millennial finance

HOW RAGS TO RICHES STORIES AFFECT YOUR FINANCIAL GROWTH

Do you have a ”rags to riches ” story that you like? How has it inspired you? Do you have developments that were impacted by someone’s story?

POSITIVE
I can’t lie most of them really inspire me. Some have really quickened my spending recovery, motivated my saving journey and other changes. You see..we all tend to go on with our lives normally then some stories along the way really change our course. You are being told ”do this, do that to better your life” every day but that doesn’t motivate you enough. That is until someone tells their story which you quite can relate, you first admire them…then you get really inspired and finally break loose from the mediocrity you based your life on. There are positive financial changes that are inspired by rags to riches stories;

1.You practice good money habits because the successful someone you admire did so to get where they are today.
2.You start making financial goals. Some people actually have no financial goals, or they do not feel like that is important for their personal financial growth. But then a certain Steve Jobs stated that when you have financial goals and work towards them you will guarantee your financial success. Come on that’s like the logic you hear every day, but then when someone you admire makes it clear it is the way, you are ready to listen.
3.You get motivated. As soon as you get a success story of someone and you are in a related circumstance you get motivated to get your own success story too. You ask yourself,”if he started the business with $100 and now has an empire, why not me?” Now that’s the spirit.
There are many positive impacts of a rags to riches story, you just have to ask yourself what you have learned from the story. Don’t stop there, go on and execute the lesson where it fits in your daily life.

NEGATIVE
The impact of a zero to hero story is not always positive, at least some do not take it the right way.  I hear about some people who make decisions based on a  rags to riches story but end up failing. I know apart from the few who come clean about it, there are many others out there who got hurt from following a rags to riches story to acquire their own financial success. There are reasons why people fail after getting inspired by rags to riches stories.

  1. You want to apply every detail of the story. Here’s the reason why many people fail. When someone told you they didn’t keep their savings in the bank and you follow exactly that way only that your stash wasn’t so secure and you lose a year’s savings.  I know that example sounds silly but when applying a story, you don’t do exactly what someone did, that’s like reliving someone else’s story.  He was successful because he did it his own way, you only have to pick some lessons and do it your own way..live your own success story.

2.You don’t take note of missing links.  Someone may have started the business with $100 dollars but maybe he had some resources beforehand that they didn’t put on record. If he started a successful delivery service but he had existing contacts in different countries but there you are..you have nothing and you didn’t know that you’ll need resources to get contacts and maintain them. What happens? You test the waters and give up in the process.EPIC FAIL!!You get angry and start claiming that some success stories are scams.

3.Too much excitement and less reality of the success story in your case. So I may become so excited to be the next Zuckerberg and work my ass off but the reality is…many upcoming social media apps are just in the background. People get tired of normal substitutes for the same thing. That is until you get extra creative and work a different angle. So too much excitement of zero to hero stories can get you to a point of despair due to the clarity of how unreal your dream has been. You will have wasted time, finances and a big piece of your life unless you stand up and compensate that lost time.

4.Rags to riches are not all black and white. You heard that some successful person dropped college before graduation and created a million dollar software company.  You drop too but you do not have any skills to create your own path.  You end up desperate and live a miserable life.

What Now!!?
So if you have understood all these positive and negative impacts of rags to riches stories you may have just one question. What the hell is one supposed to do after getting inspired by a success story? Here’s what you can do to ensure you make the right changes.

1.Happy about your current life choices? Pick what you’ve learned and blend it with the direction you are taking. If it’s about you wasting time, analyze how you can add hours to achieve a greater goal.
2.Want to be the next Mark Zuckerberg? Even in following some of his steps, have your own lane.Work your special angle to stand at the top with authenticity. If you have greater goals there is no way being your brilliant self can ever go wrong.
3.Do not get too excited and forget where you are and how you can make it in the real world. The inspiration you get in a rags to riches story should not blind you to the obstacles you can come across in your world.

4.Research and imagine worst-case scenarios you can come across. Calculate the risks you are willing to take because in a success story the missing links can be your worst reality. If you decide to invest in an idea, keep in mind the pros and cons.

Do you have your own experiences of rags and riches stories in your life? They have obviously affected your financial growth. You can share bits in the comments section with lessons learned. You might inspire someone big time.

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