The world wants you to be vanilla. It has a funny way of trying to make you conform, though. Nobody will come right out and say it.
Instead, they’ll say things like:
If you’re an IWT reader, you’re probably going to make some unconventional choices in your life. Maybe you’ll rent instead of buying. Maybe you’ll start a business. Maybe you’ll spend an extravagant amount on a personal trainer.
As you build your Rich Life vision, there will be a number of obstacles that can delay, detour, and even dead-end it — like how other people think you should live your life.
Free mini course: Take control of your success with our new How to Design Your Rich Life mini-course. It’s a fast, fun, and free introduction to our Rich Life approach.
Look out for these 8 Rich Life Traps so you can avoid the most common mistakes people make.
Rich doesn’t have to mean “fancy.” It can mean a lot of things:
You should decide what “Rich” means to you. Don’t fall into the trap of society’s loaded cliches about money.
How to avoid it: Write down what Rich means to you. Include it in your Rich Life vision, which we’ll show you how to create in our free How to Design Your Rich Life mini-course. Revisit your definition at least once a year and update it as your thinking changes.
What a tragedy to get to the later years of your life and realize that you lived a smaller life than you actually had to.
Do you want to end up 70 years old with $6 million in the bank, having agonized over your spending all along the way? Would you even know what to do with that kind of money at 70?
Too many of my readers end up in a situation where they saved and saved … but never learned the skill of spending.
How to avoid it: Start learning how to spend your money. I know that sounds weird. We’re taught that spending is bad and saving is everything. But if you never learn how to spend your money well — without guilt or worry, in a way that drives your Rich Life — you’ll end up short-changing yourself in the long run.
A Rich Life should begin with YES. Yet most life advice is based on restriction:
I believe that a Rich Life begins from saying YES: Yes, this is what I want to experience in my life. Yes, with some help, I can earn and invest enough to achieve it. Yes, I can be grateful for what I have now and work hard to achieve my Rich Life.
How to avoid it: Get the Big Wins right. If you do, you’ll almost never need to worry about minutiae like “Can I afford this appetizer?” or “Should I spend $3.50 on this mocha?”
In my book, I ask new readers to send me an email telling me what their Rich Life looks like. Check out this email I got from one of those new readers:
What do you notice?
I get dozens of emails like this each day. When I ask someone what their Rich Life is, they’ll usually start off with a few general things like freedom or travel. And then, they quickly start talking about all the things they don’t want. “It’s not like I need to drive a Porsche” or “I don’t want to have to become a slave to my desk.”
That becomes an addictive vortex because talking about what we don’t want is much easier than figuring out what we actually do want. It gives us a feeling of being in control but actually just shuts down our progress.
How to avoid it: Focus on what you do want. Then do more of that. The best way to do that is to learn your personal Money Dials and lean into them. Learn how to find your own Money Dials in the free How to Design Your Rich Life mini-course.
So many people seek out high-level answers to avoid the real, hard work of improving step by step. It’s easier to dream about winning the Boston Marathon than to go out for a ten-minute jog every morning.
Sometimes the most advanced thing you can do is get the basics right, consistently.
How to avoid it: Get started, aim for the 85% Solution, then move on and enjoy your life.
Many people get stuck “heads down” on one area of their life — often work or saving — and ignore other areas of life. This misalignment can go on for years, even decades.
The risk is that years later, after you’ve achieved success in that area, you won’t be able to shift your focus to other areas of your life. You won’t have developed the skills to be effective at other things. And the cognitive dissonance of realizing you missed so many opportunities will be too great for you to see and admit your mistake.
How to avoid it: Once you map out your Rich Life, which I’ll help you do in the free How to Design Your Rich Life mini-course, ask yourself:
Your Rich Life vision SHOULD change over time.
As you grow, age, excel, and accomplish your goals, does your Rich Life vision evolve? For example, when I was in my 20s my idea of a Rich Life was being able to order a round of drinks guilt-free. Now it’s about more than that, like staying in beautiful hotels and tipping generously.
Me, then and now
How to avoid it: Make time to review and update your Rich Life vision at least once per year. Ask yourself:
Then change your goals, commitments, and schedules to match your new vision. And do it without guilt. (It’s actually quite freeing to let go of old goals that no longer appeal to you. And to make space for your new goals and interests.)
Nobody achieves their Rich Life all alone. As Jim Rohn says, you’re the average of the five people you are closest to.
How to avoid it: Make a list of the five people you are closest with. Now ask yourself: Are they positive, encouraging forces in your life?
If any aren’t, what would it look like to spend less time with them and more with someone else? You don’t have to “break up” with them or call them out. But picture what your life might be like if you just started by spending less time with negative people and more time with positive people.
Little changes like this can snowball over time and completely change your perspective — not to mention your energy levels, happiness, and your life.
Build your own Rich Life vision
To avoid these common Rich Life Traps and live your unique Rich Life, you need to start with a vision. What does it look like? Where will you go? Who will you take with you?
I’ve designed a brand new free mini-course to help you do just that: How to Design Your Rich Life .
In 1 hour, you’ll create a vivid picture of your personal Rich Life so you can start living intentionally, focusing on the things you love, and ignoring the things you don’t.
Along the way, you’ll learn:
When you’re done, your vision will be yours to guide you through the rest of your life.
Enter your info below to enroll, it’s totally free.
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