If you still don’t know what those silent enemies of your wealth are, that are causing you to lose money or not progress, it’s time to pay close attention to start identifying them.
All these factors could be leading you to fail in those financial and economic objectives that you have set for yourself.
Therefore, it is time to take a break, to learn to recognize them and turn them into motivation to make the necessary changes and continue advancing in your goals.
Costly Mistakes That Take You Away From Your Wealth
The reality is that these behaviors that we often overlook could be affecting your finances in an almost imperceptible way, but over time it will have great repercussions.
Whether your financial goals are to increase your wealth, reduce your debts or achieve financial freedom.
If you are not aware of these small mistakes that we make on a daily basis, then there will come a time when recovering those efforts will be much more complex.
The key is that you start to identify them, and do something about it. When you make them visible and become more aware of them, you can turn them into levers for your dreams, leaving behind their negative connotation.
What are the enemies of your wealth?
Before we start we want to ask you a question: Are you aware of the habits you have regarding the management of your money?
Many times we believe that the complications are always given from abroad, we blame the economic situation of the country, inflation, unemployment, but we do not realize those small changes that we can make in our financial behavior.
Now yes, without thinking about it, we want to tell you which are the silent enemies of your wealth that you should evaluate today to change your situation.
1. Lack of implementation, not knowledge
If you are one of those who invest in finance books, read them but do not put them into practice, then this is the first mistake you should reconsider.
When you read these books, you find the same concepts in all of them, expressed in different ways and perhaps for different purposes, but they all lead you down the same path.
Then, Why aren’t you implementing what you learn?
The principles do not change, the construction of wealth is the same over time, what you must change are the tools, but not the strategy itself.
The invitation is then to really ask yourself, what are you going to do with what you have learned so far.
Don’t forget that “knowledge is potential power”this means that you must materialize it so that it really makes a difference.
2. Have a single source of income
This is much more common than we think.
Perhaps because we do not know the alternatives or because we do not leave our comfort zone, but having a single source of income can be very risky for your finances.
It doesn’t matter how much money you get through this source. If it fails you, you will be left with no other way to generate income, or at least until you find a different one.
Above all, keep in mind that we are in times of great uncertainty, so it is time to diversify and build new channels to generate income or new business ideas.
3. Taking unnecessary risks
Not having life or health insurance, to save money, can be a silent enemy of your wealth.
It is true that there is no point in paying for insurance if you do not know the terms and conditions, if you did not choose the right one, or if you are making a repeated payment without realizing it.
But having such a backup could get you out of a lot of trouble, since none of us is sure that everything is covered.
Seen in another way, all insurance does is eliminate unnecessary risks in your life. It could be said that it is these types of expenses that will improve your finances.
4. Bank tolls
With this, we refer to the interest rates, or the amounts or bank commissions that we pay to make use of accounts or cards (and many times without giving them proper use).
It is important that you are very aware of all those figures that you are paying in mortgage loans, or when you make purchases at very high installments.
Many times, banks offer you the possibility of buying a portfolio or refinancing at much lower percentages.
Here is the key, always be aware of these good alternatives and save money that is leaving without realizing it.
5. Tax ignorance
If you do not know how taxes work in your country and what are the legal tools provided by the government, it will be difficult for you to achieve your financial goals.
And this is because in addition to the obligations, there are certain benefits that you could be losing due to ignorance.
You could even incur penalties for not knowing how to make the necessary payments on time and correctly.
It is not about evading tax responsibilities, but about getting the most out of it so that it is as fair and balanced as possible.
6. Financial comfort zone
In financial matters, being static or standing still is not a positive thing. Even when you are not having losses, or do not have high debts to pay.
If you are not growing financially, this also means a decrease, because you could be putting the money you have insured to work.
There are many things you could do to change this, for example, contact your bank to find out how you can refinance credits, how you can eliminate management fees on your credit cards, or how to improve investments if you have additional capital.
In labor terms, you could ask for a salary increase or an adjustment in any case if you feel that it is time.
The invitation is that you do not remain static and continue to grow in these aspects.
7. Employee mentality
It is very important to clarify that being an employee is not negative or that you are doing it wrong, much less that you should quit your job.
This enemy of your wealth is that you are limiting your time to a certain income, because logically, you only have a few hours a day to do work, and the rest to rest or do the additional activities that we all need.
So, this income strategy will depend solely on the time you can work, and your wealth growth potential will stagnate there.
In this case, think of other assets that work for you without you needing to actively participate in it.
8. Financial pride
When was the last time you read a personal finance book?
This is something we take for granted, or that many people consider a waste of time because they prefer others to do things for them.
It is not always the experts who know how to do things best, our financial education is really the best foundation for our future to be determined by good decisions.
You probably already know how the financial world works, however, constant knowledge is what drives us to stay updated because the world is always in constant evolution.
So if you are one of those who says: “I know how it works”then we invite you to change this mentality for a “What’s new happening in the world”.
9. Shiny Profitable Item
There are many people who believe and want to become rich overnight.
Achieving big goals without any effort might seem ideal, but it’s not real at all. Or at least it is not sustainable. I would even highly doubt its veracity and transparency.
Now, it is possible to generate good income in a short term, but this requires strategies, habits and discipline to make it possible.
The best example is in studying the lives of great investors.
These have taken years of their lives to build their wealth from small steps, well taken, intelligent and sensible.
It has not been an easy road but it has been consistent and with a lot of perseverance.
10. Faking wealth, instead of building it
Finally, this is one of the main enemies of your wealth that you should keep in mind.
The cost of appearing rich is that not only are you spending money uselessly, which keeps you from your goal, but you often take on debt with expensive interest rates to support this lifestyle.
What’s the use of proving something you can’t afford? This will not lead you to reach an economic balance, much less will it allow you to build your wealth until you achieve the financial freedom you are looking for.
You are going to assume debts, you are going to limit your possibility of saving and you are going to be assuming unnecessary headaches.
Apply changes to these bad habits that impoverish you
If you correctly identify these mistakes that you would be making, we can assure you that you will notice a truly impressive change in your life.
Eliminate debts, balance your expenses, identify new income and get out of your comfort zone.
Start building new habits by learning something new every day that leads to a higher quality of life for you and your family.
Continue reading: 5 Books to create millionaire habits and achieve your wealth