Most people simply don’t have the right mindset to get wealthy. They are whiny, lazy, incompetent, and clueless - and such a person does not have what it takes to get rich.

This article will discuss 5 cardinal sins that you can avoid in order to develop the “rich” mindset, the pre cursor to getting rich.

1. Hating the Rich

We all know a person who whines about the wealthy, how billionaires should pay more taxes, and how Elon Musk should “eliminate poverty” by donating his wealth.

If you have such thinking, you will never get rich. Why? Because you hate the very thing you aspire to be. You need to be inspired by the rich, you need to see wealth as a solution, not a problem.

2. Being a Miser

Of course, it is bad to overspend and consoom all the time. But if you sweat for every penny, you won’t make it big in life.

You need to SPEND money to MAKE money. You will need to invest in upskilling (most important), ads, hiring, hosting, softwares, etc to grow your business.

Once you get rich, it is important to spend money on things you love, else your money will simply rot in your bank account. Save a decent amount every month, and spend some money on things you like.

3. Being Risk Averse

It’s well known that risk and rewards go hand in hand. Not every risk has a reward, but the greatest rewards often involve the greatest risks.

If you shy away from investing in the stock marketing, taking calculated risks, buying things that improve your life, you might want to relook at your world view.

You cannot start a business if you don’t have risk taking ability in you. Of course, you must not bet your life savings on a Ponzi scheme. But there’s a difference between doing that and investing 10% of your salary into starting a new business.

4. Not being Open-Minded

Business involves studying human behaviour. You will break a lot of pre conceived notions you have about people, money, and markets. You will realise that you were wrong more often that you’d like to be.

If you cannot be open to new information, people, and challenges - you will suffer.

5. Too much focus on details

Money is abstract. You don’t make money by being super focused on the small details. You get rich by focusing on the big picture, the big trends.

You create wealth by getting stared and learning along the way. Focusing too much on the tiny details just slows you down. Be the high level CEO, not the manager.

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