Have you every wondered why some people are rich and others are not? Have you wondered ‘will I ever be rich’? People have a several definitions of being ‘rich.’ Someone may think they are rich because they are healthy or that they live a comfortable life and they are happy. For me, being rich encompasses all of these things.
But most importantly, being rich means that you have a lot of money and have a lot of options in life. You will never be rich if you have poor money management, poor way of thinking about money. From living beyond your means to having only on source of income, here are 10 signs that you will never be rich. Check out now:
Signs That You Will Never Be Rich:
1. You Will Never Be Rich if You’re Working for Someone Else Or Have One Source of Income
If you spend your whole life working for someone else, the odds of being rich is slim to none. Again, there are exceptions. If you are a successful attorney in a big law firm, or a successful CEO of a major corporation, etc, you can become rich. But if you are a 9 to 5, minimum-wage worker, with no other sources of income, you will never be rich
The rich people know that having their own business is the fastest road to wealth. They know that must create multiple streams of income. They know that one source of income is not going to cut it.
There are some side hustles you can do to bring home extra money.
- Start a blog. If you’re interested in starting a blog that makes money fast, I created a step-by-step guide that will help you start a blog of your own for cheap, starting at only $3.95 per month (this low price is only through my link) for blog hosting. In addition to this low price, you will receive a free blog domain (a $15 value through my Bluehost link if you purchase at least 12 months of blog hosting.
- Take Surveys. If you want to make extra cash, I suggest that you take surveys online. I recommend, Pinecone Research (earn minimum $3 per survey), Swagbucks ($5 sign up bonus + get paid to take surveys), InboxDollars ($5 sign up bonus + get paid to take surveys), Ebates (earn up to $40 cash back), YouGov US Males ($2 bonus + $8 – $10 per hour), MySurvey ($2 sign up bonus + 5 per survey). See this blog post for a complete list.
- Sell your stuff on Decluttr. Do you have CDs, DVDs, Blu-rays, old cell phones and games you don’t want anymore? Then sell them through Decluttr! Decluttr is the fastest and easiest way to make extra cash by selling your unwanted CDs, DVDs, and more.
- InboxDollars pays you in cash to watch fun videos, take surveys, play games, shop online, search the web and more.. They’ll also give you a $5 bonus for free just to give it a try. By spending just 5 to 10 minutes on your free time, you can earn $50 to $70 a month with InboxDollars.
- Swagbucks. Just as Inbox Dollars, Swagbucks pay you to watch videos, shop online, take polls etc.. Also by signing up through my link , you will receive $5 for free for signing up.
- Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. Also, when you sign up through my link, you’ll receive a free $10 gift card bonus to stores like Macys, Walmart, Target, etc.
- Sell your photos on shutterstock. Do you like to take photos for fun? Why not get paid for it? Shutterstock is a marketplace that allows you to sell your photos.
- There are many other side hustles listed in my post 16 Proven Ways to Make Money Fast.
2. You Only Focus on Saving Your Money and Not on Earning
Don’t get me wrong, saving your money and not spend every piece of it is very important to building wealth. However, focusing only on savings and neglecting earning is not the way to go. Rich people focus more on earning. They too save their money, but they recognize that the key to getting rich is to focus on earning.
If you focus only on living frugally, on coupons, you might lose major opportunities like investing in the stock market or in real estate. You have to have multiple streams of income and make your money work from you. And the one way to do that is to invest it.
Wondering whether you are ready to invest? See: Signs You Are Not Ready to Invest
3. If you Invest, You’re Only Invest in Mutual Funds
One of the best ways to earn more money over time is to invest it. Investing in mutual funds, just like saving in a high yield savings account, has some benefits. Namely, your money has very little or no risk. But it will not get you rich. You will most likely get rich in investing in the stock market or in real estate.
4. You Started Investing Too Late
The earlier you start investing, the more likely your money can grow, thanks to ‘compounding interest.’ When it comes to growing your money, time and compound interests are your best friends. See, the more time you spend without investing, the less likely you will be rich. If you are in your early 20’s or late 30’s, you should start now, even if you only can start with a small amount of money. Investing early is a sign of a rich person.
5.You Think You Will Never Be Rich
Some people, because of their culture, upbringing, or religious beliefs, think that they will never be rich. They believe that being rich is a privilege awarded to a select few, or the lucky. They believe that well, no one in my family is rich, so I will never be rich. Yet, most rich people were once poor and hard-working individuals.
Everyone has the same opportunity to acquire wealth. True, some might face greater roadblocks than others. But the opportunity is there for everyone to grab.
The poor also believes that being rich is evil. If you have this kind of thinking, you will never be rich. For you to be rich, you must believe that you have every right to be rich. You must set high expectations. You must think of money as a friend and not as the enemy. You must be willing to step out of your comfort zone.
6. You Live Above Your Means
If you buy things you cannot afford, you won’t get rich. Some people believe that if they start earning more, or get a big raise, they are justified to give themselves a lifestyle raise. This is a big mistake. Successful people, before they became rich, live modestly. They don’t spend their money on frivolous things.
7. You Buy Things on Impulse
If anytime you are the store (whether it is a shopping mall or a grocery store), you see something that you like and immediately buy it, you might be an impulse shopper. You will never be rich if you buy things on impulse. Wealthy people do not buy things on impulse. If they want something, they budget for it. They brought a list with them when they grocery shop. They use cash and leave their credit cards at home.
Related: How to Stop Impulsive Buying
Need To Make Easy Extra $500+/Month Taking Surveys?
Taking surveys in your spare time can be a great way to earn some extra cash fast. Check out:
- Ebates (Earn up to $40 cash back)
- PineCone Research (Earn minimum $3 per survey)
- InboxDollars ($5 sign up bonus – has paid its members so far $40 million. Watch videos, take surveys, shop and more.
- Global Test Market (Earn $10/hour – Best International Paid Survey Sites)
- YouGov (There is a registration bonus of $2 and you can easily earn $8 – $10 per hour.
- MySurvey ($2 Sign up bonus +You make $5 per survey.)
- MySoapBox. You can easily make $15/hour taking surveys. They even have a sign up bonus of $2.
You can make anywhere from $500 to $600+ per month taking surveys.
8. You Don’t Take Advantage of Free Money, namely 401k
The question of why you will never be rich is not even that difficult to answer, because sometimes we just pass up free money, namely an employer 401k. If an employer 401k is available to you, why not take advantage of it. Many employers match your contribution to a 401k, so you get pretax investing, tax-deferred compounding, and an extra bonus from your employer.
We simply cannot beat it, because your contribution comes right off the top of your paycheck before taxes, all of your earnings compound tax-deferred, and many employers match your contribution, and your contribution is automatically deducted from your paycheck; you never see it and you never have to make the decision of not to invest.
9. You Don’t Have Any Work Ethic
The rich or the wealthy did not become wealthy or rich by accident, unless of course they won the lottery or inherited a large sum. The path to become rich requires hard work, persistence despite failure, discipline and courage. Successful and rich people know early on that becoming rich is not easy. If you wan to build wealth, be successful you have to have a good work ethic.