Saturday, 2 April 2016

15 ways to guarantee you won't become a millionaire

By Kathleen Elkins

We've cued you in on steps to take to get rich — but which choices will stunt your path to wealth?

Here, we rounded up habits, beliefs, and traits that self-made millionaires and authors have identified as inhibiting if you want to build wealth.

As always, no promises of future riches or predictions of the future, but steering clear of these 15 things can't hurt:

01. Buying things you can't afford

Living above your means is a sure fire road to financial stress — and even if you start earning more or get a hefty raise, don't use that as justification to give yourself a lifestyle raise.

"I didn't buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income,"writes self-made millionaire Grant Cardone at Entrepreneur. "I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy."

Quote for the day

“My approach works not by making valid predictions, but by allowing me to correct false ones.” - George Soros