5 July 2020
1300 794 893

What's the main reason most people don't get richer?

Peter Switzer
15 November 2016

By Peter Switzer

A couple of weeks ago I wrote about the seven habits of highly wealthy people. Today I want to concentrate on arguably the most important habit. Why am I doing this? Well, it’s important (really important) and I can’t understand why so many of us miss this crucial point that can make such a difference to the material life you lead and the way you ultimately retire.

Today on my 2UE radio show broadcast from Sydney (it’s on between 4pm to 5pm Monday to Thursday by the way), I’m going to talk about this key issue that makes a big difference to how wealthy you end up. What’s this issue?

When I raised it at the end of the show yesterday with my co-host, Ed Phillips of New Temptation fame, he gave me the kind of reaction I look for when trying to get people engaged — he was a little shocked!

You see, I think the main reason people don’t get richer (to be basic) is that they’re scabs. Too many people won’t invest in being a success.

They waste money on so many unimportant things but don’t find dough for important things such as getting help with:

  • Getting fit.
  • Losing weight.
  • Getting educated to get competitive as an employee or as a business owner.
  • Working through problems with an expert to sort out life problems; and
  • Getting richer.

Let’s not get too personal, but I’d love to talk about how most of us could do with a mental counsellor (let’s call a spade a shovel) and say ‘shrink’, but that’s for another day.

I can’t understand how someone can be unfit or overweight and don’t just start with their GP and then hope he/she helps them to change a bad situation into a good one.

When I looked at these seven habits of highly wealthy people, the first one was about desire — you have to want to change your situation.

Let me recap on the other six before looking at the scab factor. Here they are:

2. Be odd — become a money expert.

3. Invest in property, a business and shares.

4. Find a great accountant.

5. Find a great, trustworthy financial planner.

6. Become a super expert — it could be more important than property as your main asset one day!

7. Think wealthy and visualise how you will become wealthy and what your life will be like and then make it happen.

So how does being a scab fit in with all these seven habits?

That’s simple. We’re scabby or tight with our money and our time. We don’t invest in getting people to help us win.

How could you improve your tennis or golf if you had to play with a friend or relative you really wanted to beat? You’d take lessons!

This would cost money sure. But if you really desired a big win over someone that you really wanted to shut up, you’d do it. If your son or daughter really needed something important, you’d move heaven and hell to make it happen and you wouldn’t spare a cent in doing so.

So maybe there are two really important things you have to master to get richer.

First, you have to want it. As Muhammad Ali put it so aptly: “It is the repetition of affirmations that leads to self-belief and when that belief becomes a deep conviction, things begin to happen.”

Maybe you have to say to yourself something like: “I will be the greatest at building wealth.”

And second, you can’t be a scab! You know what you’re good and bad at, so get a business coach, a money coach, an accounting/tax coach, a fitness coach, a diet coach or a make you love yourself coach!

Be honest with yourself. Invest in a great asset — you! If you do that, the positivity you generate will spread to the people you care about and there will be dividends beyond your wildest dreams.

I love this from the great tennis player, Chris Evert: “There were times when deep down I wanted to win so badly I could actually will it to happen. I think most of my career was based on desire.” 

Want it. Pay for it. Make it happen!

Click here to subscribe to the Switzer TV channel on YouTube and keep up to date with all of our shows.

Get the latest financial, business, and political expert commentary delivered to your inbox.

When you sign up, we will never give away or sell or barter or trade your email address.

And you can unsubscribe at any time!
1300 794 893
© 2006-2020 Switzer. All Rights Reserved. Australian Financial Services Licence Number 286531. 
homephoneenvelopedollargraduation-cap linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram