Kathleen Elkins published an article in the Business Insider entitled, 17 things keeping you from getting rich, according to a journalist who spent his career studying millionaires. Earlier, Napoleon Hill researched more than 500 self-made millionaires and published his findings in the best seller, “Think and Grow Rich.” In addition to boiling down the “secret” to building wealth in 13 principles, he revealed 30 “major causes of failure” that hold many of us back from getting rich.
In the article by Kathleen Elkins, she listed 17 of the 30 causes of failure published by Napoleon and feels that they are relevant today. Ten (10) of these resonated with me, but you can read the original article here.
Here is my list.
1. Not having a well-defined purpose. Define your goal and go after it. There is no hope of success for the person who does not have a central purpose, or definite goal, at which to aim.
2. Lack of ambition. You have to want it, you have to want to aim above mediocrity, Hill says: “We offer no hope for the person who is so indifferent as not to want to get ahead in life, and who is not willing to pay the price.”
3. Not properly applying your education. Knowledge is only potential power, and it will not become useful or lead to great wealth unless it is organized and applied to life. People are paid “… not merely for what they know, but more particularly for what they do with that which they know.”
4. Lack of soft skills and inability to cooperate with others. Most people lose their positions and their big opportunities in life because of this fault than for all other reasons combined.
5. Procrastinating. Hill calls procrastination one of the most common causes of failure because we are waiting for the ‘time to be right’ to start doing something worthwhile.
6. Lack of persistence. Don’t stop until you have what you want. People are prone to give up at the first signs of defeat.
7. Sticking with the job you hate. Hill writes, “No man can succeed in a line of endeavor which he does not like. Don’t toil away at a job that leaves you stressed out and dissatisfied with life.”
8. Not narrowing your focus. Hill says, “Concentrate all of your efforts on one definite chief aim.”
9. Lack of self-discipline. Master self-control. “Discipline comes through self-control,” Hill writes. “This means that one must control all negative qualities. Before you can control conditions, you must first control yourself … If you do not conquer self, you will be conquered by self.”
10. Being closed-minded. Be open to collaboration and new ideas. “The person with a ‘closed’ mind on any subject seldom get ahead,” Hill says. You must be willing to continually collaborate with others, imagine new ideas, and innovate.
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