In this explainer video, Patrick Bet-David breaks down the ten biggest indicators of someone who doesn’t have a millionaire mentality.
According to the latest data, the number of millionaires has doubled in the last 10 years from 25.6 million to roughly 51.5 million millionaires worldwide. However, according to a UBS analysis 52.5% of adults worldwide have less than $10,000 to their name, 34.4% have $10,000 to $100,000, 12% have $100,000 to $1 million, and only 1.1% around the world have a million dollar or more to their name.
Not everyone has what it takes to join this group at the top of the heap…and here are some of the signs that prove it.
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Sleeping Too Much
Sleeping in and not managing your schedule is a major obstacle. High achievers often prioritize their time and sacrifice certain comforts, such as extended sleep. In the early stages of your career, working long hours and maximizing productivity is essential.
Having a Poor Relationship with Risk
Being a millionaire often requires taking calculated risks. Whether it’s investing, starting a business, or pursuing new ventures, risk is inherent. If you’re too cautious or avoid risk entirely, it’s a sign that wealth creation may be difficult for you. Fixing this requires building a comfort level with risk, learning how to manage it wisely.
Maintaining Unhealthy Habits
Maintaining poor health habits like smoking, excessive drinking, or not paying attention to your diet can reduce your energy and focus. Being in good physical shape is critical for maintaining the stamina necessary to succeed in business and life.
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Not Networking
Attending conferences, meeting new people, and learning from successful individuals are essential activities for building wealth. If you’re not expanding your network, you’re missing opportunities to gain knowledge and connect with potential collaborators or mentors.
Not Having a Rival
Competition drives performance. Having a rival, someone who pushes you to do better, is a powerful motivator. Without competition, you may lack the drive to go above and beyond.
Pleasing the Wrong People
Trying to conform or please others, especially those who don’t share your vision, can hold you back. Instead, focus on winning the approval of those who matter, such as family members, business partners, or mentors who genuinely support your dreams.
For more insights into the mindset of a millionaire, check out the full video here.
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