The problem with most of us these days is that we associate the success of people with their pedigree or the one odd chance they had in life that made them successful overnight. Therefore, for such people the prime reason behind their failure in life is their poverty or lack of luck that they face in their lives. Frankly speaking, to me all such excuses are lame excuses.
The way we think and the things we do are what make us dumb and broke. If we have the right kind of mindset and do the things in the right way then there is no stopping us from becoming successful and achieving things which we want to achieve in life. In the following lines I will discuss with you the 7 reasons why you are dumb and broke and not a millionaire.
You Lack Decision Taking Power:
The prime reason why you are dumb and broke and not in the list of millionaires is the fact that you don’t have the decision making power and you let others make decisions about your life. You have to realize that it is your life and none else should be the captain of your life other than you. Therefore, when others start making decisions about your life, they don’t make decisions with the sincerity as they would do for their own lives, as a result your life does not get the treatment which it deserves which then reflects in your dumb and broke situation. Therefore, be your own boss and start making decisions about your life yourself if you wish to become a millionaire.
You Refrain From Risks:
Although like every other rational person I also do not advocate irrational and uncalculated risks, however, I do encourage the taking of risks. One of the major differences between successful people and the ones who are broke and dumb is that the former take risks in their lives, while the latter are always afraid of it therefore, despite all their intelligence and hard work they don’t get the reward which the successful people get by taking the risk. Therefore, it is imperative that you stop refraining from risks and take them whenever you get a chance in life.
Your Good Ideas Go Without Action:
You, I, we all think, however, the difference between broke and millionaires is the fact that the latter act upon the good ideas they generate while the rest of the people just keep on getting ideas. When someone has a good idea and does not act upon it, then sooner or later someone else would have the same idea and he or she would act upon it, which would make him or her successful. Therefore, in order to avoid such situation, you need to act on your good ideas, whenever you get them.
You Mismanage Money:
The obvious reason for going broke is the fact that you have failed in managing your money successfully. When you don’t manage it properly, the ultimate result is that it goes to places where it does not make any return, hence loss occurs. Therefore, in order to differentiate yourself from dumb and broke losers and to start on the path of success, you need to start managing your money properly and wisely.
Your Goals Aren’t Clear:
Almost all of us strive hard in our lives, however, the major reason which differentiates the hard working millionaires from the hardworking broke and dumb people is the fact that they formers have their goals clear in front of them and they direct their effort and energy towards the goals, whereas the latter have no idea whatsoever about their globe and as a result they to make their efforts fruitful.
You Don’t Put Enough:
The sixth reason behind the failure of dumb and broke people is the fact that they do not put enough time, effort or energy in the pursuit of their dreams. Thus, when they fail to do so, the ultimate result is minimum output, which increases the chances of a broke and dumb future.
You Are Not Networking Right:
The last reason why successful people are millionaires and others are dumb and broke is the fact that the successful people network with the right people, which assist them in moving ahead in their respective fields, whereas, the other people who communicate or interact with wrong type of people see nothing coming out of the relationship instead of a grave wastage of time.
Now it’s Your Turn!
How did you achieve monetary success in life? Which kind of people assisted you in achieving their goals? Why do you think people are dumb and broke? Which habits would you recommend to such people? Please share your opinion in the comments section.
You know what, you did very well to outline every human weak point.
From living without setting goals to setting goals without taking action, etc…
Anyone who is serious about breaking from the gin of failure should read this post over and over again.
You made some great points here Nate. Mismanagement of money and refraining from undertaking risk are the pitfalls in most cases. Networking with the right people and clarity in thoughts and action are crucial for success.
To my success? Thank you. This is the best post I have read so far throughout the start of the week.
I listened to a call yesterday on a similar topic that sparked today’s blog (you might want to check it out). The first step is deciding what you want, and playing with the numbers so you know what you need to do to get it.
I loved this Nate! We hate admitting to being dumb and broke but man it’s so true! I’m working on definitely making sure I’m not guilty of these things but I sure was in the past! Great tips.
I agree with every single one of these! Most people suffer from at least one and usually a combination of several if not all! It wasn’t until I adapted my way of thinking about money, took action and gave it my all that I became free from being ‘broke’.
Another great post. I am still in the process of achieving my goals. A lot of time I feel people don’t succeed because they are jumping to the next big thing and don’t understand how to focus on one situation. It’s a process and eventually if those who are failing and are broke follow these steps, will they become successful.
I think the topics of good ideas without actions and be having clear goals are very important and ones we are working on in this household. I do believe that we have many tools to assist us so your choice of wording in dumb and poor are good.
I love the ones on decisions, risk, and action… without those you’re simply daydreaming.
I’ve been working through the ‘clear goals’ bit with myself lately, particularly the “why”. It wasn’t until I heard a friend of mine say “you should be able to verbalize your why in 10 words or less. If you can’t, then you’re simply spouting BS” that I went “woah…THAT rocks!”
Great stuff Nate!
Excellent read Nate and if you don’t take risks you are not going to get anywhere. Yes it can be scary but you never know if you don’t take that risk. Thanks for sharing.
Nate – Great post. I remember some telling me early on that people aren’t going to come knocking at my door looking for me. I had to take action to grow my business. I had to get out there.
Great article Nate! You nailed it on the head. Once you have focus, clear goals, a plan and work hard towards it, it happens! It is too easy to go off and be distracted by shiny objects and not stay focused. I think the most successful people stay focused, take risks and network well. Great article!
Super! I’d add to dive into uncomfortable situations. As my income streams grow I get uncomfy for extended periods each day. 3 more articles to write, research to do, networking…..I do not burn myself out but I do dive into tough moments to boost my cash flow, stay healthy and live my dreams.
nailed it! I always love reading your articles and becoming a fan 🙂
Am now an addict of your site, you killed it. Thanks a million, your article are motivate me alot.
I think the reason why people are broke is because they choose to remain that way.
hello nate. the problem me is that i have so many good ideas but since i cannot implement all of them at the same time, i chose to implement a few of them. for instance, joining giveaways as a means to earn money online and apply for more writing clients… i have other ideas but i cannot implement them all at the same time…
I’m broke but not dumb. Hehe. I’m a writer. However, I guess I should change nearly all the things on your list because I’m not making money from my novels. It’s not for lack of trying wither.
I’m quite a good saver actually. I always have been 🙂
Thanks Nate. That gives me plenty to think about and picked up a few areas where I can improve.
Thanks for sharing
YES, YES, YES…
Great, provocative and thought-provoking article, right on all counts except the assumption that anyone who reads it is ‘broke’.
Two observations on the questions you ask:
1. Most broke people turn to broke people for money advice – and then wonder why taking that advice leaves them broke. The antidote: Hang out with successful people in a field you are passionate about.
2. In my experience the most common trait I have found in the successful is a passion for self-improvement.
Keep the nuggets coming 🙂
THANK You, Thank YOU, THANK YOU