Reasons you are not rich

Suffering from imposter syndrome

Chloe Elise, CEO and Founder of Financial EducationDeeper Than Moneyrealized that many people, although knowledgeable, experienced and fully capable of becoming rich, lack the "mindset of a millionaire".

"Simply put, they don't dare believe they will be rich," says Chloe Elise.

This is the "Impostor Syndrome", when people doubt their success, whether they deserve it or not, and fear that others will discover they are not that good.

“If you believe you will never be rich, you will never be rich,” the expert says.

Always think money solves all problems

Lauren Anastasio, a financial consultant in the US, said that many people fall into the trap of assuming that "money is the solution to all problems" such as "If I had a million dollars, my life would be perfect"; "I just need an 8-figure income to be financially stable for life".

Anastasio believes that when you allow money to be your source of happiness, you will never be satisfied. You will want more because the shiny new material things will eventually become old and you will want something newer to replace them.

According to experts, people who believe that money is the key to happiness tend to buy things to feel satisfied. But that feeling doesn't last long and they continue to fall into "addiction". These people are at high risk of getting into debt, no matter how much money they earn.

“Rich people live within their means. If you spend more than you earn, it's almost impossible to save your way to wealth,” says Anastasio.

Race with the outsiders

How many times have we scrolled through social media and felt jealous of our friends and acquaintances when they shared pictures of their lavish vacations, new homes or new cars? Many of us then sighed, "When will it be my turn?"

Anastasio says people often use money as a status symbol. This ties into the idiom “Keeping up with the Joneses,” which refers to comparing yourself to your neighbors, with your neighbors serving as a benchmark for social class or the accumulation of material wealth. Not “Keeping up with the Joneses” is seen as a sign of socioeconomic or cultural inferiority.

The expert said that being jealous of others means you are missing out on something important in your own life. If you only focus on what your neighbors or friends have, you will miss out on opportunities to develop yourself, miss out on the opportunity to achieve the same things they do. Jealousy also causes you to overspend, leading to a lack of money, even debt.

“It's hard to build wealth when you're spending the majority of your money paying off debt,” says Anastasio.

Have a procrastination mindset

Despite constantly asking why she isn't rich yet, Chloe Elise says many people still have the mindset of "procrastinating for tomorrow." Few people realize that "tomorrow" is never really known. Procrastination also makes many people afraid to try new things.

For example, they will not accept a new job even if they are promoted because they are afraid of being fired or laid off; they will not dare to start a new business project because they are afraid of failure or they will not want to invest in the stock market because they are afraid of losing all their money...

Chloe Elise believes that rich people often choose to take drastic action and quickly find ways to solve problems. This is the reason why they become rich and successful.

"A person who always tries to avoid responsibility will always stay in the same place. Learning and stopping putting off today's work until tomorrow is the key to help you go far," Chloe Elise advises.

No plan

Personal finance expert Jocelyn Black Hodes says that without clear short-, medium- and long-term goals, getting rich becomes a bleak prospect.

“There's a saying we use in finance: Those who fail to plan, plan to fail,” says Jocelyn Black Hodes.

Financial planning may sound daunting and overwhelming, but it doesn’t have to be, says the expert. Whether you’re doing it yourself or working with a professional, the process starts simply with prioritizing your goals and writing them down. Place the list somewhere you can see it every day. A visual reminder can go a long way toward keeping you on track.