Why you are not getting rich
In this episode, our hosts discuss the limiting mindsets that kept them from becoming wealthy. Having a healthy money mindset is crucial to your journey of becoming a millionaire.
Did you know that Jeff Bezos, Elon Musk, and Warren Buffet do not have billions chilling in their bank accounts? Yes, they are billionaires, but their net worth is the value amount of their assets, minus their liabilities or debt. In other words, because Bezos owns a lot of shares (assets) in Amazon, which is a trillion-dollar company, he is one of the wealthiest people in the world today.
If you buy expensive shoes and drive big fancy cars to show off to your friends - you are missing the point. You are hustling backward because you are increasing debt and not assets - which negatively affects your net worth.
It is time to spring clean your spending habits. The average millionaire invests 20% of their household income. Instead of spending your paycheck on shiny new sneakers, which increases liabilities. How about investing the money towards starting an online business or buying shares in a profitable company? Which increases your assets. Your older and wealthier self will thank you.
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