7 Things You’re Doing That Will Never Make You Rich

7 Things You're Doing That Will Never Make You Rich

Most of the things you’re doing daily won’t make you rich. In fact, they’re getting you far away from that trajectory and into the mundane lifestyle of the crowd.

If you want to get out of that trap, you’ll have to take the 80/20 rule to the next level and cut all the activities and habits that will never make you rich. And instead focus on productive, successful, strategic and ambitious things that self-made millionaires swear by.

But for that to happen, it’s smarter to first stop losing money and being clueless about some important aspects of life. Here’s what you need to know:

1. Having many expenses.

The average person has too many expenses. But that’s part of the system.

The big plan of society is to make you live an ordinary life, to make it comfortable and secure, and with so many things to be responsible for that you can’t imagine getting out of it. That won’t make you rich.

I’m talking about mortgages, all kinds of bills, technology, monthly and yearly subscriptions, other services, etc.

All that creates a prison for you. And instead of making more money, you’re just living to pay bills.

However, I’m sure we’re destined to achieve bigger things than that.

Cutting all extra expenses and living more frugally is the first step to getting back control of your life, becoming financially independent (now you’re not, even if it may seem so), living freely and eventually being rich.

2. Spending money you don’t have.

7 Signs You Really Love Your Job

Even a child can see the logic here.

Taking a credit, a loan, or anything close to it, is basically spending money you don’t have. And there’s no way this can help you get richer in the future. In fact, you’re killing your chances of ever becoming wealthy.

So please, don’t spend money you don’t have.

Work harder now to pay off your debt and logbook loan quickly.

What’s more, don’t spend money because you have it with you right now. Spend only when you have a clear reason. Like to put food on the table, or to buy that book which will teach you how to invest strategically and take good care of your money.

3. Having a job will never make you rich.

In fact, it’s exactly the opposite – when working a JOB, you’re making someone else rich.

You’re also not using any of your potential, are bored and depressed, do random tasks, are unproductive, and probably in a bad environment.

But that too is part of the system.

Of course, you’ll have to start with a regular job before you become self-employed. You’ll just have it to pay the bills, while working on something you believe in on the side and hopefully leveraging the power of the Internet to build something of your own and break free from the 9 to 5.

4. Another degree won’t make you richer either.

college

More degrees may be bonus points for landing a better job. But your plan is to get out of the whole thing and take opportunities, work hard, stay focused on an end goal, and build something that people are willing to pay for.

Another degree won’t get you there. It means more money and more years of your life dedicated to education that includes many, many things you’ll never need in real life.

Instead, invest in books, reach out to influencers in your niche, find mentors, talk to potential clients of the product you’re trying to create.

It’s all about self-education and experience. Be selective and be a lifelong learner. Make mistakes and try another approach next time until you succeed.

That’s 100 times better than any degree.

5. Giving in to temptations.

Temptations are everywhere in daily life. And the more you give in to them (which means choosing instant gratification over long-term value), the poorer you get.

What’s the point of getting the next Apple product the moment it launches, for example? You don’t actually need it. You’re just following the trend.

These money are better spent elsewhere. Or maybe saved for future investments.

You also don’t need most of the material stuff you consider necessary. So you’ll have to change your shopping habits and buy with limits if you want to get rich in the future and develop an entrepreneurial mindset.

6. Dreaming too much.

You’ll have to raise your standards in terms of what’s possible. But that doesn’t mean you should lose yourself in dreams.

Instead, keep your head in the clouds but also keep your feet on the ground.

Dream big, but turn these into goals and take action daily towards getting closer to them.

7. Spending time with poor people.

Change your environment immediately if you want to become richer and live a better lifestyle, one on your own terms.

Communicating with the same people you’ve always known won’t make a difference. Instead, don’t listen to them, don’t discuss other people’s lives and events.

Self-made millionaires talk about ideas. They have a vision, learn from each other, combine their powers and encourage each other in hard times.

Poor people will stay poor. And so will you around them.

These are the things most people do daily that won’t let them change their lifestyle in the future.

But if you want to get rich, you can stop doing them. In theory, it’s simple, in practice – not so much. That’s why you’ll need to set a specific goal and keep your vision alive throughout the journey. This will give you short-term motivation that will lead to long-term results.

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How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income