Becoming wealthy at an early stage of life is something most youngsters dream of achieving and contrary to what some people believe, being rich in your 20s or 30s is a possible and sweet experience.
Trust me playing Sportpesa, Mcheza or Betway every weekend or any other betting games won’t make you a millionaire only the lucky chosen few.
To help you evaluate, we’ve rounded up nine red flags you might want to watch out for. While no one can predict the future, the following choices most likely won’t accelerate you to becoming a millionaire.
- You put too much emphasis on saving — and not enough on earning
Saving is crucial to building wealth, but you don’t want to focus so much on saving that you start neglecting earning, which is what rich people focus on.
There’s no need to abandon practical saving strategies. However, if you want to start thinking like the rich, “stop worrying about running out of money and focus on how to make more,” Siebold advises.Some experts say that “it’s not about how much money you make, it’s about how much you keep,” but this shouldn’t be an excuse to disregard earning completely. To keep money, you have to earn it in the first place. A common thread among millionaires is that they develop multiple streams of income and have smart savings habits.
2. You haven’t started investing
One of the most effective ways to earn more money over time is to invest it, and the earlier you start, the better.
The more you can set aside, the better, but even a little bit can go a long way, thanks to compound interest. An easy way to dip your toe into the investing pool is to start saving for retirement using accounts where your money is invested.