How To Become a Millionaire: 10 Reasons Most Don’t Become Rich

Discover How NOT To Make a Lot of Money

Dan Lok and I are back to talk about how to become a millionaire, which starts with deconstructing why people don't become wealthy.

In a world where there are so many opportunities to achieve financial independence, there is still a large percentage of people who never experience true wealth. A lot of people end up living from one paycheck to the other, despite being tired of the rat race.

There are a million reasons why people stay stuck in a financial rut, but oftentimes it's their relationship with money that keeps them struggling. Do you live a life lacking abundance?

Wealth is a mindset that must be cultivated. In the words of Robert Kiyosaki, “The single most powerful asset that we have is our mind. If trained well, it can create enormous wealth.”

Watch the video below:

(Click here to watch on YouTube)

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Are you ready to learn 5 more reasons why most don't become wealthy? CLICK HERE for instant access to Dan Lok's video!

Are you ready to learn the #1 skill that will give you the ultimate life of freedom and financial success? CLICK HERE to join Dan Lok and I on our webinar and receive a free copy of Dan's book, FU Money!

Financially wealthy people don’t create their wealth by accident, nor does it happen overnight. It requires risk, persistence, patience, sacrifice and a “do whatever it takes” work ethic. It's not for everyone. Neither Dan nor myself had wealth handed to us. We weren't born with a silver spoon in our mouths.

We always knew that we had to work hard and do whatever it took in order to build our businesses to where they are today. As a result, we value our success so much more.

This perspective on wealth allowed us to learn how to become a millionaire by 30.

In our interview together, Dan and I discuss 10 reasons why most don't become rich and how you can prevent against falling into this trap.

1. Poverty Mindset

Most people have a poverty mindset, not a prosperity mindset. This isn't a law of attraction, touchy-feely bullshit. A lot of people grow up in a home where their parents, friends, or relatives aren't wealthy. When you grow up in an environment like this, your perception of wealth becomes skewed.

When we are trying to create wealth and build a business, this is not a healthy mindset to adopt. It's like you're driving a car while pressing on the gas, but you have the emergency brake on.

The difference between a poverty versus a prosperity mindset is that one involves extracting while the other involves adding value. Money is a byproduct of value creation. If someone is making millions of dollars, that means that they are impacting millions of lives, in terms of scale.

When you have a job, you may be impacting your boss or manager, but that's about it. You aren't impacting a lot of people.

2. Lack of Commitment 

Dan believes that wealth is all about committing to one idea over time. Most people are running a relay race, and when they get to 399 meters, they give up. How many times in your business did you feel like giving up, but you didn't? When it comes to achieving success, you can't have one foot in and one foot out. Commitment is about having both feet in.

How you do anything is how you do everything. When people say things like, “I'm interested” or “I'm considering” it drives us crazy. They are already planning in their head to quit. They know it's not going to work, which is why they end up failing. If you operate with this mindset in one area of your life, that's how you will operate in all other areas of your life.

The analogy Dan likes to use is the story about getting a black belt. Imagine you have two people. An ambitious, strong person wants to get a black belt. The sensei tells him that if he practices 2 times per week for 4 years, he will succeed. He responds with, “No way, I thought I would get a black belt in 4 months. I don't want to train for that long.” The sensei says, “Well, you won't get the black belt.”

Another guy who is shorter, skinnier and less flexible tells the sensei that he will do whatever it takes. The sensei tells him that he needs to come 5 times per week and train for 6 years.  This person says, “When can I start?”

3. Lack of Consistency

People always ask me what his #1 quality is and I always say that it's my consistency. That is what has contributed to my success in life. When Dan started his YouTube channel he only had a few hundred subscribers, but he was committed to growing it. It was a slow process, but he knew that he would eventually get there.

We both have had so many friends that are more gifted and talented than we are, but a lot of them have given up along the way. In our circle alone, Dan and I can probably count all of the people that have failed to achieve success. The people who are still around and that are doing well is few and far between. If success were easy, everybody would achieve it, but they don't.

4. Lack of Mentorship

The books that Dan has read and the seminars that he has attended have helped him. However, he is where he is today because of his two personal mentors. Think about martial arts in China. How did this skill get passed from one generation to the next? It didn't happen from a DVD or a YouTube video.

It took years of inner-circle, closed-door training. That is more of a Chinese way of thinking. However, in North America, we are taught to get things fast, take the shortcuts or swallow the magic pill. That's not how you get good at anything.

A lot of people try to reinvent the wheel and figure it out on their own but there are already people that have already solved the problems that they have. They've spent years creating the results you want. The fast-track for that is to go to those people and learn from them.

When it comes to finding a mentor, a lot of people approach it from the perspective of taking from someone.

You need to add value to the person that you want to learn from, without asking for anything in return. Someone who possesses a poverty mentality believes that because someone is successful, they are obligated to help them. That is a huge sense of entitlement.

Poor people sell time, whereas rich people buy time. If there's something that will save you time and that will shortcut your learning curve, take it. In the last two months, Dan has spent $250,000 on consultants and coaches because he knows that it will shave years off of his learning. He doesn't need to spend the money, but he does it because it matters to him.

When it comes to finding a mentor, if you can't even demonstrate that you want something bad enough, then nobody can help you. You have to help yourself.

5. Unrealistic Expectations

Nothing of value in life will ever come easy. Success doesn't happen overnight. It takes hard work, sacrifice, patience, and a lot of hard work. Unfortunately, many people fall into the trap of believing that this isn't the case. Don't buy into the scams. When you expect challenges and failures you will be better prepared to withstand the blows.

Let's say that you want to learn affiliate marketing and you join my course. Let's say that your expectation is that you are going to make $20,000/month in ten days. You are going to fail because you have the wrong expectation. When you fail, you end up thinking that the course doesn't work. Stefan sucks, affiliate marketing doesn't work, etc. You become a victim and blame others.

Same program, same mentor, but with a different expectation. You could want to join my course, knowing that you may not be the smartest. This is a new world for you. In the first six months, you know that you may not make any money, but you are committed to learning. You set the expectation that you will make $500-1$1000 per month by the end of the year.

When you adjust your expectation based on reality it changes the game. There are so many milestones that you can celebrate, which are still results. The process always leads to the money.

Don't be fooled by the get rich quick schemes.

The people that fall into this trap never become rich. If you are thinking about how to become a millionaire in 30 days, you are setting yourself up for failure. When it comes to achieving wealth, you need to adopt a long-term approach.

Think about how to become a millionaire in 5 years.

Building wealth is a process, not a one-time event. It takes time to create anything of value. That's a fact. If you want to learn 5 more reasons why people don't achieve financial success, check out the video on Dan Lok's YouTube channel! Everyone has the same opportunity to achieve wealth, but not everyone will take action and make it happen.

In the words of the motivational speaker, Talibah Aset – “You cannot build wealth and create the illusion of wealth at the same time. Get your priorities in order.” Which path do you want to take?

Are you ready to learn 5 more reasons why most don't become rich? CLICK HERE for instant access to Dan Lok's video!

Are you ready to learn the #1 skill that will give you the ultimate life of freedom and financial success? CLICK HERE to join Dan Lok and I on our webinar and receive a free copy of Dan's book, FU Money!

Do you want to learn 4 things that millionaires do differently? CLICK HERE to read the article that I wrote on Medium!