5 Habits To Stop Doing To Get Rich

Last Updated on August 26, 2024 by Jan Barley

5 habits to stop doing to get rich?  Yep. Some of my writing clients are millionaires and I noticed they don’t do the things I do, and maybe that’s why I’ve never been rich (Yet!).

Only recently did I realise how many things I had done that had held me back from becoming wealthy. I’ve had many opportunities but struggled to get past a certain point.

These five habits are what I have changed to improve my wealth building. They work, and you will soon see a shift in your finances.

Scarcity Mindset

If you believe there is never enough or you cannot be rich, you have a scarcity mindset. The world has an abundance of opportunities waiting for you to take them. If you really want to make more money, shift your mindset into taking action to increase your fortunes.

Don’t only think about working harder as an employee because that may bring you a short-term financial boost, but it won’t take you nearer to becoming wealthy. Start your own business, open an online shop, or get creative with your ideas.

I’ll be honest and say this was a tough habit to change. I became widowed in 2020, and managing my income has been hard work. I’ve always had enough money, but not beyond that. I write affirmations and am teaching myself to become aware when I get caught up in scarcity thinking.

Skimping On Growth

You never stop learning about money and mindset growth, because we’re constantly changing and adapting to our external environment. The more you expand your mind, the greater the chances of success. You don’t need to buy expensive courses costing thousands of dollars. Invest in yourself by reading books, watching video tutorials, learning from a mentor, or taking free or low-cost classes.

I got started with a Done-for-you business I have learned so much about how to do attraction marketing and build a business.

Trying To Do It All Yourself

I learned the hard way about the challenges of trying to make it alone. I’m a lone wolf and can find it challenging to work with others, but I need support, as we all do. You will get so far alone, and then you may lose motivation. Suddenly, you have lost the will to carry on with the same passion you had when you began.

Exchanging Time For Money

Exchanging time for money will never make you rich. I busted a gut from 2021 to 2023, writing for clients. I made an OK income, but I had no more energy or time to do more writing. Exchanging time for money caused significant burnout.

Aim to work as few hours as possible for the most money. Create wealth by building something that you can automate and will bring money to you even when you are not working. I promote the DFU Business, do affililate & Pinterest marketing and am working on creating products for myself.

The Garden Hose Theory

Do you jump from one task to another? I do. I have ADHD. I’m easily distracted or hyper-focused.

Most of us follow the garden hose approach to making money. We water as many plants as possible, hoping some grow big and strong. When accumulating wealth, it’s easy to confuse diversification with spraying in too many directions.

Start one thing and make it work. When that income source is ticking along, move to the next thing, but take your time. It’s essential not to put all your eggs in one basket, of course, but lacking focus on one thing at a time will delay your wealth building.

I hope that helps.

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