These 5 habits are stopping you from becoming a millionaire

folarin okunola

February 7, 2017 2:01 PM

These 5 habits and mistakes can contribute to the obstacles stopping you from hitting the pinnacle of your success.

Naira notes to join list of accepted trade currencies in Britain

There is no guaranteed way to become a millionaire. But there are some things that are holding you back from breaking into the exclusive millionaires club.

These 5 habits and mistakes can contribute to the obstacles stopping you from hitting the pinnacle of your success:

1. Living above your means.

Also known as "packaging" or "doing pass yourself", spending more than you earn is the number one reason people remain in low-end financial situations. Avoid overspending, live within your means (or coat your cloth according to your cloth) and invest in your future and watch your money go all the way up.

2. Refusing to invest in your health.

There's a reason why they say "Health is wealth". Various forms of research have shown that exercising, getting a good night's rest and maintaining a healthy diet can make you more productive, decrease stress, boost your memory, and help you make smarter decisions. You cannot be wealthy if you don't have the health to maintain the wealth.

ALSO READ: 5 lessons entrepreneurs can learn from Japan's first self-made female billionaire

3. Relying on a single source of income.

Even if you earn millions of Naira every month, never rely on just one source of income. Wealthy people have practised having multiple sources of income for centuries. Having various sources of income can help you settle debts faster and put more money into investments and retirement. Thanks to technology, there are also tons of freelancing opportunities that you can take advantage of.

4. Not acting on your ideas.

I have developed an habit of writing down (on paper or on my phone) any ideas that come to me as soon as they come. But that is just one part of the equation - I also make a mental note to act on them as soon as is possible. As Mark Cuban once put it, "Ideas are worthless until you do something with them."

5. Not reading.

I have published several reading recommendations from successful people. The importance of reading to your success story cannot be overstated. All the successful people you know or heard of are always looking to expand their knowledge, stay up-to-date on current trends, and learn lesson from every possible source. Reading is a major key - don't sleep on it.

If you have any other tips that can help other entrepreneurs and average Nigerians out there, please feel free to drop them in the comments section below.

folarin okunola