12 Wealth Killers and How to Avoid Them

Many people desire to be wealthy, but few people attain such a goal in life. Many people are job-seekers, who are supposed to be employers of labor, but they are being faced with avoidable problems which have allowed them to be stagnant in many areas of their lives.

Naturally, everybody has been endowed with the hidden secret of wealth and, if this hidden secret is being discovered, then the rest will be history. This hidden secret is called potential or talent as the case may be. It is when this invaluable asset is revealed in us, that, many people will achieve their goals as far as wealth creation is concerned.

However, everybody is eager to be wealthy, but few people can undergo the series of wealth transformation, that is, from zero to hero level. As beautiful as the dreams of wealth-seekers are, however there are 12 wealth killers which often stand as a stumbling block to achieving their desired wealth.These 12 wealth killers are factors which affect the level of wealth of individuals or groups of individuals at a particular point in time.

These wealth killers are fully explained below:

Lack of Motivation:

A lot of people have great potentials or talents but few people often identify them and transform such potentials to wealth. This is due to lack of motivational factors, either from insightful people or most academic schools. Motivation stirs up great talents in people. Factually, everybody has “inside money” and which needs to be transformed.

Parentage:

The knowledge and understanding of parents to assess wealth information and guide their kids at an early stage in life, will go a longer way in empowering them about wealth growth and their ability to be sound as far as wealth creation is concerned. Most families around the world have formed the habits of passing down wealth from one generation to another. Basically, it is either parents create the platform for their kids to be wealth-conscious at early stage in their lives or they pass down nothing to them when they reach adult stage.

Time-Wasters:

This is one of the wicked forms of wealth killers. This is because, time is an invaluable asset and it cannot be reversed in most cases. Great and wealthy people are hyper-sensitive about time. They will always avoid things or people that might prevent them from executing their plans at every point in time. Time-wasters kill the wealth of many aspiring people, even after they must have identified their real potentials. A lot of people are working for money because; they have allowed time-wasters to eat up a part of their allotted time.

Lack of Saving:

People without savings are always in need of one thing or the other. People with lack of savings are being identified by asking for things they ought to have provided without stress. Lack of saving as a wealth killer has prevented many people from getting wealth.

Lack of Prudence:

There are many people that do not know the basic laws of wealth. Many people desired to be rich, but only few people are really prudent as far as their sources of incomes are concerned. In most cases, great of number people really spend on wants rather than on needs. Thus, this habit disallows them from getting their needed wealth.

Lack of Discipline:

At every time, everyone has the potential of becoming wealthy transformed. If people are correctly motivated, a life without discipline cannot really build up wealth and sustain it for as long as time permits. Even, if all money in the whole world is given to a person without discipline, such money will be wasted.

Financial Illiteracy:

This wealth killer prevents the majority of people from becoming wealthy. It limits many of the people from aspiring to be wealthy. A lot of financial illiterates abound and they lack the knowledge of analyzing and interpreting financial statements. In most cases, they invest wrongly and watch their money slipping away from them. Unfortunately, 80% of the world population falls under this category.

Lack of Book-keeping:

The absence of book-keeping and records have prevented many people from becoming wealthy. Both small business owners and small-medium business owners have lost their businesses because of this wealth killer. The knowledge of money coming into the business(cash in-flow) and money going out of the business(cash out-flow) is very vital to individuals running home-based businesses and small-medium businesses which involves group of individuals.

Wrong Business Information:

This is one of the strong wealth killers in the world of business. A lot of people are working with wrong information, in terms of financial updates, correct financial statements and business transparency. All these factors reduce the wealth of both individuals and group of individuals. Many wealthy people work with accurate information pertaining to an aspect of their business entity.

Lack of Technology:

Application of technologies in many areas of our lives has yielded great benefits. Computers have been widely used along with other innovations such as internet.

In the world of today, it is either you have knowledge of computer applications or usage of internet or you create your own wealth by ready-made technologies. Internet marketing is now taking the place of Direct Marketing or traditional marketing at a point in time.

Lack of Investment:

This wealth killer is so powerful that, it might not release its prey from its claws. Wealthy people all over the world are great investors. You can show me a wealthy man without any investment portfolios, then l will tell you; he is a glorified poor fellow. Investment in its purest form brings investor to a floodgate of wealth. Thus, lack of investment often kills the wealth of majority of people.

Wrong Mindsets:

Many people desire wealth, but they have developed wrong mindsets about wealth creation. Most of these people belong to a kind of group that strongly condemns wealth due to their doctrines. From this singular act alone, a lot of these people cannot become wealthy. Wrong mindset as a wealth killer, has affected many business people.