The most search question on Google is “How to make money?” Admit it; we have all looked for the answer to the question of how to make money. But do you realize that your mindset and attitude might be holding you back from making money and getting rich? It is essential that you identify and rectify such type of money barriers behavioral actions.
Spoiler Alert: If you are not a fan of reading then there is a video at the end of this article that covers this topic.
Which is why we’ve gathered ten such behavioral actions that might be holding you back from making money. Read on!
1. You use your credit card way too often
The ideas to make money are influencing by your behavioral action. Using a credit card often is one action that might be holding you back from making money. When buying on credit, remember that you will have to end up paying a lot more than the actual price. It may seem quite exciting to buy luxuries, for which you don’t need to spend there and then. But the real worry starts when the bills arrive.
You will find a chunk of your income disappear in paying off the credit. You may even get caught up in a vicious cycle. How can you expect to make money with such a spending pattern? This spending pattern might be holding you back from making money.
2. You’re always on the lookout for sales
Does a ‘20% discount’ board make you squeal of joy? Or does your heart skip a beat at a ‘Buy one, get one free’ offer? If so, it may signal a mindset not aimed towards making money.
Don’t try to get something by paying less or nothing. Don’t tell yourself that you’ll wait for a sale to buy something you like. Aim to increase your income so that you become capable of paying the actual price. The ideas of making money are how you are managing your money.
3. You credit success to talent rather than hard work
You credit success to talent rather than hard work which might be holding you back from making money too. You may at times feel inferior by the innate skills of your peers and colleagues. But it is not the right mindset to feel so dejected that you don’t even persist towards achieving goals.
Talent is not everything when you are searching for the answer to the question of how to make money. Remember, there is no substitute for hard work. Such is the power of perseverance that it can not only match up to ability but also overshadow it.
4. You don’t have enough savings
Imagine that you suddenly find yourself in a financial crisis. Would your current level of savings be able to sustain you for, let’s say, at least 3 months? Or will it damage you so much that you will find it difficult coming back into business?
Keep this in mind when deciding how much to save and plan accordingly. Try to invest in property or stocks so that you can make extra money on the side.
5. Lake of flexibility
It is essential that you have a flexible mindset to make money in the long run. It’s beneficial to formulate a plan in mind, but it’s equally important to be able to adjust as per the demands of the situation.
You may have your dream job in mind, but you can’t stay unemployed till you find it. Do not be rigid and be quick to look for the next best opportunities. Plan well and ensure that you do not lose out big. If you can’t adjust easily and quickly then it might be holding you back from making money.
6. Your commuting time to work is more than 60 minutes.
Imagine 120 minutes for a making round trip each day! That would amount to 10 hours a month. Try to find a workplace nearby, so that you can save up on the commuting time. You may then use this time effectively for other ventures and make extra money on the side. Time truly is money and you need to use it properly if you want to make money.
7. No teamwork mindset
Remember, there is power in teamwork. Do not shy away from asking for help. Take support from your family and friends. Metaphorically speaking, when you are climbing the ladder to success, you need to have people on the ground to hold the ladder firmly. The idea to make money is having a teamwork mindset.
8. You want a high salary right in the beginning
Imagine you receive acceptance letters from two companies. One offers a high salary but with minimal chances of growth. The other offers a lower salary but many opportunities to learn and flourish. Which one would you choose? It’s monetarily attractive to choose the former, but do you want to remain at the same level in the future also?
It’s better to start at a company where, despite the lower pay, there are many things to learn. The experience and knowledge that you gain can enable you to earn even more in the future. Be very wise in making this important life and career decisions as they undoubtedly have a long-term impact.
9. You rely heavily on the state for your retirement plan
Remember, the government can only support you to an extent after you retire. You cannot solely depend on them. Once you reach your mid-forties, start planning. Look for ways to make extra money and save it. Or invest it smartly so that you receive constant income even after you retire. Depending on the state welfare authority might not always a good idea which might also hold you back from making more money.
10. You procrastinate too much
You make plans and more plans, but maybe forget to act on them. Do not assume that money will just come running to you because you have a ‘good’ idea. You need to work!
Taking the first step towards implementation may be worth way more than just making a bunch of plans. One should remember that execution or work upon the idea is as important as planning well. So, if you want to make money then stop procrastinate too much.
Hopefully, you will now be able to make positive changes in your mindset. So, what previously was a source of deterrence, will now actually serve as a propeller towards making money. Click here to watch the video on YouTube.