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Here’s another excellent inspirational video from Alux (below our article). We have listed the 15 SACRIFICES You Need To Make If You Want To Be RICH and added our own summary and notes:
Those who strike out on the path to wealth often decide not to have a family for the simple reason that there is only a limited amount of time. If you have kids you will have to devote much time to their upbringing. However, promise me one thing; don’t ever say or even hint to your kids that the reason you are not successful is because of them. Elon Musk has 5 kids and is a multi-billionaire, which proves that having a family is ultimately not a valid excuse. If you don’t make success happen it’s absolutely 100% on you, not them.
There is a certain level of truth in that as an entrepreneur you risk burnout and will often push yourself past the point that is optimally healthy. However on the other hand, chronic or severe sickness can have catastrophic effects for a business. You need to take the best care of your health that you possibly can in order to enable maximum productivity – but also prepared to push yourself.
It’s essential to cut loose from people who are not in alignment with your goals. Friends will distract you, take up time that could have been spent productively and may even drag you down. Tough choice – but as Dan Pena says “An eagle flies alone.”
A hobby is something you do because it is enjoyable, whereas a business is something that you do because it is profitable. Be very cautious of attempting to turn your hobby into a business. It is likely that you are placing considerations of enjoyment above considerations of profitability. The old saying “do what you love and the money will follow” is a lie. We all love sleeping, but has anyone ever paid you to do that? Exactly.
The road to financial success may take seven to ten years, depending on numerous factors. That is time that you will not be able to get back. But if you are not willing to make this commitment, you will not be likely to achieve the goal.
You are going to have to let go of doing things that are fun, easy and enjoyable in order to do the things that are arduous, demanding and which will lead to results.
Undisputable. According to Dan Pena, the CEO of AOL once yelled “You can sleep when you are thirty! I want someone who works 28 hours per day!” at a young employee. If you are going to make it to the top, it cannot be argued that there will be late nights and long hours. While others sleep, you get ahead.
8. Who You Are
You need to let go of who you are in order to become who you want to be. This is not seen as a bad thing but be aware that change is inevitable and that success requires consciously choosing to let go of that which no longer serves you.
For the successful and the driven, entertainment is a non-essential. There are more important things to do.
10. Willingness To Make Sacrifices
You do not have time to do everything. You cannot both relax and work. You have to prioritize and be willing to go without certain things in order to work hard and gain wealth.
The advantage of a steady job is that you get paid from day one. The challenge of the entrepreneur’s path is that to begin with, you will put in many hours or perhaps years of work without financial reward. Product development can take years. Mastering a skill can take years. Reaching the top might mean many years of unpaid work on the way. Business owners also own the risk associated with the business and may risk losing money as well as making it.
This goes almost without saying. Success requires that you move outside your comfort zone. “A comfort zone is a beautiful thing but nothing ever grows there”.
13. The Need To Be Liked
As proven perhaps best by Steve Jobs. Jobs was notorious for not pulling punches and for absolutely prioritizing results over popularity. He was known to yell “This is shit!” when he thought so. He did not care one bit whether he was popular but he sure did get results and is one of the world’s most celebrated entrepreneurs of all time – a truly legendary achiever. Here’s Jobs explaining his position on this topic in 1997 (brilliant):
You cannot be too proud to do what needs to be done. You may face numerous failures and harsh criticism on the path to wealth. Pride can also cloud clear judgement.
15. Immediate Desires
Instant gratification is of course replaced by the necessary sacrifices required for greater achievement in the long run.