Unsuccessful people tend to make very similar mistakes.
Here are the 8 most likely reasons you aren't as wealthy as you would like to be, in no particular order.
Reason #1 - You Care What Other People Think
That may sound like something the average snobbish millionaire would say but it's not what you think. What I mean is that you are too caught up in trying to impress others that you fall into the trap of constantly buying material possessions in order to keep up. That money should be used on building more wealth.
Reason #2 - You're Expecting To Get Lucky
If you have ever honestly thought you would win your way to wealth by playing the lottery or going to the casino then you're in this category. Aside from wasting your money, these worthless "plans" are a good way to ruin yourself psychologically.
Reason #3 - You Have Bad Habits
Drinking? Smoking? Overeating? Think about how much money could be saved every year if you didn't do the things that cost you extra money each week. I won't even get into the long term physical and mental problems that will cost you in the end too.
Reason #4 - Your Impulses Get The Best Of You
It's great to be spontaneous every once in a while but try doing it without the credit card. A good rule of thumb is that if you can't buy it right now with your debit card or cash on hand then you might as well just forget about it.
Reason #5 - You Have No Goals
Everyone I have ever known has said "I'm going to be a millionaire.", or "I'm going to be rich some day.". But only a handful of those people have ever had a plan to back it up. Plans are just a list of goals you need to accomplish. Prosperity does not come from wishes, it comes from action.
Reason #6 - Other People Manage Your Money
How is that money market or mutual fund working out for you? A good investment firm can double your money in a year, or better. Guess who gets paid a 5% commission? You.
Reason #7 - You Are Scared Of Losing Money
Investments are risky. That's almost the definition of an investment these days. By putting your money in your savings account at your local bank you gain a piece of mind because you "know" it's safe. Unfortunately, it's one of the most unsafe places for it because you're losing money non-stop. The actual dollar amount will stay the same but with the economy and inflation in effect your money is worth less and less ever year. You have to make money with money to secure your future. Risky investments usually end up being less risky compared to good old fashioned saving in retrospect.
Reason #8 - You're Too Slow Or Even Lazy
When opportunity knocks you need to answer the door. Most deals in todays business are closed in just days, especially online. With new technology and information instantly available we can make decisions much faster than our forefathers. The people you do business with will expect you to keep up. You may think it's due diligence but they will interpret it as reluctance and pull out before you just so they don't waste their time. In the words of Warren Buffett... "The investor of today does not profit from yesterday".
If you haven't reached your financial goals yet there is a good chance you make some of these mistakes. Fortunately, every item I chose to add to my list is easy to change if you make the effort.