Maning lots of money is something that everyone wants. However, the experience has shown that very few are really successful in achieving high levels of success in their investment careers. A lot of this has to do with the fact that these people are using the wrong tools. Without the proper methods, one can spend their whole lives without achieving the financial stability they are looking for.
The other problem is that they are still operating in a level that makes it hard to achieve success. There are a number of enemies of money generation that you need to avoid at all costs if you want to become a big producer.
Spending more than you make: the chief enemy of money generation is the attitude of spending more money then you make. This enemy doesn’t care if you are rich or poor. Everyone has a limit on how much money you can spend. There are several high profile people that lost everything because they didn’t know how to control their expenses. For example, Michael Jackson, despite being a musical genius and worth millions, was able to squander all his fortune during his own short life time.
The problem is even more acute if you make less money. That is why middle class people rarely go to become truly wealthy. They lack the discipline to spend significantly less then they make. On the contrary, most middle class people are interested in spending the most they can on cars, vacations, and other status symbols.
The second enemy of your financial independence is lack of investing. It doesn’t help if you save money but let it on a low interest savings account. Your money will disappear in the same way. To get wealthy, you need to invest in something that really appreciates in value, such as stocks, bonds, or real estate. If you don’t learn to invest in these vehicles it becomes hard to achieve true independence. You need something that can generate a lot of money on your money. In other words, you need to make your money work hard for you.
The last enemy of your fortune is fear. Most people don’t start a new business or make more money because they have fear. For example, they have fear of losing their jobs, or fear of not know how to run a business. All these are irrational feelings, that you should overcome. Making money may be easy, and very possible for you or for anyone.
Most people don’t understand how important is to avoid these issues. However, if you are able to conquer these three enemies, you will be ahead of millions of people, and most probably become a very wealthy person.