Success isn’t just about what you do—it’s also about what you avoid.
Self-made millionaires understand that time is their most valuable resource. They don’t waste it on things that drain their energy, slow them down, or distract them from their goals.
Psychology shows that our habits shape our outcomes. The way we think, act, and prioritize determines whether we create real success or stay stuck in cycles of inefficiency.
If you want to level up your life and business, start by cutting out the things that high achievers refuse to waste time on.
1) Waiting for perfect conditions
Most people spend their lives waiting.
Waiting for the perfect moment, the perfect opportunity, the perfect conditions to take action. But self-made millionaires know that waiting is just another form of procrastination.
Psychology teaches us about the “illusion of control“—the false belief that we can predict and perfect every detail before making a move. In reality, progress comes from action, not endless preparation.
The most successful people understand that uncertainty is part of the game. They don’t waste time trying to eliminate every risk. Instead, they adapt, take calculated steps forward, and refine their approach along the way.
If you want to achieve real success, stop waiting for the stars to align. Start where you are, with what you have, and trust yourself to figure things out as you go.
2) Dwelling on failures
Failure is inevitable. But wasting time dwelling on it? That’s a choice.
I’ve had my fair share of setbacks—ideas that didn’t take off, risks that didn’t pay off, moments where I questioned everything. But what I’ve learned is that failure isn’t the end of the road; it’s just feedback.
Self-made millionaires don’t waste time obsessing over what went wrong. Instead, they extract the lesson, adjust their approach, and move forward.
Psychology backs this up—rumination, or endlessly replaying failures in our minds, has been linked to increased stress and decreased problem-solving ability.
The key is to shift from self-judgment to self-reflection. Ask yourself: What can I learn from this? How can I use this experience to grow? That’s how setbacks turn into stepping stones.
As Thomas Edison famously put it, “I have not failed. I’ve just found 10,000 ways that won’t work.”
3) Chasing happiness
A lot of people waste time chasing happiness, thinking it’s something they need to find or achieve. But self-made millionaires know that happiness isn’t a destination—it’s a byproduct of meaningful action.
Psychology tells us that the more we chase happiness, the more elusive it becomes. This is known as the “happiness trap.” When we make happiness the goal, we become fixated on external circumstances—money, success, recognition—rather than focusing on what truly gives our lives meaning.
Instead of chasing fleeting feelings of joy, successful people prioritize purpose, growth, and contribution. They understand that fulfillment comes from engaging deeply with life, embracing challenges, and staying true to their values.
I explore this concept further in my video on the illusion of happiness and why pursuing it can actually make us miserable:
As Viktor Frankl wisely said, “Happiness cannot be pursued; it must ensue.”
4) Seeking validation from others
Most people spend their lives trying to be liked, approved of, and accepted. But self-made millionaires don’t waste time seeking validation from others—they know it’s a losing game.
When you rely on external approval, you give away your power. You let other people’s opinions dictate your choices, dilute your vision, and keep you playing small.
Psychology calls this “external locus of control“—when your sense of worth and success depends on forces outside yourself. It’s the fastest way to stay stuck.
True freedom comes from taking full responsibility for your life. It means trusting your own instincts, making decisions based on your values, and being okay with the fact that not everyone will understand or agree with you.
If you constantly seek validation, you’ll never create anything truly original. You’ll never take the bold risks that lead to real success. And worst of all? You’ll never be fully yourself.
5) Fearing failure
Most people are so afraid of failing that they never even try. But self-made millionaires know that failure isn’t something to fear—it’s something to use.
The truth is, if you’re not failing, you’re not growing. Every mistake, every setback, every rejection contains valuable information. It’s feedback that helps you refine your approach, build resilience, and get closer to success.
Psychology backs this up—studies show that people who embrace failure as part of the learning process develop a “growth mindset,” which leads to greater achievement over time. Meanwhile, those who avoid failure at all costs stay trapped in their comfort zones, never reaching their full potential.
If you see failure as the enemy, you’ll waste time hesitating, second-guessing, and playing it safe. But if you see it as a necessary step toward success, you’ll move faster, adapt quicker, and accomplish more than most people ever will.
I dive deeper into this mindset shift in my video on imposter syndrome—and why embracing it can actually be a catalyst for authentic growth:
As Henry Ford put it, “Failure is simply the opportunity to begin again, this time more intelligently.”
6) Obsessing over money
Most people assume that self-made millionaires spend all their time thinking about money. But the truth is, they don’t waste time obsessing over it—they focus on what money makes possible.
Money is a tool, not a purpose. Those who achieve real success understand that wealth isn’t about accumulation—it’s about alignment. They make financial decisions based on their values, using money to create opportunities, fuel creativity, and contribute to something bigger than themselves.
Psychology shows that an unhealthy fixation on money can actually lead to poor financial decisions. Studies reveal that people who focus solely on wealth accumulation tend to experience more stress, take unnecessary risks, and struggle with long-term fulfillment.
Wealth isn’t measured by how much you hoard—it’s measured by how intentionally you use it. Self-made millionaires prioritize impact over greed, freedom over excess, and purpose over blind accumulation. That’s why they succeed where others fail.
7) Trying to do everything alone
A lot of people believe success is a solo journey—that if they just work hard enough, push through on their own, and rely only on themselves, they’ll make it. But self-made millionaires know that real success isn’t built in isolation.
The idea of the “lone genius” is a myth. Psychology tells us that human beings thrive in collaboration. Studies show that strong networks, mentorship, and shared knowledge accelerate growth and innovation.
The most successful people don’t waste time struggling alone—they surround themselves with people who challenge, support and inspire them.
This isn’t about using others to get ahead—it’s about recognizing that meaningful relationships are the foundation of success. Whether it’s business partnerships, friendships, or mentors, self-made millionaires invest in real connections because they understand one simple truth: no one makes it to the top alone.
If you’re trying to do everything yourself, you’re slowing yourself down. Build a team. Find people who align with your vision. Seek out those who’ve walked the path before you and learn from them. Because in the end, success isn’t just about what you achieve—it’s about who you become along the way.
The psychology of time and success
Time is the one resource we can never get back. And yet, how we choose to spend it is often dictated by deep psychological patterns—our fears, our conditioning, and our beliefs about what truly matters.
Self-made millionaires don’t have more hours in the day than anyone else. What sets them apart is how they use those hours. They understand that success isn’t just about working harder—it’s about directing energy toward what actually moves the needle.
Psychology shows that our habits shape our future. The things we let go of—seeking validation, fearing failure, waiting for perfect conditions—are just as important as the things we commit to.
By being intentional with time, we reshape not only our own lives but also the impact we have on the world around us.
In the end, success isn’t about doing everything. It’s about doing the right things—and having the courage to let go of everything else.
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