This content outlines eight detrimental habits that can sabotage wealth accumulation, even for successful individuals, and provides actionable strategies to avoid them and foster long-term financial growth.
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Eight things I'll never do as a
millionaire. Listen, I've been in the
real estate business for over three
decades, and I've seen countless of
investors and entrepreneurs self-
sabotage their wealth, not with giant
mistakes, but with quiet, toxic habits.
Today, I'm breaking down the eight
things I would never do as a successful
real estate investor because they can
secretly destroy your wealth. So, let's
get into the strategy. Eight things
millionaires never do. These are wealth
killers. Number one, rely on only one
income source. So, no job, as you guys
should know, is 100% safe, especially if
you don't really know what's going on
with the actual business or company.
Relying on one single paycheck puts your
future entirely in the hands of a
company or a boss. This is the least
form of control that I can even think
of. The solution, of course, is to build
three to five streams of income.
investments, side businesses, real
estate to create stability and
accelerate wealth growth. If you don't
know how and you feel a bit overwhelmed,
don't worry. You just start with one.
But 65% of self-made millionaires have
at least three streams of income. So,
this is a big deal. Number two, treat
taxes like a punishment. So, some of you
might know that taxes will be the
biggest expense of your life. you will
work till April or May to pay the tax
collector first. So, you should be
viewing your taxes as a bill that takes
your money away. The wealthy, we view
the tax code as a road map that rewards
certain behaviors like starting a
business, investing, or saving for
retirement. These are all things that
are embedded into the tax code. And as
boring as it may be to look at, the
secret to a lot of investing is sitting
in the tax code. So the strategy is of
course to use legal deductions like
business expenses and benefit from lower
capital gains rates and use tax deferred
retirement accounts to keep more of your
earnings. The entire job here is not
necessarily to make more, but it's to
keep more. Number three, I consume
before I create. So most people spend
the best, most energetic hours of the
day consuming low value entertainment.
I'm talking about scrolling, binging,
those kinds of things. You need to
change your habits by starting the day
by working on income generating
activities. Things like building a
business, planning investments, writing
content. You're fresh in the morning.
Trust me, do this first thing because
consumption, whatever it is, becomes a
reward. It can be glass in your iPhone
or it can be a book or it can be writing
something or it can be writing content.
It's not a distraction that drains your
valuable time and attention. Consumption
becomes a reward, but do it in the right
place. Number four, avoid talking openly
about money. The problem, most people
avoid talking about money. They view it
as awkward, rude, or they fear judgment.
But the wealthy, they talk about their
investments, their strategies, and their
mistakes with trusted peers. That's the
only way that you're going to learn. You
need to learn by failure. We've all
failed. We've all lost money. And the
best way to not lose money is to learn
how did this work out for you? And put
it all on the table and talk about it
openly. Research shows that open
discussion leads to better ideas and
uncovers more and more opportunities.
Number five, just focus on income, not
on net worth. The mistake, of course, is
income is not wealth. High earners can
still live paycheck to paycheck with
debt. And we've seen that time and time
again. Because the minute you make a
little bit more, you upgrade your car,
you upgrade your lifestyle, you upgrade
your house, you upgrade whatever, it
never ever gets better. The true
measure, of course, is to focus on your
net worth, which is assets minus
liabilities, and of course, your active
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to learn more. This is how much money
stays, grows, and works for you. The
change, of course, is prioritizing your
investing things like index funds,
rental property down payments over quick
depreciating purchases like the latest
iPhone or car upgrades or those kinds of
things. Uh you need to really pay
attention to things that depreciate and
things that don't, things that provide
cash flow and things that don't. This is
the difference between active and
passive income. Avoid all debt. Now, of
course, the distinction is is not all
debt is bad. There's good debt and
there's bad debt. So, good debt, of
course, is money borrowed to acquire
assets that increase in value or
generate income. Things that other
people pay off. So, [snorts] things like
a mortgage for cash flowing rental
property or a business loan. These are
very important types of leverage that
you would use. I would call that good
debt. But only, of course, if somebody
else pays it off or a business is paying
it off. The opposite of that, of course,
is using debt and buying assets that
depreciate. So eventually, your debt
could actually be higher than the asset
is worth. The key, of course, is
controlling your debt by knowing the
cost and ensuring the investment returns
more than just the interest rate. Number
seven, viewing money as a status symbol.
The middle class trap, of course, is
chasing a lifestyle to look successful.
Country clubs, nicer cars, bigger
houses, you get the drift. The wealthy,
they don't do that. They focus on
chasing financial freedom. They chase
financial freedom through cash flow,
through value creation. They make better
choices and they create opportunities.
And those opportunities and choices and
assets that they buy, well, then they go
ahead and buy that nicer car, the bigger
house, and those kinds of things. So,
focus on the assets, not on the
trinkets. The habit of course is let
your wealth quietly grow by keeping your
lifestyle behind your income. And number
eight, trade time for money forever. The
default of course here is getting paid
for hours worked. And the problem is
income stops the moment you stop
working. This is a trap. Work is
essentially a claim on your time. And
money should be used to replace that so
that you have more time. The transition,
of course, is to work hard initially,
save, then flip the equation by making
the money work for you. This is slower,
it's not as flashy, it's calculating,
it's strategic, and it's definitely a
longer term plan. The goal of all of
this is to build passive income streams
in your investments, your assets, and
your businesses. and you want them to
generate money even when you sleep, when
you're on vacation, whatever you're
doing. So, you want to move from being
paid 4 hours to being paid for value.
So, if you want to get out of the rat
race, you have to stop playing the game
like the average person. The eight
habits we discussed aren't just
mistakes, they are wealth destroyers.
Watch yourself and keep an eye on that
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