Overcoming the Top 10 Mistakes to Financial Success for Ambitious Entrepreneurs

 

As ambitious entrepreneurs, your pursuit of success is driven by the desire to build wealth and achieve financial freedom. And it has never been so important amid sticky high inflation and a well-documented cost of living crisis.

However, along this challenging journey, it’s crucial to be aware of the pitfalls that can hinder your progress in growing your wealth, despite the external challenges we face from the financial markets.

In this empowering blog, we present a comprehensive guide to overcoming the top 10 mistakes that entrepreneurs often encounter on their path to financial success.

By unlocking your wealth potential and addressing these challenges head-on, you can pave the way to a prosperous and fulfilling entrepreneurial journey.

Top 10 Mistakes to Financial Success

To help empower you to create wealth-building habits, we have compiled a shortlist of the 10 mistakes that prevent you from building wealth – and how to fix them.

1. Having a disorganised approach to how you spend your time, energy, and money.

Forging good habits will create the space to save and invest for what you want in the future. When you create good habits, you have a more mindful approach to spending. You’ll notice when you’re spending money that isn’t in alignment with what you want or give yourself a 48-hour cooling-off period before making a buying decision.

2. Failing to invest your surplus income

If you make more pounds than you need, commit to investing them, otherwise you risk leaking money due to factors such as disorganised spending or unwanted tax. If there’s a pound you don’t need in the present moment, and you don’t need to save up for something in the next three to five years, then invest it – for example, in ISAS, pensions, and stocks and shares.

3. Focusing too much effort in your business on places where the money isn’t

If the money is not where you’re looking for it, it’s time to look somewhere better and more abundant. Make a commitment to finding clients in the right places.

4. Thinking you don’t have enough money to start investing

The wealth management industry tells us we have to have huge amounts of money to invest – but you don’t! You can set up an investment with a pound.

5. Assuming you need someone to do your financial planning for you

Financial planners will charge you a high fee to do things you could yourself with surprising ease. It’s empowering to do it yourself and to hold on to the money you would have spent on a financial planner.

6. Not believing in yourself

Too often people allow themselves to be limited by their current means and current situation, rather than pursuing a future that will make them richer and more fulfilled. They forget they have a choice: carry on down the same path, which will have less resistance because your brain is telling you it’s comfortable. Or you can take the alternate path, which will be more fulfilling because you are consciously choosing where you want to end up.

7. Not realising that you are your biggest asset

You have numerous assets that you can leverage to create wealth. Your time, energy, experience, vision and know-how can all be used to create abundance.

8. Buying for emotional reasons, or through habit

It’s easy to go around the supermarket on autopilot and put all the same things in your basket, or to automatically buy something to reward yourself or cheer yourself up. The answer is to consciously ask yourself whether you need it.

9. Focusing on bringing money in, rather than where you want that money to flow to

Instead of having money coming in as your end goal, make saving and investing money your end goal.

10. Failing to give every pound a purpose

If you allot a purpose to every pound you make, these small actions will have a huge impact over time as you see your wealth increase.

We firmly believe it is possible to reduce the pressure and even build your wealth by forging new financial habits, through owning your own financial planning.

This applies to people who already might consider themselves wealthy. As Emma says:

“I’ve worked with business owners who have made their first million but are haemorrhaging money because they have brought their personal bad habits into their business. It’s an expensive mistake to make. The cost of inaction is huge – and so are the benefits of taking control.”

At Independent Wealth, we want to crush the wealth gap by empowering more people to become their own financial planners and feel financially activated to take control of their finances and investments.

 

“Financial planning is an important foundation for creating wealth: research by Vanguard found that it will make you 1.5% – 3% better off year on year than those who don’t plan. This margin matters more than ever amid the cost-of-living crisis. Those little incremental increases can make a huge difference to our wealth over time.”

If you want to know more, just reach out, arrange a FREE discovery call today or email us

Female-friendly financial planning, empowering women and men, working with couples
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