7 Things You’re Doing That Will Never Make You Rich 76

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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Should You Buy an Ecommerce Business? 22

Should You Buy an Ecommerce Business?

If you have the funds to make an investment, but you are not sure which is the best option, a good idea would be investing in an ecommerce business. They represent the businesses of the future, and it is already a known fact that they are very profitable.

With an online business you can choose to build it yourself, but that is not what we are recommending. In our opinion, buying an ecommerce business comes with more advantages and in this article we will talk about some of them.

You won’t have to deal with the tough work.

The first days are the hardest when you decide to start a business by yourself.

First of all, you have to decide exactly what kind of products you want to sell and then find the suppliers for them. You need to create a quality customer service, come up with marketing strategies, develop the site, SEO, and many other things.

But when you buy an online business you won’t have to deal with any of these. A business that has been around for a while already has all these things and this means that you won’t have to deal with them. However, you should make sure that you do a little bit the research before you buy the site. You need to make sure that everything matches your requirements.

Successful business model.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

When you are just getting started it is hard to tell whether your business will make it or not.

In some cases, it might even be complicated to come up with a strategy that will sell your products. Nevertheless, this problem does not occur when you are buying an online business.

In this situation, you already know that the business existed for a few years, which means that it generates enough revenue. It also means that the traffic and customers are established already so there is almost no risk.

However, before you buy a website you will need to make sure that the financials are accurate.

You can choose to buy a business from an online marketplace such as Exchange by Shopify. This way, data such as traffic and financial reports will be delivered by the platform, not the seller, so you will know for sure that they are 100% real.

Cross-sell potential.

If you already own an ecommerce business it might be a good move to buy another one. By getting another one you will gain access to additional customers, email addresses and traffic, which could be really helpful for you.

If you analyze the metrics of the business a bit you will be able to tell how to cross-sell existing products. Tools like shopping cart data and Google Analytics should help you determine customer behavior, including the returning rate and how many items per order are there.

Cross promotion between email lists could be a great marketing tool if it is used correctly, and even using “competitive” discount could be a way to make customers move between the two businesses.