Here are some common ones:
1.Not getting good at one thing
It is far better to get good at just 1 thing, than to keep changing career.Too many smart people change industries too often, and never get good at it. The evidence shows you need 10,000 hours of practice to get really good at something. So practicing from a young age is key.
2. Not planning
Working hard is great, but working smart is also key. Having a process is key. In business, personal finance, sales or any domain. In personal finance, the key mistakes I have seen made other and other again is not sticking to a tried and tested process of investing early and hard, and not speculating. Everybody wants to either have more time, more energy or more money. Most people claim they want to get rich or comfortable from investing, but many people won’t put in the hard work when it comes to process
3.Lack of self-belief
As per this book, self belief is one of the keys to wealth. If you don’t think you can do something, often you won’t even try
4. Sacrificing Health to Pursue Money
Life is a marathon. Business is a marathon. The game of finances is a marathon.
Too many people rush to make their first million because they erroneously believe more money will solve their problems and make them a successful person—it doesn’t.
Along the way, they destroy their vessel of creation and the tool with which they do the work required to succeed—their body.
They fuel 16 hour work days with red bulls, pots of coffee, cigarettes, and cocaine.They ignore sleep, thinking they will be more productive by having more hours in the day.
They skip the gym to make sales calls, sit at a desk all day to write copy, and never get out of the damn house or office and into nature.
Success requires health. If you don’t have an energetic, vibrant, and healthy body, you will not succeed in the long run PERIOD.At no point in your journey to success should you ever abandon your health.
At the very least, you MUST:
*Eat 70% whole foods (and take the time to cook them if you can)
*Lift weights 2 times a week
*Do HIIT cardio once a week
*Get outside for at least 3 hours a week
*Sleep 7 hours a night.
If you do these things, success will come faster. Counter intuitive though it may be, prioritizing health ABOVE money, makes the money come faster.
When you’re healthier, ideation, execution, and productivity are infinitely easier and faster.So take care of your health and success will follow.
5. Sacrificing Relationships to Pursue Money
Many people did not prioritize their first (or second, or third) marriage. They didn’t make time for their kids. They didn’t connect with old friends. They didn’t take weekends with their families.
They work every day. Grinding away their lives in an office.And now, many of the people they love and for whom they were working so hard in the first place are dead.They can’t share their success or wealth the way they thought they could and they regret it.
Study after study after study has shown that the quality of your relationships, NOT the money in your bank account is most correlated with happiness and fulfillment.Never get so busy chasing money that you forget to prioritize the PEOPLE who matter the most.
At the end of the day, you will remember the soft “I love you”, the summer days playing games with your kids, and the time you invested into your friends and family more than any financial achievment or business conquest.
6. Failing to Strategically Plan
Benjamin Franklin, the very epitome of success, said, “Failing to plan is planning to fail.”
And he’s right.
If you aren’t taking the time to strategically plan—not only for your career or business, but for your health, your relationships, your finances, and your personal life—you will fail at all of them.
You must have a plan.
A plan to make it all work. To have the health, the relationships, the money, and the fulfillment you want.
Great lives don’t happen by accident.
People are rarely lucky—even the rich ones. A life that is whole, meaningful, filled with joy, love, and excitement is not an achievment that can happen over night.
It takes strategic planning.
And only you can do that planning because only you know the life you truly want to live.
If you aren’t planning for success in all areas of life, you are preparing for failure.
7. Surrounding Yourself with the Wrong People
Nothing will bring you down faster than surrounding yourself with the wrong group of people.
Harvard Business School did a study that showed individuals who spend time around obese friends are more likely to become obese, individuals who spend time around smokers are more likely to become smokers, and individuals who spend time with healthy and successful people are more likely to become healthy and successful.
This doesn’t mean you need to ditch all your friends who aren’t millionaires.Simply that you must be conscious of the caliber of individual you bring into your life.
Are they happy, positive, high self esteem people who do cool shit and have something about which they’re passionate?
Are they negative, fixed mindset, scarcity spotting sonsofbitches who send their food back to the kitchen five times due to inordinately small details?
Get the hell away from them.They will only bring you down.
8. Making Yourself Miserable
You can feel successful today.
You might not be able to achieve your biggest goals and dreams in the next 24 hours, but you can make the decision to start taking action and choose growth and happiness today.
The choice is yours.
You can make yourself miserable by focusing on everything you don’t have without taking the necessary action to fix it.
Or you can choose happiness.
You can choose to be happy because you’re alive, because you have people who love you, because you have something you want to do with your life that excites you.
At the end of the day, I believe that success is happiness and happiness is a choice.
Success is not a one race but several races. It requires those who are determined to reach their destination and their targets. Don't hurry, be strategic in everything you do or else you will fail.
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