1) You put too much emphasis on saving — and not enough on earning
Saving is crucial to building wealth, but you don’t want to focus so much on saving that you start neglecting earning, which is what rich people focus on.
“The masses are so focused on clipping coupons and living frugally they miss major opportunities,” Siebold writes.
There’s no need to abandon practical saving strategies. However, if you want to start thinking like the rich, “stop worrying about running out of money and focus on how to make more,” Siebold advises.
Some experts say that “it’s not about how much money you make, it’s about how much you keep,” but this shouldn’t be an excuse to disregard earning completely. To keep money, you have to earn it in the first place. A common thread among millionaires is that they develop multiple streams of income and have smart savings habits.