9 signs you'll never be rich

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Contrary to popular belief, "Everyone has the same opportunity to acquire wealth," says self-made millionaire Steve Siebold. But is wealth in the cards for you?

To help you evaluate that, we've rounded up nine red flags to watch out for. While no one can predict the future, the following choices most likely won't accelerate your path to riches.

You put too much emphasis on saving — and not enough on earning

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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.

You haven't started investing

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One of the most effective ways to earn more money over time is to invest it, and the earlier you start, the better.

"On average, millionaires invest 20% of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time," writes Ramit Sethi in his New York Times best seller, "I Will Teach You to Be Rich."

The more you can set aside, the better, but even a little bit can go a long way, thanks to compound interest. An easy way to dip your toe into the investing pool is to start saving for retirement using accounts where your money is invested, like a 401(k) or IRA.

You're content with a steady paycheck

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Average people choose to get paid based on time — on a steady salary or hourly rate — while rich people choose to get paid based on results and are typically self-employed.

"It's not that there aren't world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest," Siebold says. "The great ones know self-employment is the fastest road to wealth."

While the world-class continue starting businesses and building fortunes, "The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises," Siebold explains.

See the rest of the story at Business Insider