Cash Flow Is Money Coming In And Money Going Out. 12 Wealth Killers and How to Avoid Them

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12 Wealth Killers and How to Avoid Them

Many people want to be rich, but only a few achieve such a goal in life. Many people are job seekers who are supposed to be employers of labor, but they face avoidable problems that have caused them to stagnate in many areas of their lives.

Of course, they were all gifted with a hidden secret of wealth and if this hidden secret is discovered, it will be history. This hidden secret is called potential or talent as the case may be. When this priceless commodity is revealed within us, many people will achieve their goals as far as wealth creation is concerned.

However, everyone wants to be rich, but few people can undergo the series of wealth transformation, that is, from zero to hero level. No matter how beautiful the dreams of wealth seekers are, there are 12 wealth killers that often stand in the way of achieving the wealth you desire. These 12 wealth killers are factors that affect the level of wealth of individuals or groups of individuals at a given point in time.

These wealth killers are fully explained below:

Lack of motivation:

Many people have great potentials or talents, but few often recognize them and turn these potentials into wealth. This is due to a lack of motivational factors, either from discerning people or most academic schools. Motivation awakens great talents in people. In fact, everyone has “inner money” that needs to be transformed.

parenting:

The knowledge and understanding of parents to assess wealth information and guide their children early in life will contribute to their wealth growth empowerment and their ability to be resilient when it comes to wealth creation. Most families around the world have developed habits of passing wealth from one generation to the next. Basically, either parents create a platform for their children to be wealth conscious at an early stage of their lives, or they don’t pass anything on to them when they reach adulthood.

Time wasters:

This is one of the evil forms of wealth killers. This is because time is a priceless commodity and cannot be reversed in most cases. Great and rich people are very sensitive about time. They will always avoid things or people that could prevent them from realizing their plans at any moment. Time wasters destroy the fortunes of many ambitious people, even after they have surely recognized their true potential. Many people work for money because; they allowed time wasters to eat up some of their allotted time.

Lack of savings:

People without savings always need one thing or another. People with a lack of savings are known to demand things that should be provided without stress. Lack of saving as a wealth killer has prevented many people from becoming wealthy.

Lack of caution:

There are many people who do not know the basic laws of wealth. Many people have wanted to be rich, but few are really prudent when it comes to sources of income. In most cases, many people actually spend on wants rather than needs. Thus, this habit prevents them from acquiring the necessary wealth.

Lack of discipline:

Everyone has the opportunity to become rich and change at any moment. If people are properly motivated, a life without discipline cannot truly create wealth and keep it as long as time allows. Even if all the money in the whole world is given to a person without discipline, such money will be wasted.

Financial illiteracy:

This wealth killer prevents most people from getting rich. It limits many people in their desire for wealth. There are many financial illiterates who lack the knowledge to analyze and interpret financial statements. In most cases, they invest incorrectly and watch their money slip away. Unfortunately, 80% of the world’s population falls into this category.

Lack of bookkeeping:

The absence of bookkeeping and records prevented many people from becoming rich. Small business owners and SMB owners alike have lost their businesses to this wealth killer. Knowing the money coming into the business (cash inflow) and the money going out of the business (cash outflow) is very important for individuals running home businesses and small and medium-sized businesses involving groups of individuals.

Incorrect business information:

This is one of the powerful wealth killers in the business world. A lot of people are working with wrong information in terms of financial updates, correct financial statements and business transparency. All these factors reduce the wealth of individuals and groups of individuals. Many wealthy people work with accurate information that relates to the aspect of their business entity.

Lack of technology:

The use of technologies in many areas of our lives has brought great benefits. Computers were widely used along with other innovations such as the Internet.

In today’s world, it’s either knowing how to use computer applications or using the internet, or creating your own wealth with off-the-shelf technologies. Internet marketing is now taking the place of direct or traditional marketing at a certain point in time.

Lack of investment:

This wealth killer is so powerful that it may not let its prey out of its clutches. Wealthy people all over the world are big investors. You can show me a rich man with no investment portfolios, then I will tell you; he is a glorified pauper. Investing in its purest form leads the investor to a flood of wealth. Thus lack of investment often destroys most people’s wealth.

Wrong mindset:

Many people want wealth, but they have developed the wrong mindset about creating wealth. Most of these people belong to some kind of group that strongly condemns wealth for its doctrines. A lot of these people cannot become rich just because of this one time act. The wealth killer mindset has plagued many business people.

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