You ever catch yourself scrolling through success stories online, shaking your head, and wondering, “What am I missing?”
I used to ask myself that all the time.
In my 20s, when I was launching my first startup, I thought hustle alone would take me to the land of endless zeros in the bank.
Turns out, hustle isn’t everything.
According to financial experts (and a fair bit of my own trial and error), real wealth often means sacrificing old habits.
And if you can’t let go of certain things, you’ll keep hitting a glass ceiling on your finances.
Here at Small Biz Technology, we see all sorts of entrepreneurs trying to level up, and a recurring theme is giving up what weighs you down.
Ready to explore the seven biggies you need to quit if you actually want to be rich? Let’s dive in.
1. Overspending on lifestyle
I’ve been there: the fancy apartment with more rooms than I actually used, the overpriced morning latte, the ever-rotating wardrobe.
It feels great in the moment, but it’s a vicious cycle.
I once found myself racking up credit card bills just to “maintain appearances,” like I had to prove my success by flaunting it.
But let’s face it, if you’re constantly living beyond your means, wealth becomes an illusion.
As noted by financial guru Dave Ramsey, “You must gain control over your money or the lack of it will forever control you.”
That includes the temptation to keep upgrading your lifestyle whenever you get a raise.
If you’ve got serious dreams of financial freedom, consider staying in a modest space longer or driving the same reliable car until it’s truly time for a new one.
Freeing yourself from that relentless cycle of spending can spark bigger leaps toward real net worth growth.
2. Avoiding any kind of investing
Sometimes I talk to friends who stash all their money in a savings account—understandable if you’re new to the whole finance game.
But the thing is, that approach might leave you treading water against inflation, rather than paddling forward.
Building wealth generally means making your money work for you, not the other way around.
I recall being nervous the first time I moved some of my hard-earned cash into a mutual fund.
But I started small, did my research, and realized it’s not as complicated as it sounds.
This is backed by experts like Warren Buffett, who has famously advised everyday folks to invest in low-cost index funds as a reliable long-term strategy.
Sure, the market fluctuates. But historically, long-haul investors who diversify tend to come out on top.
If you keep avoiding investing, you could be stuck grinding for money, rather than letting your money work its magic for you.
3. Settling for financial ignorance
It’s easy to say, “I’m not a numbers person,” but ignoring the details of your finances is a fast way to sabotage your future.
When you don’t pay attention to where your money’s going, you often end up wondering how you got into so much debt or why your savings are stagnant.
According to a survey by The National Foundation for Credit Counseling, a significant percentage of adults don’t keep track of their spending at all.
That’s scary. If you don’t know where your cash is flowing, how can you figure out how to optimize it?
Learning the basics—budgeting apps, understanding interest rates, reading a personal finance book—doesn’t just demystify money, it empowers you to make decisions that lead to a more lucrative future.
4. Waiting for “the right time”
Have you ever told yourself you’ll start that side hustle “when things calm down”?
Spoiler alert: life doesn’t slow down just because you want it to.
In my experience, waiting for the perfect time is a recipe for never actually doing anything.
Here’s the truth–procrastination is wealth’s enemy.
Whether it’s launching a new business or setting up a retirement account, every day you wait is a day lost.
Perfect conditions rarely exist, especially in fast-paced industries. By the time you think you’re ready, you might find the market too crowded or your enthusiasm gone.
As financial experts always say, time is the most valuable asset you have. Don’t waste it waiting for conditions to be perfect.
If you’ve got an idea or a plan, start now—no matter how small that first step may be.
5. Clinging to a scarcity mindset
One of the biggest shifts I had to make was moving from a place of fear to a place of growth.
A scarcity mindset is that nagging voice in your head that says, “There’s not enough success or wealth to go around.”
It keeps you from taking risks, trying new things, and giving your best shot at life.
When I was younger, I’d cling to every dollar because I was terrified of losing it.
But ironically, that fear of loss kept me from making bolder moves that might have multiplied my money.
So if you’re stuck in scarcity mode, you could be blocking opportunities left and right.
Switching to abundance thinking isn’t about reckless spending, it’s about seeing possibilities instead of pitfalls.
6. Negative influences in your circle
There’s a reason so many gurus talk about “finding your tribe” or “surrounding yourself with the right people.”
Whether it’s friends who encourage you to blow money on pointless stuff or family who insists “that’s how it’s always been done,” the wrong voices can stifle your progress.
If the people around you discourage saving, investing, or entrepreneurial ideas, it can sabotage your long-term financial vision.
Sometimes, it’s subtle: a buddy rolling their eyes when you skip weekend cocktails to stick to your budget.
Or relatives calling you “stingy” because you don’t want to splurge during holiday season.
Setting boundaries might be uncomfortable. But being around folks who either share or respect your goals can be a game-changer.
Think of it as building a supportive ecosystem for your finances.
If you can’t give up the need for external approval from negative influences, you’ll find it harder to reach the next level of wealth.
7. Immediate gratification
We live in an age of instant everything.
I’ve definitely gone on late-night online shopping sprees just because I “deserved a treat,” only to regret it later.
It’s one thing to treat yourself occasionally. It’s another to let every impulse run wild.
Financial experts often emphasize the power of delayed gratification because short-term splurges can seriously derail long-term gains.
When it comes to building wealth, consistent, disciplined action is where real results come from.
If you want to invest in real estate or start a new venture, you need a cushion of saved capital.
But if all your spare change disappears on spur-of-the-moment pleasures, you’ll miss out on higher returns and bigger opportunities.
Sure, that new smartphone might be shiny and fun, but a well-timed investment could potentially change your entire future.
Wrapping up
Money problems aren’t just about how much you make. They’re often shaped by these habits we hold onto that don’t really serve us.
Wealth, to me, is more than a number. It’s about freedom, choice, and knowing you can handle life’s curveballs without panicking about your bank balance.
If you’re serious about leveling up financially, ask yourself which of these seven habits are lurking in your day-to-day life.
Start there, and commit to letting at least one of them go, even if it feels tough at first. The payoff might surprise you.
Until next time, friends.
Feeling stuck in self-doubt?
Stop trying to fix yourself and start embracing who you are. Join the free 7-day self-discovery challenge and learn how to transform negative emotions into personal growth.
