What’s up, Believe Nation?
Today, I’m going to talk about the seven ways why most people don’t become wealthy.
So a lot of entrepreneurs right in to me, leave comments on the YouTube channel, send me messages, and say, “Evan, how do I get more wealthy? “What are some of the steps? “What are the things I need to avoid doing? “Because I haven’t figured it out yet.” And so today, I’m going to share the seven things that are the reasons why you haven’t become wealthy yet.
7 Reasons Why Most People DON’T Become Wealthy
#1: You Have The Wrong Mindset
Number one is you have the wrong mindset. This is super important. Whether you believe you can or you can’t, you’re right. There’s always two sides of the coin. The glass is half empty and is half full. You’re both right.
Whatever side you come on, you’re going to be right. How do you look at new problems and new opportunities? Do you see them as a problem or do you see them as an opportunity? Whenever people come up with a new business idea, you’re going to have some people who will tell you all the reasons why it can work out, and here’s a market that you can go to and here’s how to make it work, and you’re going to have the other people who come to you and say all the reasons why it’s not going to work out, all the immediate problems that are going to come in, why you’re never going to make it work.
“You’re just going to think about all the reasons why you can’t do it, and if you’re focusing on why you can’t do it, then you’re never going to get there. So fix your mindset.” – Evan Carmichael
And the thing is, they’re both right, because with any new idea, there’s going to be all these problems and there’s going to be lots of opportunity, as well. And so these people are the ones who are going to get wealthy.
These people are going to be the ones who go out and have an impact. These people are the ones who go out and change the world. And these people are the ones who just never do anything, who are just pessimistic and sit on the couch and complain and blame other people for why they’re not more successful.
So which camp do you fall into? Are you part of the group that believes that anything is possible, that when you see an opportunity, you’re positive and optimistic that you can go out and do it? Or are you part of the ones who are afraid and are limiting and complain and blame other people? Because the mindset is the most important thing.
You get that right, and it’s not just saying it, it’s not just saying, “Yeah, I can do it,” it’s believing it, like this is going to happen. Do you actually believe that you are worthy? Do you actually believe that you are going to become a wealthy, successful person? ‘Cause if you don’t, you’re going to stay here. You’re just going to think about all the reasons why you can’t do it, and if you’re focusing on why you can’t do it, then you’re never going to get there. So fix your mindset.
#2: Poor Environment
Number two is a poor environment, and by poor, I don’t just mean bad. By poor, I also mean with wealth, like poor, like people have a no money kind of mindset, an attitude, belief system. Look at the people around you.
Don’t just look at, “Do they have money?” but, “Do they have a rich mindset?” Do they have an abundant mindset? Do they have that positive mindset? If you are only around the people in that last example where we shared the positive people, the people who see the opportunity, and the negative people who just see all the problems, if you’re just hanging around the people who just see problems all the time, then guess what’s going to happen to you? It’s going to be really hard to be that positive person when you’re just surrounded by negativity.
And it’s not just the people in your life. It’s your habits. It’s your routine. It’s your environment. Like I walk into this every day and I get inspired, and I want to think bigger. It forces me to think bigger and push my comfort zone. I think about Alex, who’s helped me out at Toronto Dance Salsa-
Aleks: Hi. Hey there. How are you?
And his morning routine used to be wake up and look at some 9GAG photos, which I hadn’t even heard of before, what 9GAG was, but it’s jokes and pranks and tricks and just things that make you laugh, and he substituted that on his own now by reading leadership articles, ’cause he wants to be a better leader, badly.
“If you’re just hanging around the people who just see problems all the time, then guess what’s going to happen to you? It’s going to be really hard to be that positive person when you’re just surrounded by negativity.” – Evan Carmichael
He wants to lead the eight instructors that we have and the 40 to 50 helpers that we have and help them make a bigger impact. He desperately wants that, and so switching that habit from looking at some jokes to now developing a leadership mindset changed his environment, changed his perspectives, gives him more motivation, encouragement, optimism, going from that poor mindset to an abundant positive one.
And so I challenge you to look at your habits, look at your routine. Not just the people around you and not just blaming them, blaming your parents and blaming your friends and blame, blame, blame, blame, blame.
What are you going to do about it? ‘Cause there’s a lot that you can control. You’re just going to look at all the things that is outside your control, all these people around you. Great, seek out new people. Go to events where your kind of people are hanging out.
Watch videos where you’re surrounded by these people that fill up your head. Read books that motivate and inspire you. Look at every single habit that you have and ask yourself, the things that you are doing, is it from a poor mindset? Is this making you poor, keeping you where you are, or is it filling you up and making you richer and wealthier? And not just in a financial sense, as a person. You are what you consistently do.
So what are you consistently doing? If somebody is healthy, they can have a chocolate bar. They can nosh down on an Oh Henry or Reese’s Pieces once in a while. It’s not going to impact them. It’s not going to be a huge negative spike for them. But if you’re eating chocolate bars every single day five times a day, you’re going to be unhealthy.
And if you’re doing that every day and you have one good day and you fall back to your pattern, you’re going to stay unhealthy. You are what you consistently do. So what are you consistently doing? And how can you tweak those habits to escape the poor mindset and have a wealthy one?
#3: Lack Of Action
Number three is the lack of action. So it’s great to have amazing ideas for what you want to do, amazing ideas for things that could happen.
And then what ends up happening? Are you actually taking the action, or are you just seeing other people go out and make lots of money and have a big impact off of your idea? You can’t blame them. You can only blame yourself.
If you have an idea to try and do something that you think is going to have an impact that will make you wealthy in every sense of the word, then you got to go and do it. ‘Cause a lot of people are so afraid that their idea just dies within them.
The idea dies with them! You had greatness inside you to go out and have a huge impact, be legendary, have your grandkids look up to you as one of the most influential people in their lives, and you failed everybody because you just kept it in here because you were too afraid to go out and do something.
“If you have an idea to try and do something that you think is going to have an impact that will make you wealthy in every sense of the word, then you got to go and do it.” – Evan Carmichael
People don’t become wealthy because they don’t act on their great ideas. You got to act, and again, consistently act. You are what you consistently do. So are you consistently acting every single day to move that idea a little bit further forward?
Or do you get a little bit of negativity and then you stop and you quit, and you come back a little bit, and then you quit again? Consistency. You need to be prolific. Be prolific in the pursuit of your goal. Daily action. Don’t stop.
#4: Try To Do Everything Yourself
Reason number four why you are not becoming wealthy is you’re trying to do everything yourself. The most successful people, the wealthiest people understand that other people are a great resource for them. And this was one of the biggest mistakes I made early on in my first company. I was trying to do everything myself.
And so understanding that, whether you can afford to bring somebody on or not is an option, like the first guy I hired was for one hour a day. I didn’t have the budget to go out and have a full time salary for somebody. It was one hour a day that freed up my time to go do more work, higher leverage work, work I enjoyed more.
But also, getting other people involved even on a volunteer basis, friends, family, people that you’ve met. When I first started my YouTube channel, I made a deal with a friend of mine, Mark Drager from Phanta Media, who’s actually in the book, his one word is extraordinary, and he came in and shot some videos out of my office at the time, and that’s how I started my YouTube channel.
My future videos, some of them I borrowed cameras from my friends. Not just locking yourself in your own world and expecting to do everything yourself and involving more people. Understanding what it is that you are great at, that you have Michael Jordan level genius talent at, what is that, and spending as much time there as possible.
“The most successful people, the wealthiest people understand that other people are a great resource for them. And this was one of the biggest mistakes I made early on in my first company. I was trying to do everything myself.” – Evan Carmichael
And eliminate a lot of the other work and trying to get other people involved to cover your weaknesses. ‘Cause what ends up happening, the poor mindset is, “I’m going to do everything myself, “and I’m going to spend two percent of my time “on the genius level talent “that I’m the best in the world at “and 98 percent of my time doing the crap, “doing the work that I’m not great at that has to get done “because I feel like I’ve got to do it all myself.” And so it’s being resourceful.
You might think, “Yeah, that’s great. “If I had a bunch of money, “I would go out and hire people and it would get it done.” You’re missing the point. If that’s what you’re thinking, you’re already starting with the poor mindset.
You’re missing the point. It’s not about going out to get the money to hire the people. It’s about being resourceful and finding ways that you can get those people to help you with you giving them something back that doesn’t have to be monetary.
They may help you just because they want to be around you, ’cause they like you or they want to support what you’re doing. They may help you because they love the mission that you’re on and they want to be a part of it. At Toronto Dance Salsa, we’ve got 50 people who volunteer, who help, who are higher level students and come to the lower level classes to give their advice and experience.
They do it for free because they want to give back, because we’ve created a great environment for them to give back. And so there’s people who would want to help you if you just expand your thinking to figure out, where do I need help, and who can I ask for it? You can’t do this alone.
#5: Don’t Model Success
Number five is you don’t model success, and again, I had this problem when I first started my business. I felt like I had to come up with all the ideas myself. I felt like everything that we did, every new execution, had to come from within here.
And it almost sunk our business. It made me say, “I quit,” to my partner. And I came back the next day and I didn’t quit ’cause it was too important to me to continue. But the thing that broke through, that helped my company take off, was me realizing that I’m not the first guy to try to do this. Somebody else has already figured out the model.
“Research who has done it, learn from them, apply their strategies to make your business a success, and it will be.” – Evan Carmichael
And in software, it was the industry I was in, I looked at Bill Gates. Now, I sold biotech software. Bill Gates’s first software product wasn’t biotech, but I could still learn how he made it work for him and apply it to my business, and that was the start of the change.
That was getting us to the next step. And so whatever problem you have, whatever problem you’re facing right now, somebody has already solved it. Many people have already solved it. And so look into their success, understanding what they did to solve it, and applying it to your business will dramatically improve the chance of you becoming successful and wealthy in every sense of the word. So it’s great to come up with ideas yourself.
I’m not saying just copy everybody else. It’s great to add your own creativity, but you don’t need to come up with every single idea yourself. Research who has done it, learn from them, apply their strategies to make your business a success, and it will be.
#6: Don’t Provide Enough Value
Number six is you don’t provide enough value. This is just the basics of business. If you want to make money, money is only an exchange of value. If you want to have an impact, it’s going to come from exchanging value.
So does your product or service actually provide enough value to your customers? And, I wouldn’t blame your marketing or blame something else that’s outside your control. You have the control. At Toronto Dance Salsa, a lot of our business comes from word of mouth marketing, because we provide a great product and great experience that people really enjoy and they want to tell their friends about it.
In this business, and looking at the YouTube videos as an example, the videos are good, right? I get traffic. I get an audience. We have half a million plus subscribers. That’s great. And I deserve that. But I also don’t deserve to be at two million subscribers because my videos aren’t good enough yet.
“If you add more value to the product or service that you’re providing, you’re going to get better results.” – Evan Carmichael
So I’m not providing you with enough value. I’m not providing you with enough value that you are off instantly sharing this video. Some of you are. Some of you take my video and you tweet it out and you link it up on Instagram and you tell all your friends about it, and I really appreciate that. But for a lot of you, you don’t.
A lot of you aren’t even watching this video. You didn’t even make it this far. And I’m not blaming you. I’m blaming me. I got to get better. I got to pick better topics. I got to be better on camera. I need to offer better points. I need to give you more tangible advice. I need you to get results from watching these videos.
If you got tremendous results from watching these videos, then you would go off and tell your friends and my audience would grow a lot faster. So I am offering some value. It’s how I got here. It’s not that my channel sucks.
It’s great. But it could always be better. And so instead of blaming the market or blaming the economy or blaming the president or blaming interest rates or blaming whatever, the wealthy, successful entrepreneurs take responsibility.
They blame themselves, and they look at, how can I do better? ‘Cause it’s inside your control. And so if you add more value to the product or service that you’re providing, you’re going to get better results.
#7: You Make Wealth Your Only Goal
And the number seven reason why most people don’t become wealthy is because they make wealth their only goal. If you look at the people who’ve had tremendous success, the people behind me on the wall, the people who you can look up to, go to the Forbes list of the richest people in the world, money was never the number one goal.
Having financial wealth was never the number one goal. Now, it’s important. Money is important. Unless you’re a charity, which still, money is important because you need money to survive and keep going and pay for people’s salaries. Money is important, so I’m not saying forget about money. But money is number two.
There has to be something above money for you to keep going, because whatever you get into, if you want to be the best as it, if you want to have a lot of success, you want to get to that point where you’re providing so much value that you’re the number one person, it’s going to be a lot of work. It’s going to be a lot of crap. It’s going to be a lot of sucking at the start. You don’t just coast your way to number one. You work. You grind. You hustle your way to number one. You put in the extra practice more than anybody else is doing.
You make more videos than anybody else is doing. You work hard on your craft more than anybody else is doing. The only thing that gets you going is an absolute passion for the work that you’re doing. There has to be something above money, ’cause if money is you’re only goal, you’re going to quit as soon as it gets hard.
Money will only keep you going for so long, and then you’re going to quit. And so if money is your goal, you can get there, you’ll make some money, but you’re never going to be really, really wealthy. You’re never going to get to that point. You’re never going to be one of the greatest of all time because you’re chasing the wrong thing.
You can only force yourself to do something that you hate for so long before you quit. You’ll move on. You don’t want to deal with this crap anymore. The people who have success, they love the crap. It’s not crap for them. That’s the difference. You would look at my schedule and what I do on YouTube and think, “That is so much crap. “I could never do that.” And that’s why I’m winning. And if I looked at your schedule, if I looked at his schedule, his schedule, his schedule, I would be like, “That’s nuts. “I couldn’t do that.”
“If money is your goal, you can get there, you’ll make some money, but you’re never going to be really, really wealthy.” – Evan Carmichael
And so you have to have the thing that’s above money. And understanding what your one word can help. Figuring out what your passion is absolutely important. Money is number two. This is insulting in England. Money is number two. One of you guys told me that. Money is number two. There has to be something more important.
So that’s my take on the seven reasons why most people don’t become wealthy.
I’d love to know, what do you guys think?
What point resonated the most with you?
What can you take from this video and immediately apply to your life or your business?
Did I miss an eight, nine, 10 that you guys want to add to the list?
Leave it down in the comments below. I’m going to join in the discussion. I also want to give a quick shoutout to Ujjwal. I hope I pronounced that okay.
Thank you so much for picking up a copy of my book, Your One Word, and making that picture, and putting me in the seal on the side. That was pretty cool.
Thank you so much for your love. I really appreciate it. Thank you guys again for watching. I believe in you. I hope you continue to believe in yourself and whatever your one word is. Much love. I’ll see you soon.
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