Every people like to be wealthy and the opportunities to earn wealth are available more in U.S than other countries. Though Americans have the potential and talent available within them to earn more there are so many distracting factors available in the U.S society which could hinder one’s development. The importance of wealth management in modern days should be admired by every people in U.S and it is as important as earning money.
Here are some of the factors which should be avoided generally for a proper wealth building and management.
1. There are only a very few people who identifies their potential and talent and exploits them wisely to turn out their potential and talent into wealth.
Lack of motivation is a main factor which prevents people from identifying their potential. From the days of education itself, teachers should motivate students on identifying the talent they have.
Though every schools in U.S have extra curricular activities, there are only a very few students who chooses their career in sports and entertainment. Many parent advices their child to practice the same business what they do. This should be avoided because it lowers the confidence of the child.
2. If better parentage is provided, then definitely the kid can turn out to be a potential financial master in the future. It is the responsibility of the parents to guide their children and they should make a platform for their child for a better earning. Since in U.S, individualism is most preferred by most of the people, parents should encourage the basic steps in wealth management right from the childhood itself.
3. Wasting time is one of the most dangerous killers. With the advent of many entertainment instruments like computers, the time which each individual spends in these entertainments are getting increased. Though entertainment should be a part and parcel of life, it should not eat precious times.
4. Improper investment planning for the future also causes a huge loss of money. There are many private and government banking systems available in U.S which helps people for safe and profitable investment solutions for long term success. Despite of these firms, unwise planning of investment shouldn’t be made.
Also, many people in tend to invest money without proper studies on what they invest into, thus having themselves falling into fraudulent companies. These companies will market their service for assuring a high return. But, they could spoil the money which customer has invested.
5. Financial illiteracy is also a worst killer of wealth. Many people earn a lot of money, but they just deposit the money for just a low interest rate. If they would have invested in high return assured services like mutual funds, share markets and fixed deposits, they would have earned lot more. Though there are lots of financial consultants available, there are some people who don’t believe in the financial market and wastes the additional income.
Other than these factors that derail the potential of an ordinary person could possibly explore in building wealth, there are also other factors such as lack of technology, wrong mindsets; following unwise advices and wrong business related information from untrusted source of information are the other factors which could spoil the hard earned money.