4 Reasons Why You'll Never Be a Millionaire, and How You Can Change That

Relaxing vacations on the French Riviera, huge donations to your favorite charity and an early retirement. These are the kinds of things people think of when they hear the word “millionaire.”
It’s unlikely you’ll ever experience that. Sorry.
Unless, of course, you can overcome the following four roadblocks stopping you from achieving millionaire status. Each roadblock below also offers an “immediate action step” to help you overcome the things holding you back. Let’s get started.

1. You don’t understand how money works.

Money is not a complicated topic, but still, few seem to really understand how it works. Do you? Sure, you can blame the school system or your parents, but the responsibility is still on you to figure out how money is made, how it is held, how it is invested and how it is preserved.
Related: 4 Smart Money Habits to Help You Earn Your First Million Dollars
Millionaires understand that money is not something that is discovered, won, or created by chance.
As I stated in my previous column, 5 Powerful Books That Changed the Direction of My Life, wealth is not an accident, but an action. Building wealth is the world’s largest game, and if you want to win, you need to learn the rules. So start studying.
Immediate action step: Start by reading several great money books, such as:
  • Rich Dad, Poor Dad by Robert Kiyosaki
  • The Total Money Makeover by Dave Ramsey
  • The Richest Man in Babylon by George Clason
But don’t just read, internalize the knowledge. Debate it. Talk about it with your spouse, grandma and mail carrier. Personal finance can be learned, and by mastering it, you might discover that wealth is much easier to build than you previously thought.

2. You don’t value your education.

I get it: you are busy.
You have 25 hours of work to do every day and there simply isn’t enough time to get it all done. That’s the life of an entrepreneur, so something needs to be sacrificed. Chances are, you are sacrificing your continuing education, and it’s severely hurting your chances of becoming a millionaire. Wealthy people never stop learning, despite the business in their life.
In a recent interview on The Tim Ferriss Show, Noah Kagan says he takes time every morning to read, as well as setting aside time every Tuesday morning to simply learn.
When is the last time you scheduled “learning time”? Do you just try to “fit it in” when everything else is caught up?
Follow the advice of Kagan, Ferriss and other incredibly successful entrepreneurs: never stop learning, no matter how busy you are. Read More