12 Wealth Killers and How to Avoid Them

Many people wish to be rich, but few achieve such a goal in life. Many people are job seekers, who are supposed to be employers of labor, but are facing avoidable problems that have allowed them to stagnate in many areas of their lives.

Naturally, everyone has been endowed with the hidden secret of wealth, and if this hidden secret is discovered, the rest will be history. This hidden secret is called potential or talent as the case may be. It is when this priceless asset is revealed in us that many people will achieve their goals when it comes to building wealth.

However, everyone is eager to be rich, but few people can go through the wealth transformation series, that is, from zero to hero level. As beautiful as the dreams of wealth seekers are, however, there are 12 wealth killers that often present themselves as an obstacle to achieving desired wealth. These 12 wealth killers are factors that affect the level of wealth of individuals or groups of individuals at a particular point in time.

These wealth killers are fully explained below:

Lack of motivation:

Many people have great potentials or talents, but few people are able to identify them and transform those potentials into wealth. This is due to a lack of motivational factors, either from insightful people or from most academic schools. Motivation awakens great talents in people. In fact, everyone has “internal money” and that needs to be transformed.

Family:

Parents’ knowledge and understanding to assess wealth information and guide their children early in life will further empower them in wealth growth and their ability to be strong in wealth creation. Most families around the world have formed the habits of passing wealth from one generation to another. Basically, parents create the platform for their children to be wealth conscious early in their lives or pass nothing on to them when they reach adulthood.

Time wasters:

This is one of the wicked forms of wealth killers. This is because time is an invaluable asset and cannot be reversed in most cases. Big and rich people are hypersensitive about time. They will always avoid things or people that can prevent them from executing their plans at all times. Time wasters kill the wealth of many aspiring people, even after they must have identified their true potentials. Many people are working for money because; they have allowed time wasters to consume a portion of the allotted time.

Lack of savings:

People without savings are always in need of one thing or the other. People with a lack of savings are being identified by asking for things that should have been provided without stress. The lack of saving as a wealth killer has prevented many people from obtaining wealth.

Lack of prudence:

There are many people who do not know the basic laws of wealth. Many people wished they were rich, but only a few are really wise when it comes to their sources of income. In most cases, a large number of people actually spend on wants rather than needs. Therefore, this habit prevents them from obtaining the wealth they need.

Lack of discipline:

At all times, everyone has the potential to become rich transformed. If people are properly motivated, a life without discipline cannot really accumulate wealth and sustain it as long as time allows. Even if all the money in the world is given to one person without discipline, that money will go to waste.

Financial Illiteracy:

This wealth killer prevents most people from getting rich. He limits many of the people from aspiring to be rich. Many financial illiterates abound and lack the knowledge of analysis and interpretation of financial statements. In most cases, they invest poorly and see their money slip away. Unfortunately, 80% of the world’s population falls into this category.

Lack of bookkeeping:

The absence of accounting and records has prevented many people from becoming rich. Both small business owners and small and medium business owners have lost their businesses due to this wealth killer. Knowledge of money coming into the business (cash flow) and money going out of the business (cash flow) is very important for people who run home-based businesses and small and medium-sized businesses that involve a group of individuals.

Incorrect commercial information:

This is one of the strong wealth killers in the business world. A lot of people are working with the wrong information, in terms of financial updates, correct financial statements, and business transparency. All these factors reduce the wealth of both individuals and the group of individuals. Many wealthy people work with accurate information related to one aspect of their business entity.

Lack of technology:

The application of technologies in many areas of our lives has given great benefits. Computers have been widely used along with other innovations like the Internet.

In today’s world, you either have knowledge of computer applications or the use of the Internet or you create your own wealth through out-of-the-box technologies. Internet marketing is now replacing direct marketing or traditional marketing at any given time.

Lack of investment:

This wealth killer is so powerful that it may not free its prey from its clutches. Rich people all over the world are great investors. You can show me a rich man without investment portfolios, then I’ll tell you; he is a poor glorified man. Investing in its purest form leads the investor to a floodgate of wealth. Therefore, lack of investment often wipes out the wealth of most people.

Wrong Mindsets:

Many people desire wealth, but have developed the wrong mindset about creating wealth. Most of these people belong to a kind of group that strongly condemns wealth because of their doctrines. Just because of this singular act, many of these people cannot become rich. The wrong mindset as a wealth killer has plagued many business people.

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