Here are a few shocking statistics that show how much people struggle to earn and save enough money:

• Average credit card debt in America is $5,331 per person
• 77% of Americans have a debt of some kind
• To be considered the top 1% of earners in the world you only need to make $32,400/annually
• Average retirement savings was only $107,000 in the United States

So why do people struggle with money so much?

It’s not just one thing, it’s usually a combination of not earning enough, poor spending habits, and a bad money mindset. Patrick Bet-David breaks down the top 10 reasons you won’t be rich in his video.

Keep reading to learn how these 10 problems can be solved and how you can start earning, saving, and investing more money than ever before.

10 Reasons You Won’t Be Rich

1. You Don’t Like Rich People

If you don’t like rich people and instead feel anger, frustration or jealousy toward them, good luck ever becoming truly financially successful. Rich people like rich people!

In fact, they want to surround themselves with rich people to learn, model, and increase their financial literacy.

If you have a negative outlook toward people that are doing well in life, it’s time to change it once and for all. Instead of being jealous, find ways to be around them and learn from them.

Oftentimes, wealthy individuals were once where you are now. When they find people who are trying to do better and show strong motivation they might be able to help you succeed.

Stop viewing rich people as bad. Remember, that old belief “Money is the root of all evil” is nonsense. The more money you have, the more people you can help in this world.

Don’t forget, the biggest philanthropists like Bill Gates, Warren Buffett, and others happen to be the wealthiest people in the world!

2. You Think Rich People Are Special

Rich people aren’t special.

I’ve met tons of millionaires and the more I do, the more I realize they’re human beings just like everyone else. The only difference is they’ve upgraded their money mindset and found skills they can monetize.

Rich people monetize skills, learn, and surround themselves with other rich people. That’s why masterminds, seminars, and events can help you find rich people and learn from them.

Quit putting rich people on a pedestal and accept that you can be too if you start changing what’s needed in your life.

3. You Don’t Spend Enough Time Learning

Let me ask… “How much time a week are you spending learning?”

If you’re like most people, the answer isn’t much. In fact, the average person in the United States watches more than four hours of TV per day!

If you want to become rich and successful, you have to invest in yourself by constantly learning. You don’t even have to spend money anymore.

Just go on Youtube or Google and you can learn just about anything. There’s endless content on entrepreneurship, business, and how to make money.

If you do want to learn something more in-depth,  buy an online course or join a coaching program. The information is out there, it’s up to you to learn and implement into your life and business.

4. People Make You Feel Guilty About What You Do

Do you let the opinion of others hold you back from becoming wealthy?

So many people let others opinions negatively affect them. Stop letting people make you feel guilty for what you’re doing in life. Oftentimes, when you’re trying to make changes in your life, people will try to hold you back.

Whether it’s losing weight, starting a new job or trying to become financially free, people will always be there to tell you it’s not possible. Don’t’ listen to the limited mindset of these individuals.

Oftentimes, they are just projecting their own insecurities outwardly. Believe in yourself and don’t listen to the naysayers!

5. You Worry About What People Think About You

One of the most important lessons in life is understanding that no matter what you do, people will judge you. Whether you choose to stay at a dead-end job forever or go after the life of your dreams, people will always judge.

Once you understand that, I hope you realize how important it is to go after your goals and dreams. You’re going to get judged, either way, you might as well do what makes you happy.

Go after what lights you up and makes you feel alive every day. As Les Brown said, “Live your life with passion, with some drive!”

6. You Worry Too Little About the Right People

Quit worrying about the masses and start worrying about the small percentage of people who really matter. Trying to impress everyone is a good way to impress no one.

Instead, try to impress the people that can help your life and business forward. Focus on the high paying customers, mentors, and successful people in your inner circle.

7. You Listen to Everything Your Parents Tell You To Do

Most people’s parents mean well and are always trying to protect their children. But most parents aren’t successful entrepreneurs or millionaires.

Instead of listening to everything your parents tell you to do, start trusting yourself. Then, model successful people who are where you want to be in life.

It’s not disrespectful to your parents to want to do big things in the world. But sometimes, they don’t know what’s best for your goals.

8. Too Loyal to Family Traditions

Almost everything in your life, whether it’s political views, fitness habits, and work ethic, is because of your childhood. At a young age, when kids are the most impressionable, we learn by modeling people in our lives.

This usually means that you end up like your family, the good and the bad sides of them. At a certain point in your life, don’t be afraid to drop old habits and beliefs that are holding you back.

9. You’re an Expert at Making Excuses

If you want to be wealthy and successful, you can’t make excuses anymore. We live in a world full of opportunity. You have to take 100% accountability for your life to make it happen.

10. Your Attitude Sucks

Wealthy people are attracted to people with positive and optimistic attitudes. No one wants to be around someone who is negative, whining, and thinks the world is out to get them.

If you want to get rich, start by changing your attitude. Like attracts like.

Don’t forget, you have a choice to make your life whatever you want. Sitting around with a bad attitude and blaming your past will not help you become wealthy and successful.

Get out there and take some action in the world. Fail, learn, repeat. If you keep going and find something you’re passionate about, success is inevitable.

The post 10 Signs You Won’t Be Rich.. Millionaire Secrets Revealed appeared first on Fearless Motivation - Motivational Videos & Music.

Dan Peña is the world’s leading high-performance coach and has created over $50 billion in equity through his business coaching. While his brash style isn’t for everyone, he knows what it takes to become incredibly successful in life.

He is also the author of the book Your First $100 Million. Dan now runs high-performance seminars from his castle in Scotland teaching others to become extraordinary as well.

Use these Dan Pena quotes to take your life and business to the next level.

Dan Pena Quotes To Kickstart Your Entrepreneurial Journey

Don’t under any circumstances, ever, second guess yourself. – Dan Pena

Dan didn’t get where he did today by second-guessing himself. While he often says in interviews that he doesn’t get everything right, he always goes with his gut. He takes action and moves quickly.

You should do the same. Quit waiting, strategizing, and planning.

Instead, take action and make decisions quickly. Even if they aren’t always right, you will get in the habit of believing in yourself.

I’ve never seen a “part-time” super successful, high-performance person. – Dan Pena

Becoming extraordinary at anything isn’t a part-time goal. You have to go all in to truly become gifted in any sport or business.

If you align your life around your goals, it will make it easy to be a high achiever 24/7. Strive to do things you’re passionate about and spend time doing what lights you up.

We must all remember life doesn’t have to be fair for us to succeed if we take change and become masters and creators of our own destiny! – Dan Pena

Life isn’t fair. Becoming a millionaire isn’t easy. Getting six-pack abs isn’t a 10-minute fix.

Anything you want in life is on the other side of hard work, discipline, and consistency. Life doesn’t need to be fair for you to succeed. You have to take 100% responsibility and become the creator of your future.

You have to go all in on your goals and dreams. Don’t let anyone else dictate your life. As Jim Rohn said, “If you don’t design your own life plan, chances are you will fall into someone else’s plan. And guess what they have planned for you? Not much!” 

The difference between a failure and a high-performance individual is how each deals with fear. We are all afraid. A high-performance person uses his fear to galvanize his actions. – Dan Pena

Fear is part of life for every individual. The only difference is that high achiever seeks out “scary” situations because they know on the other side is greatness.

Leaving your comfort zone is scary. It’s supposed to be! Use fear to your advantage and move toward it. The more you get into scary situations, the more resilient you will become.

Always shoot for the moon. Even if you don’t hit the bulls-eye, you’ll at least get 80 percent.  – Dan Pena Quotes

Always go big with your dreams and goals. Don’t settle for small thinking. The world is filled with people setting for small or average.

Like Dan Pena said, “Dream big. Think big. Be big.”  

People with low self-esteem protect themselves by not taking risks. High self-esteem gives you the power of confidence to take chances. – Dan Pena

Calculated risks in business and in life are needed to break out and achieve your goals. Not taking risks is usually the greatest one.

Believe in yourself and trust in your abilities. You will never regret taking a gamble on yourself.

Business deals start and end with people – the interaction of flesh and blood, bone and sinew, heart and mind, emotion and soul. – Dan Pena

While we live in a social media world, don’t forget the importance of human connection and emotion. The better you can be with people, the more opportunities you can find in life.

Master negotiating, building rapport, and creating as many connections as possible. Becoming successful in business and life is often about who you know, not what you know.

Use these Dan Pena quotes to become the best version of yourself. You’re never too old to get better.

Strive to improve yourself every single day. Even if it’s a small amount, the compound effect will take effect and you’ll accomplish more than you ever thought possible.

7 Principles of Success for Entrepreneurs

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Twin brothers are born in an abandoned building in the late 1950s.

At birth, they were given up for adoption, never knowing who their parents were. They were raised by a single mother on welfare during their entire childhood.

One of them struggled in school so bad he is held back twice from his brother. Eventually, this twin thinks he has a learning disability as a teacher tells him that he is EMR — educable mentally retarded.

How would you expect these twins to end up?

The one that was labeled EMR has gone on to become a top motivational speaker, author, and inspiration to millions of people. He overcame seemingly insurmountable odds to make it happen.

The speaker is known by millions as Les Brown. The Les Brown inspirational story will show you that anything possible.

Use these lessons from Les Brown’s incredible story to take your life to the next level.

1. Always Invest in Yourself

Les Brown attended many seminars, read tons of books, and listened to countless audio programs on his quest for greatness. He understood it was the key to his success, despite his friends and family doubting him. 

The same goes for your development. Make growing and learning a top priority in your life.

Start reading every day, listen to new podcasts and watch motivational videos to always be growing and developing. This type of content will affirm the belief that you can accomplish anything.

Learn from other people who are ahead of you to speed up success.

2. Surround Yourself With Winners

Les frequently talks about the importance of surrounding yourself with positive, uplifting, and inspiring people. The five people you spend the most time with will influence your success and even your earnings. Choose them wisely.

If someone isn’t helping you they are hurting you. Audit your circle to set yourself up for success.

As Les Brown boldly said, “It’s necessary to get the losers out of your life if you want to live your dreams.”

When you decide to go after your dreams, you will inevitably have doubters. They might even be family and close friends.

Don’t let them weigh you down and choose to spend time with people who lift you up.

3. Understand That Only You Can Do it

You have to look for ways to make it happen. When everyone else thinks you’ll fail, you have to just keep going.

You have to make it your personal business to turn your dreams into reality.

4. Never Let Others Define You

After being labeled with EMR at a young age, Les began to believe it. Luckily, someone close to him reshaped his beliefs.

A high school teacher told him, “Someone’s opinion of you doesn’t have to become your reality.” From that moment on he never worried about what others thought.

With social media, it’s never been easier to worry about what others think of you. Don’t let others stop you from pursuing your dreams.

If you want to go back to school to get an education or start a business you can do it. Stop caring about what others think of you and commit to creating a life you love.

5. You Can Live Your Dreams | Les Brown Story

If you are willing to take a chance and work hard you can live your dreams.

It won’t be easy. You will incur a lot of disappointment, failure, and defeats when you run toward your dream.

While setbacks can be frustrating to know that it’s part of the process. It’s supposed to be challenging or everyone would do it.

As Les Brown said, “Most people raise a family, earn a living, and then they die. But people who are running toward their dreams life has a special kind of meaning.”

Hopefully, this inspirational Les Brown story will help you not settle for mediocrity, choose to keep chasing after your dreams.

Like Les Brown said, “It’s possible that you can live your dreams! Don’t stop, don’t stop running toward your dreams!” 

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His videos and seminars have helped millions of people better their lives.

While it’s easy to see someone like Tony Robbins achieving at high levels, the real reason he’s changed so many lives is because of his own transformation. He’s been able to push through adversity, several times in his own life, which has helped shape his character.

Today, he works with presidents, athletes, and celebrities worldwide. But it all started very differently..

The Inspirational Story of Tony Robbins

Tony Robbins was born in downtown Los Angeles in 1960. During his childhood, he never had a true father figure as his mother married several times. He received physical and verbal abuse from his mother as she battled with drugs and alcohol.

At one point, things were so bad at home that they didn’t have any food to eat for Thanksgiving. But a generous stranger delivered a turkey and food to their doorstep. Tony answered the door and his life has never been the same since.

Tony took this event to mean that strangers care, yet his entire life his family had told him otherwise. At the same time, his current father felt that he had failed his family and stormed out of the house, never to be seen again.

Tony took this act of kindness from a complete stranger to mean something. At 17 years old, he started doing the same.

He delivered turkey dinners to people who couldn’t afford it. Each year, he doubled the number of people he could help.

It was this point, he realized that he wanted to be rich so he could help people in need. He made his first million at age 24 and found worldwide success two years later as his book, Unlimited Power, launched him to mainstream success.

Since then, he’s modeled his entire life to help others. Whether he’s speaking on stages, writing best-selling books or traveling the world, Tony always acts out of service to help others.

The Tony Robbins Foundation feeds more than four million people around the holidays each year. His foundation also runs programs to help the homeless, encourage youth leadership, and provides his work to prisoners.

Here are three keys to living a fulfilled and abundant life from Tony..

3 Keys to Success From Tony Robbins

1. Focus on Progress | Real Reason Tony Robbins

Whether you are $30,000 in debt or worth $1 million dollars, people want to feel like they are progressing in life. Think about the last time you were frustrated or upset with where your life was.. you probably felt “stuck” right?

That is totally natural. Human beings want to make progress, regardless of where you are in life. Try to do something every single day that helps you progress towards your goals.

Don’t let your happiness depend on others, instead strive to make progress on yourself and your goals. This will allow you to be better at work, with relationships, friends, and increase your overall happiness.

2. Use the 80/20 Rule For Success | Real Reason Tony Robbins

“Success in life is 80% psychology and 20% mechanics.” – Tony Robbins

If you’re unfamiliar with the 80/20 rule (known as the Pareto Principle), it basically says that for many events roughly 80% of the effects come from 20% of the causes.

For example, 80% of your income is earned from 20% of the work that you actually do at work or in your business.

The same goes for success. Make sure that you focus on what moves the needle the most.

Often times it will be the most challenging but it will also give you the most benefits.

3. Grow So You Can Give | Real Reason Tony Robbins

“The secret to living is giving.” – Tony Robbins

Tony is a huge giver as someone once fed his family as a kid which changed his life forever. He now feeds millions of people each year through his foundations and other charitable efforts.

The biggest reason you should focus on growth is that once you grow, you can give back. The biggest philanthropists in the world are also the richest. Not only can you help contribute money but other resources and connections to help change more lives.

Remember, it doesn’t matter what you’ve gone through or where you came from. All that matters is that you keep going and focus on helping others as Tony did. You never know, you might help the next Tony Robbins with your act of kindness.

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One of the most financially successful people to learn from is world class entrepreneur, Larry Ellison. He regularly appears in Forbes wealthiest with a net worth of roughly 65 billion as of 2019.

Larry is an American businessman, entrepreneur, and philanthropist. He is a co-founder and the executive chairman and chief technology officer of Oracle Corporation.

As I’m sure you can imagine, there’s a lot to be learned from Ellison’s success in business and life.

Life’s a journey. It’s a journey about discovering limits. – Larry Ellison

Do you put limits on certain parts of your life? Maybe you think you can only make $100,000 per year or weigh a certain amount. Chances are, none of them are true.

Most of them are old beliefs from programming of your past. It’s easy for those old past, outdated beliefs to limit your future potential. But life is all about getting out of your comfort zone and seeing what you’re capable of.

I’m sure Larry didn’t think at 20 or 30 years old he’d be worth 65 billion. He just kept pushing and discovering new limits along the way.

The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it’s enormously useful in life. – Larry Ellison

The most successful people in the world never traveled the route of the masses. They questioned things because they weren’t satisfied with the answers.

Whether it’s the creators of Uber, Steve Jobs or Larry Ellison, they refused to believe what society told them. Questioning common beliefs might be hard but it’s worth it to find new levels of success.

If you do everything that everyone else does in business, you’re going to lose. The only way to really be ahead is to be different. – Larry Ellison

Quit striving to be liked and loved by everyone and start trying to be different. The ones who stand out like Mark Zuckerberg, Steve Jobs or Larry Ellison are the ones people remember.

No one remembers the work of someone who is simply doing the same thing as everyone else. Believe in yourself enough to make your own path in life.

When you are the first person whose beliefs are different from what everyone else believes, you are basically saying, ‘I’m right and everyone else is wrong.’ That’s a very unpleasant position to be in. It’s at once exhilaration and at the same time, an invitation to be attacked. – Larry Ellison Quotes

Being different comes with a price. But if you believe in yourself and don’t quit, you can prove everyone wrong. The best inventors and most successful people were questioned the most.

If you’re getting attacked, it’s because you’re onto something potentially amazing. Don’t let the naysayers hold you back.

Great achievers are driven, not so much by the pursuit of success, but by the fear of failure. – Larry Ellison Quotes

While wanting to create a better business and life is admirable, using failure as fuel is another great motivator. Fearing long term failure can give you the spark to keep going and prove the doubters wrong.

While failure is part of the process of success, don’t forget to use it as rocket fuel to get you to the next level.

When you live your life in different ways, it makes people around you become uncomfortable. So deal with it. They don’t know what you are going to do. – Larry Ellison Quotes

If you want an extraordinary life, expect to be misunderstood, judged, and laughed at. The only reason that happens is that other people are extremely uncomfortable with themselves and will project it outwardly.

Keep going, it will be worth it in the end!

Use these Larry Ellison quotes to think differently, believe in yourself, and make your own path in life. You will never regret betting on yourself and trying to achieve something great.

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But sometimes, what’s more important than what they have in common – is what they do differently.

To get to the top 1% of the world, successful people didn’t follow the masses. They chose to forge their own path and in the process, have found enormous success. Not just monetarily but physically, emotionally, and mentally as well.

I want to share with you seven things that successful people do differently. This way you can add a few to your own life to reach new levels.

Remember, if everyone is going in one direction, don’t be afraid to go your own way.

Sometimes it might be the riskier option but in the end, you might find 100X more success.

Not to mention, you will never end up with regret, knowing that you had the guts to back yourself.

7 Things Successful People Do Differently

1. They Get Clear About What They’re Doing

Successful people spend the time to find clarity around their goals and dreams. They get clear on what they want to achieve and who they want to be in life.

Once they find clarity, they take consistent daily action to get there. They never let their current limitations stop them from seeing a better future.

2. They Believe They Deserve Success

“If I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning.” – Gandhi

Successful people believe they deserve success. Oftentimes, people think (consciously or subconsciously) think they don’t deserve success because of false beliefs like, “I’m not smart enough” or “I’m not good enough”

These old negative and limiting beliefs won’t help you reach your dreams. Drop them now.

Every person is capable of growth, of love, of giving beyond themselves and being rewarded for it! Anyone can succeed financially, in relationships, with their health, in any area of their life.

3. They Create A Winning Mindset

“Eliminate the mindset of can’t because you can do anything.” — Tony Horton

Successful people know that emotions drive everything in their lives.

If you’re feeling depressed, scared or overwhelmed, you’re living in a state of negative emotion. This makes your brain less resourceful and less helpful to reach your goals.

If you want to have more energy, make better decisions, have more creativity, and attain more success in life, begin to pay attention to your emotions.

Cultivate a winning mindset by training your brain and creating an environment for success. Only consume positive content, skip the negative news, and make sure your environment cultivates success. Get rid of clutter, mentally as well as physically, along with negative people to make success effortless.

4. They Are Relentless

“Crave the result so intensely that the work is irrelevant.” — Tim Grover

The successful ones are stubborn in a great way. They don’t take no for an answer.

They are relentless for their success.

Are you the same?

Do you take this approach to achieve your hopes and dreams? Or do you let the small obstacles and adversity hold you back from pushing through?

If you want success in anything, especially at high levels, expect plenty of adversity along the way. Without resilience, it’s nearly impossible to make it to the top.

5. They Silence The Devil Inside

“Fear is the tool of a man-made devil.” – Napoleon Hill  

Successful people suffer from doubts and fears like every other person.

In fact, they probably have it more than unsuccessful people because of how often they get out of their comfort zone. They still have the inner critic inside them but they don’t let fear stop them.

They exercise their courage muscle on a regular basis.

As Mel Robbins said, “Confidence in yourself is built through acts of everyday courage.”

Courage is a muscle, it’s something you can grow and develop over time.

How?

By taking action on a regular basis and not being scared of failing. You have to feel the fear and do it anyways.

Done regularly enough, the devil inside will begin to silence and accept the new courageous version of you.

6. They Do The Hard Stuff First

Successful people do the hard stuff first.

They aren’t checking emails, organizing desktops or doing random activities in the morning.

If you wait until you have more time to do the important things, you’ll run out of time and never get anything done. It’s why people don’t exercise or take

Successful people prioritize their lives differently. They know that the important stuff is what will get them to where they want to be.

They do the big tasks on projects at the beginning of the day, and they leave the emails to later in the day.

7. They Don’t Fear Failure

“Success is stumbling from failure to failure with no loss of enthusiasm.” — Winston Churchill

Another thing successful people do differently, they see failure as part of the learning process. No matter how much they fail, they aren’t willing to quit.

They also never see failure as defining who they are in life. When unsuccessful people fail, they see themselves as a failure.

Failing implies that the epic journey is over. Instead, you should learn to think of failures as just part of the process then you will never fail.

Think if Steve Jobs gave up on the iPhone or Thomas Edison gave up on the lightbulb. Our world is the way it is because these innovators refused to give up on their dreams.

Don’t forget, the best successes usually come on the heels of failures.

Next Steps

Pick 1-2 of these traits or skills and immediately implement into your life. Which one or two would catapult your life to the next level?

Successful people act quickly and change slowly. Do what successful people do differently and you may experience your own immense success.

Get To The Next Level

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Turning 30 happens to be a significant milestone for most folks. However, most of us turn 30 not feeling prepared to face the next stage in life. By learning these seven lessons, you will be equipped for your future.

7 Important Lessons You Must Learn Before 30

1. Money Is Not Everything

One of the lessons you must learn before 30 is that though money is essential, but it is not everything. In your 20’s, one is excited about the freedom money offers. You are not happy about the place you live? You can move to a quieter and greener neighborhood. Health problems? You can get medication without worrying about affordability. It offers you convenience as you can afford a comfortable lifestyle.

However, we are meant to be a river and not a reservoir. Let money be a means to an end and not the end. Focus on value; i.e., connected with people, friendships, contributing to your environment and society as a whole. After all, the best things in life are free.

2. Take Care Of Your Body

Your body probably works pretty well when in your 20’s. However, the effects of your life choices will be evident as you grow older.

Moreover, your body is the vehicle to your success. It will take care of you when you take care of it. So exercise regularly, about 15 minutes to one hour daily, and ensure you live on a healthy diet. Exercise not to show off, but to celebrate what your body can do.

3. Failure Is Good

Another life lesson you must learn before 30, is that failure is necessary for your learning process. We were wired early on that failure is bad, but as you age, you will realize that not all failure is dreadful.

Failure happens to be freedom in disguise as the worst has happened; thus you can move forward. You also learn what doesn’t work, and by evaluating the lead up to the failure, you learn what you did wrong. Therefore, embrace failure. Fail fast, fail forward as it is the only path to success.

4. Listen To Your Inner Voice

How often have you had an eerie feeling about a person or a situation and ignored it only for your suspicions to be confirmed? One of the lessons you have to learn before 30 is to listen to this inner guide; to trust your gut instinct.

Yes, pay attention to what others tell you, to what you read, but ultimately listen to your guts. You have all the answers within you, and your soul/gut is your most trusted adviser.

5. Pace Yourself

When in your early 20’s, one feels like they have to do everything now. The need to get to the top, find love, experience everything, and plan our lives is too overwhelming.

However, we have limited potential, and we cannot do everything let alone do everything now. Therefore, focus on one thing at a time, be good at it, complete it, then move on to the next. Don’t rush things, but let life unfold as it should.

6. It Is All About Perspective

Everything in life seems so important; from the job you did not get, to the fight you are having, to the college that did not accept you. However, they are only important because you make them important. Perspective is one of the life lessons you should learn before 30.

How you view the world, determines how you react or don’t react. Change

“Life is about perspective and how you look at something. Ultimately, you have to zoom out.” – Whitney Wolfe Herd

7. You Can’t Please Everyone

It is human to want to be liked, respected, and to belong. However, it should not get to a point where you seek validation from other people. That comes from inside.

Understand that not everyone will agree with you, not everyone will like you, and not everyone will respect you. But remember, the respect that matters most is self-respect.

Don’t let mistakes overwhelm you but let them be lessons for a better future. Lessons in your 20’s should serve as a compass in your 30’s for a more fulfilling life.

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The sunk cost fallacy is common in our lives from something as simple as a person letting unworn clothes clutter their closet just because they’re expensive, to people holding on to stock even after it has lost value.

According to psychologist Daniel Kahneman, the sunk cost fallacy is commonplace because “organisms that placed more urgency on avoiding losses over maximizing opportunities were more likely to pass on their genes.” Therefore the possibility of losses is a stronger motivator than the likelihood of gains.

Some everyday fallacies are:

Employment and Business

In 1956, the Concorde project began intended to design a supersonic airliner. The last Concorde flight was in 2003 despite the project having run into prohibitive cost overruns as far back as 1976. The endeavor would later be known as the Anglo/French misadventure and would be renowned for the valuable business lesson it offers. In the same way, most individuals base the decision to keep the business running based on past investments even when the financial growth is uncertain.

In employment, most people stick to dead-end jobs as they don’t want to jettison the sunk costs in terms of raises, promotions, and offers.

Education

College students keep putting themselves into debt even when they are not making much headway in their degree. The argument is that they have to continue attending the “useless” classes as they have already paid and they don’t want their previous efforts going down the drain. This is despite the overwhelming evidence and massive student loan debt. Education is a powerful tool, but it must be used correctly.

Standing by Bad Decisions

A great example of standing by bad decisions as a sunk cost fallacy is cluttering your house with items you don’t need only because you spent money on them. Or you stick to complete a dreadful movie only because you spent money on tickets, or finishing an unpalatable meal. Sure, your money is gone but don’t allow it to bind you as you will only lose more.

Religious Sunk Cost Fallacy

As people grow older, most let go of their supernatural beliefs, but some cannot accept the loss of their religious investment. The clergy who have invested in theology are often predisposed to this but continue practicing despite inconsistent beliefs and overwhelming evidence against their ingrained teachings.

Relationships

People sticking it out in toxic relationships and broken marriages are the best example of sunk cost mindset. Partners invest a lot of time, money, and emotions, and can’t see themselves with someone else. They also don’t want to leave despite being in a position to and thus further entrenching their position.

How to Overcome the Sunk Cost Fallacy

1. In business, always ask yourself if you have a fighting chance, or it’s just a chance to fight. If it is the former, then go on, but if it is the latter, it might be time to pull the plug. Also, don’t make decisions based on previous investment but the financial viability of the business going forward.

2. Recognize that time, money, or any resource cannot be recovered, and it does not obligate you to continue investing in the future.

3. Realize sometimes the best decision is to quit. Though most perceive this as admitting failure, it is a sensible response when the goal is no longer viable. Keep working, but shift your focus.

4. In the words of Kenny Rogers, learn when to hold them and when to fold them. It takes more strength to admit you were wrong, there is no shame in making the best decision for yourself.

5. Finally, get the facts. There are instances where you want to stick it out in business or a career or degree but analyze the facts. Then make a decision based on the realities and not hearsay.

The post Become A Decision Master: Learning to Escape a Sunk Cost Fallacy appeared first on Fearless Motivation - Motivational Videos & Music.

It’s often portrayed on social media as the cool ‘it’ thing to do. The exotic travel destinations, laptop lifestyle and unlimited income.

While there are a ton of perks to it, it’s important to remember that choosing to make your own path in life is difficult.

The road less traveled is filled with uncertainty, doubt, and tough times. But in the end, you control your destiny.

When times get tough, use this entrepreneurial quote and lessons to help you push through and make sure that you come out on top.

If you’re an entrepreneur, you are living this quote in your real life. If you’re going down the path of entrepreneurship, you have no clue what will happen. It might work or it might fail miserably.

But the “what if” moments you get from entrepreneurship are unlike anything you experience in the corporate world. For most people, their day is full of predictability. Wake up at the same time, go to work for 8-10 hours, come home, repeat.

As an entrepreneur, you have no idea what will happen each and every day. That’s what makes it so exciting.

Each day you get to look back and realize how far you’ve come in your own journey. You get to leave the trail instead of following the masses.

That being said, entrepreneurship isn’t the easy path. If you want easy, stick to the 9-5 corporate world.

Here are three ways to forge your own path and end up building the business that you’ve always imagined in your dreams.

Forge Your Own Path

Entrepreneurship is about being creative. It’s not about simply copying what competitors are doing and slapping your logo on it.

In order to be successful, you have to forge your own path. You have to think outside the box in every aspect of your business.

From the people you hire, the products you create or the marketing message you send out to the world. Don’t be afraid to forge your own path and stand out.

Have a Vision and Goals

If you look at some of the most successful entrepreneurs like Steve Jobs or Elon Musk, you realize they always were operating from a vision in their mind. They first saw it in their head and then turned it into a reality.

Having a vision is step one of creating something great. Get super clear on your three-year vision of your business.

Think about it in detail. What will your day to day look like? How many people will be there? How much revenue, sales, and employees will you have?

Create a vision, review it daily, and work on breaking it down into tangible goals each and every day.

Never, Ever Give Up

The great ones never gave up. If you’re like 99.9% of entrepreneurs, it’ll get so hard you will want to quit.

During these tough times, it’s so important to look back at why you started and remind yourself of the dream you saw in your mind. Reviewing your vision will help, but you also should surround yourself with people who think like you and want the same results.

Surround yourself with people and environments that help you stay motivated. Remember, when things are tough.. tomorrow is a new day

Don’t give up on your dreams!

Are Your Ready To Find A Way?  

The post The Hard Truth About Being An Entrepreneur & One Quote That Could Change Everything appeared first on Fearless Motivation - Motivational Videos & Music.

She is the founder of Spanx and was placed in the top 100 most influential people in 2014 by Time Magazine. Her entrepreneurial spirit shows that no idea is too out there to become wildly successful.

Once you read these Sara Blakely quotes, it’s easy to see she was destined for success – because of her mindset.

Billion Dollar Mindset

My dad encouraged us to fail. Growing up, he would ask us what we failed that week. If we didn’t have anything, he would be disappointed. It changed my mindset at an early age that failure is not the outcome, failure is not trying. | Sara Blakely Quotes

Don’t be afraid to fail! Failure isn’t the end result, it just shows you what didn’t work.

It’s up to you to find a new way to reach your goals. Can’t find a path? Create one.. What if people like Thomas Edison or Elon Musk quit because they “failed” at their first attempt?

There is a hidden blessing in the most traumatic things we go through in our lives. My brain always goes to ‘Where is the hidden blessing? What is my gift. | Sara Blakely Quotes

Remember, life is always happening for you, not to you. It’s up to you to determine how you can reframe everything in your life and make it a positive. Figure out what you can learn from it.

Some events will shake you to your core and might seem like the worst thing possible. While it might not happen instantly, it’s up to you to find a way to find positive meaning in it for your future.

Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else. | Sara Blakely Quotes

Knowledge is power. Make it your life’s mission to constantly learn on a daily basis so you can grow and evolve.

A single idea that you get from a new book or video could literally change the outcome of your life forever.

The smartest thing I ever did was to hire my weakness. | Sara Blakely Quotes

If you’re an entrepreneur, quit trying to do things in your business you’re not good at.. It’s probably costing you money and your sanity.

Instead, hire people that are better than you so you can stay focused on your area of inspiration.

If we can put a man on the moon, we can make pantyhose comfortable. | Sara Blakely Quotes

When she started her brand, Spanx, she never imagined the massive success it would become. Her one simple idea has made her over one billion dollars!

Don’t discount your ideas. If you have something that you think people could benefit from, it’s up to you to get into the marketplace.

You’ve got to visualize where you’re headed and be very clear about it. Take a Polaroid picture of where you’re going to be in a few years. | Sara Blakely Quotes

Use the power of visualization to create your future in your mind so you can go out and create it. Your Polaroid picture is your north star and will guide you to where you want to be in life.

Not only will it help you make decisions daily, but it will also reprogram your mind to make it a reality. Focus on your vision daily to rewire your brain for success.

My revenue was $4 million my first year in business, off of one $20 item. | Sara Blakely Quotes

Don’t discount any idea you have, even if you feel like it’s not your best, because it might just be the one that changes your life.

My advice for an entrepreneur just starting out is to differentiate yourself. Why are you different? What’s important about you? Why does the customer need you? | Sara Blakely Quotes

Figure out how you can make your business stand out from the rest of the competition. Take risks, try new strategies, and think outside the box.

Money is fun to make, fun to spend and fun to give away. | Sara Blakely Quotes

On your quest to building a massive business, never forget to have some fun along the way. Reward yourself with memorable experiences and give back to help others as well.

Remember, nothing is impossible. Don’t be afraid to take your idea to the world!

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