What mistakes were committed by ambitious men on the road to wealth? Do not take into account bankers and politicians. It is only those who made a fortune with their own hard work.
Satisfaction
A dangerous mistake. If you calm down and do not go further -- you will not achieve financial success. The middle class gets satisfaction from earning, which is enough for a quiet life, and ceases to develop. You should always look for ways to increase income and to strive for freedom and financial independence.
Diversification
Wall Street earned money on the idea of diversification, pulled the wool over people’s eyes. Mark Cuban once said, "diversification is for idiots." Every business needs a narrower specialization.
One source of income
Even if one income source brings great money, you cannot depend on it. Imagine you are a highly paid employee and earn 400 thousand dollars a year, building a global life plan, and suddenly the source of your income disappears. Create multiple sources of income and reduce risks. And don't confuse that with diversification.
Compare yourself with the closest people
76% of working Americans live from paycheck to paycheck. Approximately the same statistics is in other States. When we compare ourselves with the majority of our compatriots, it may seem that everything is fine. Do not compare your money with others, define it only by your own desires. You have either achieved financial success or not.
Lure of fashionable novelties
Do not invest in projects that may be displaced by new technologies. Read the story about "Blackberry" phones. You need to invest in areas that will not be replaced by new developments.
Naivety
Trust facts, not beautiful words. Before making a decision, carefully check the information. Control of emotions and cold calculation - your priority.
Saving for the sake of saving
Saving it is art, but do not overdo. Money should work. To become rich, invest extra money to get a new income. Otherwise the economy can lead to bankruptcy.
"Show-off"
To impress others is the wrong goal. Buying expensive phones, watches and clothes is acceptable when you already have a high stable income. Constantly spending earned money on luxury items, you will never succeed. This is an unprofitable investment.
These mistakes - useful experience, so keep them in mind. Use this information to succeed in achieving life goals!
