Part of the Ghanaian dream is that anyone can bootstrap their way to riches. Given enough time, hard work, and smart financial moves anyone can become a millionaire. This doesn’t mean that everyone in Ghana will achieve this big milestone.
Here are some of the most common issues that will prevent you from ever becoming a member of the Millionaire Club.
1. They Don’t Want It Bad Enough.
Most people value their comfort over what work they need to do to reach success. You can test this on yourself right now:
Would you (A) Go to sleep when you feel tired and get a good cognitive start on the work tomorrow? (B) Stay up and finish what you set out to do? (C) Stay up, finish what you set out to do and do a bit extra while figuring out what made you so late in the first place? (D) Just go to bed and worry about it tomorrow?
If you wanted success bad enough you would choose Option C 10 times out of 10. Most of us choose option A or D.
2. They Never Learn About Money.
They do not buy books, do not get a coach, do not go to seminars and just assume that what they learned about “saving” is going to be enough to get them to be millionaires.
Making money and becoming rich is not an unknown, exploratory adventure. It is a science and people have found ways to get money. The reason most people do not use these strategies is because it takes effort to learn and become good at, just like with any other skill.
If you do not know how money works it’s because you haven’t bothered to learn, not because there is nothing to learn.
People feel they deserve money without earning it. Entitled people will never work hard enough to earn any real money because they feel things should be given to them.
4. They Loose Their Purpose.
Most people start their careers with passion, excitement, and a wanderlust for the adventure the career entails. Most people end their careers with the words “Finally I’m done!”
They often have a reason for wanting to become millionaires that gets lost along the way, just like their passion and the joy they had for their jobs. When they loose this reasoning everything becomes a struggle harder than any other. Not only do they now have to do the work, they also have to become amazing at it, while hating what they do.
Most people do not even do things they dislike under normal circumstances much less spending 8 hours a day, 5 days a week, and more to get amazing at what they hate.
5. Middle Class Mindset
People do “just enough” to get by and are satisfied making GHC 24,000 a year. They live in a rented home they’re handcuffed to and basically live paycheck to paycheck with 2 weeks of vacation a year.
READ ALSO – 5 Questions To Ask Your Job Interviewer.
6. Lack of Consistency
The rich make consistent routines in their life. A consistent approach starts with getting consistent in your day-to-day operations.
7. Wrong Career Path
If I had a pesewa for every person I knew who went to law school, but isn’t working as an attorney, I would have a million cedis.
The rich get in with the right company where there is opportunity for growth. Too many people just look for a “job”. You need a job, but you need the right career.
8. Never Save or Not Saving Enough
Nobody gets rich by saving, but you have to start saving in order to ever have anything to invest. If you spend everything you get, you will never get rich.
Assuming you’ve overcome your irrational fear of the stock market and have crafted the perfect investment portfolio (or had the help of a fiduciary financial planner to create the best investment plan for your situation) if you don’t save enough move along the way you will never become a millionaire.
9. You Make Unhealthy Choices
98% of millionaires consider good health to be their most important personal asset, according to a recent study. Without your health, no amount of wealth will be able to buy back your quality of life.
Take the time and spend the money to ensure you are getting all of the necessary screening and physical exams that your health care professionals recommend. If you don’t have a primary physician, get one. Look to exercise (more) and increase the health value of the food you consume.
10. You Chose The Wrong Spouse
There are many financial benefits to being married. Choosing the wrong spouse will make your quest to become a millionaire much more difficult.
If one spouse is a spender and the other is a saver- the spender tends to win out. When considering a life partner, don’t forget to take into account how you each think about money.
If you want to be a millionaire, then you have to work hard, keep learning, and know why you want it.
Being a millionaire is definitely not out of reach, but it is definitely not easy either.
Do you have what it takes?