have a ferocious appetite for spending beyond your means, you’re not alone, I know how it is because I have been they before. Blowing all your money each month is not a realistic pathway to wealth. Start tracking where your money goes each month, check where you can cut back, and create a ‘realistic’ budget that allows you to pay your bills and invest in a retirement account or Super savings account.
2. Not Saving Enough Cash- Welcome to the club, according to a financial expert, just 4.9% of the world save their extra cash. Saving should become a priority if you want to accumulate wealth. Start with an emergency fund. Once your emergency fund is substantial, you can redirect small amounts toward other goals like purchasing a home. Even as a student you need these tips because when you save that extra money you would ordinarily blow on frivolities, you have more for emergency and stuffs.
3. You Have Too Much Debt- As the saying goes "he that goes a borrowing goes a sorrowing". Certain debts are a precursor to financial success, like purchasing real estate or starting a business; however, a high-interest loan is not. Borrowing cash for a party and most predominantly in Nigeria- borrowing money for a burial is never wise.
4. You Dont Have A Plan- Without a definite, clearly defined plan, becoming rich will seem like an unbelievable dream. This alone will solidify your excuses for overspending and not saving. As the saying goes, “Those who fail to plan, plan to fail.” Putting together a financial plan may seem tedious, but it doesn’t have to be, and you can get used to it.I think planning is actually the hardest thing to do but do we have an option? NO.
5. You Started Late- Time is slipping by. Just like starting an exercise routine, the most difficult part about saving is getting started. Even if you have debt, a small income, or many expenses, you can save something, even if it’s only a small amount.
6. You Complain Rather Than Commit- “I don’t earn enough money”; “Life is too expensive”; “It’s hopeless, I’ll never get out of debt.” Have you uttered any of these statements before, or perhaps all of them? Old habits die hard; however, as long as you do nothing to change, nothing will change. Stop complaining and making excuses. Instead, take responsibility for your non-productive habits and concentrate on how to change them – and then do it!
7. 8. You Live for Today, and Forget About Tomorrow- Like my Dad always said, "eat well today and tomorrow will take care of its self". Don't take that advice and don't tell him I said so. The problem is that impulsive and unregulated spending leads to debt… period! Do yourself a big favor: Get rid of the ‘buy now, worry later’ attitude, and switch to a ‘save now, get rich later’ way of thinking.
8. Know How Well To Carry Your Eggs- Some people say never put all your eggs in one basket, people like Warren Buffet and I said 'put all your eggs in one basket and guard it with an eagle eye'. I wont advice you on any of then because they have their merits and demerits rather i will advice you to know the best way to carry your eggs. what matters is that you don't let the egg break.
9. You Don’t Have an Emergency Fund- I remember when I was in school i use to tuck away a certain amount of cash in my wallet and totally programmed my mind to forget it;- That cash saved me in an uncountable ways. I think having an Emergency fund is a must for everybody, Experts say you need at least six months of income saved in case of an emergency. Life is tricky, and not having some type of safety net can turn a comfortable situation into a disaster.
10. You Just Don’t Get It!- I use to think I would wake up one morning and see a bag full of cash on the bed or receive and alert for a Billion dollars in my account''' those were symptoms of severe malaria if you still having those thoughts as an adult. Maybe you will get lucky and land a fantastic job, receive a big pay raise, inherit money, hit the lottery, or whatever! But ‘whatever’ won’t cut it if you really want to become rich. Yes, life is uncertain. No one knows what will, or will not, actually happen; therefore, why not focus on what you can control today? Get it together now and save yourself, in case someone or something else won’t.

One thing you can be sure of: You are already rich. Think about it. If someone came to you and offered you a million dollars for your arm, would you give it up? Why not, you have two; you can surely spare one of them! Of course the answer would be no! Being rich is more than physical ownership; it’s a state of happiness and well-being, while wishing the same for others. So while you are working on getting rich materially, remember to be happy along the way! That's my motto..