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6 Reasons Why Most People Get RICH

Discussion in 'Investor Psychology' started by MTR, 15th Jul, 2015.

  1. MTR

    MTR Well-Known Member Premium Member

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    CAN NOT CHANGE THE HEADING UNFORTUNATELY.... should read
    "6 reasons why most people wont get RICH"

    I am sure there others that we can add to this, but overcome these 6 and I think we all have a very good chance of achieving success.

    Reason 1 – Most people wait too long to start

    Many investors are waiting for everything to be “perfect” before they get going.
    .
    Reason 2 – Fear stops them
    Fear keeps many from getting what we want, especially in matters of money.
    Money and success live on the other side of fear.

    Reason 3 – Waiting until they know enough
    The fear of not knowing enough prevents other investors from getting started.
    However the irony here is that the more you learn, the more you learn that you don’t know!

    Reason 4 – Focusing on linear income instead of passive income
    Linear income is what you get from a job.
    Passive income is when you work once but continue to get paid over and over again from work you’re no longer doing.

    The way to become wealthy is having passive income coming in whether you go to work or not.

    Reason 5 – Not using systems for making money
    A system for making money is something that takes the emotion out of your investment decisions and makes the results more reproducible.

    Once you create a proven system for making money, there is no limit to the money you can make.

    Reason 6 – Not being patient
    To become a successful property investor requires patience and persistence.
    You must not only get started, but you must continue on and follow through.

    MTR:)

    ..
    .
     
    Kael, oracle, MsAli and 18 others like this.
  2. Azazel

    Azazel Well-Known Member

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    Waiting too long would be up there.
    But then again, it's never too late!
    Some people get a good idea and sit on it - while some people jump from one thing to another.
     
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  3. Chilliblue

    Chilliblue Well-Known Member

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    Patience on adding to is one I need to work on. Thanks for the read.
     
  4. sash

    sash Well-Known Member

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    Numero sies (6)...is the one people fail....that is the one which takes it home

    Also add....

    People dabbling and losing focus once they start....
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    All so true!
     
  6. ross100

    ross100 Well-Known Member

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    number 6 for me to definitely work on..patience
     
  7. WattleIdo

    WattleIdo renovating Premium Member

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    Unfortunately these reasons - especially the first four - all applied to me. Guess I'm not the only one. Having come from a family where 'the head of the household' begged, borrowed and stole and still couldn't pay the bills, I thought I didn't have what it takes - neither money nor personality. I was wrong.
    I'm grateful that I was able to see things differently and take the leap of faith but it took a lot of hints and mentoring from people who cared enough to say something to me about it. It took years to get through my thick skull.
    There must be others like me. Not realising they can go ahead - start small, think big.
     
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  8. Be Developer

    Be Developer Property Developer Business Member

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    nice post @MTR!

    so true!

    people look at Mt Everest and say oh, it will be impossible to climb.
    people look at multi-millionaires and say oh, he/she got lucky or timing was right

    for me, just start taking baby steps towards being successful, if you fail, pick up your self and keep marching.... at-least you would get some where.

    instead of sitting on fence, and cursing your own life and others, take a dive and enjoy the ride!
     
  9. mini2

    mini2 Well-Known Member

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    6 kinda contradicts 1, 2, and 3?
     
  10. 2FAST4U

    2FAST4U Well-Known Member

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    The way I interpreted patience was having patience with capital growth and holding onto a portfolio. E.g if you held properties in Sydney from 2003-2011 they wouldn’t have been doing much and many would’ve got tempted to sell. However, with patience and persistence they held onto their properties and realised the gains over the past 4 years.
     
  11. sash

    sash Well-Known Member

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    Well if you have a large portfolio of properties...10-20% could not be doing much in terms of growth. But hold them long enough in the capital cities and they will come good.

    I have 2-3 which are dogs. 2 of them look to get good growth over the next 2 years! 1 has already moved and keeps growing steadily.now....after 6 years....

     
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  12. MTR

    MTR Well-Known Member Premium Member

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    That's good about your dogs...hehe, growth can change a world of pain.

    I am a great believer in getting rid of any dogs even if you take a hit.
    During my investment journey I have had one dog, and I actually lost sleep over it, had to get rid of it.
    Sold it when the market in QLD started moving and surprisingly my accountant said I made a profit, I most definitely expected to make a loss

    MTR:)
     
    Last edited: 15th Jul, 2015
  13. Azazel

    Azazel Well-Known Member

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    QLD?
     
  14. sash

    sash Well-Known Member

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    2 in Qld and 1 in SA...
     
  15. Azazel

    Azazel Well-Known Member

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    Oh, JA.
     
  16. MTR

    MTR Well-Known Member Premium Member

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    Thick skulls.....hehe, yes I reckon plenty, does not matter now, you got it:p
     
  17. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Hi guys,
    Here is my theory!!
    1) Lazy and having making excuses.
    2) People who say no time to make money but have time to spend 5 hours a day watching tv.
    3) Fear is a massive one... more people fear being successful vs being not!!
    4) trying to catch up to the jones!!
     
  18. radson

    radson Well-Known Member

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