Most Common Misunderstanding About Wealth

wealth mistakesThere are many mistakes that are made over and over and over again by many people. Most of the time these mistakes are created because of lack of knowledge or ignorance and some are worsened by laziness and as a result of fear. Below are list of those mistakes.

Insufficient Knowledge – Knowledge is one of the most potent tools of an entrepreneur and business owner.

Insufficient foresight – Lack of foresight can cause trouble over and over again but at some stage, everyone will have to think about their finances. Don’t overlook this situation for you and your family.

‘Should have it NOW’ mentality – This mentality has been spreading to epidemic proportions these past few years. In the wealth creation process it is a disastrous mistake. Those who are suffering from this usually have high expectations and are irrational with their time frames. Those who understand that their amount of action should be in a longer 12 month period rather than 30 day period will have a better long term result in order to lessen any frustration with a very short time frame.

Borrowing for things depreciates quickly like cars, boats or a family home – These are not really wise investments. Having your own business, being your own boss and having residual income which you plan for a long term plan, however are surely a VERY wise wealth creation decisions.

Having No Goals – Planning a goal has not been a very popular topic nowadays. There is a saying that if you don’t know where are you going, then how on earth are going you get there? There is no achievement accomplished without plan.

Mistakenly thought that a ‘good’ income is synonymous with financial freedom – There are many people who earn above average income and confused them with financial freedom. Those two are simply not alike. In the first place, of those who earn much also spend much. If for some reason their income stops, the result is that their riches disappears quickly.

Wrong Mental Attitude – For you to create wealth and stay in business you must know that attitude is much more important than skill. One of the most common mistakes made is by having the wrong attitude towards their customers and their businesses.