In as much as we intend to build wealth and have enough money to afford the luxury things in life, we must also never forget that with bad decisions every effort could go down that drain. Looking at real-life examples several millionaires have gone from having so much to having nothing due to bad decisions, from 90s musical star MC Hammer who lost a fortune to addictions, to former billionaire Allen Stanford who was later arrested for crime, one thing is certain while you live life trying to build wealth, you could go back to rock bottom.
However, if you intend to avoid losing the little wealth you have now or the ones you acquire in the future, it is important to keep a few things at the back of your mind.
Addictions have brought down the biggest stars and businessmen all around the world. When I speak of addictions in this instance, it necessarily doesn’t stop at drugs and alcohol, but stresses to gambling, buying on impulse, making dangerous financial decisions and so much more.
No matter your addiction, acceptance is your first step towards recovery. Understand what your addiction is and how it can possibly make you lose your money in the future and start working on it now.
Unhealthy relationships can also take you to rock bottom. Family members, friends, spouses, business partners or even colleagues can be bad for you if they have no good intentions about your financial growth. Unfortunately, you’d have to either cut some off or stay disciplined to yourself while clearly stating your terms to them(hopefully they’d fall in line).
Lack Of Discipline
A person who lacks discipline messes up a lot of things. Such people tend to have bad relationships with staff, colleagues, friends, neighbors either by having a nasty attitude, inability to stay committed to projects, inability to speak respectfully and so much more. These bad habits could lead you to not only fail in life but lose the little you have.
Even if you win a lottery, it’s very important to have a plan. Have an aspiration, a goal you work towards to keep you motivated. Without this it is honestly impossible for you to grow your wealth, making it easy for you to lose your funds.