Why Wealth is Difficult to Build and How to Fix it


Why Wealth is Difficult to Build and How to Fix it

Do you often wonder why wealth is difficult to build, as you struggle to manage your finances? 

You're not alone, in fact... 

Most people find it difficult to create wealth and maintain financial stability.

In a hurry? Listen on the go!


According to a US study conducted by the National Financial Capability Study in 2021, only 16% of adults in the United States got more than 3 out of 4 basic financial literacy questions correct, with another study finding that only 43% of Americans have enough savings to cover a $1,000 emergency.

So, what's the problem? Why do so many people struggle to achieve financial stability and independence?

In this article, we'll explore the question of why wealth is difficult to build and provide actionable steps on how to fix it.

You Have A Consumer Mindset

You Have A Consumer Mindset

One of the main reasons why wealth is difficult to build is that most people have a consumer mindset. From an early age, we're bombarded with messages from the media, society, and our peers that tell us to consume and spend money. 

We're taught to equate our worth and success with the things we own, rather than the money we save or invest. We're told that we need the latest smartphone, a fancy car, and designer clothes to be happy and successful.

As a result, we spend money we don't have on things we don't need in order to impress people we don't like. We fall into the trap of trying to "keep up with the Joneses," and in the process, we accumulate debt and make it difficult to build wealth.

If you want to build wealth, you need to break free from this consumer mindset. Instead of buying things to impress others, focus on investing in assets that will increase in value over time. 

Avoid buying expensive items that depreciate in value quickly, and instead, invest in assets such as property or stocks that can provide a good return on investment over time.

So, don’t buy a new car if your current one works fine, don’t get the latest phone if your existing phone does what you need, don’t upgrade to a bigger house to look cool if you don’t actually need to – it’s time to get smart with your money!

You Have The Wrong Money Plan

You Have The Wrong Money Plan

Another reason why wealth is difficult to build is that most people have the wrong money plan. 

Parkinson's law states that expenditure rises with income, which means that no matter how much you earn, if you have the wrong plan, you'll never become wealthy. 

Unfortunately, most people's money plan consists of creating ways to get rid of their money as soon as they get it. Whether it's through partying, holidays, shopping trips, or expensive items they don't need, this sort of plan doesn't leave much room for saving or investing.

With this sort of plan, it is no wonder why wealth is difficult to grow or even maintain. To build wealth, you need to have a different mindset and money plan. 

Rather than spending money as soon as you get it, focus on saving a portion of your income and investing it wisely. Look for ways to generate passive income, such as through rental properties or dividend-paying stocks. 

By doing so, you'll be able to build wealth over time and achieve financial freedom. Remember the wise words of Warren Buffet, "Do not save what is left after spending, but spend what is left after saving."

A Lack Of Financial Education

Another major obstacle to why wealth is difficult to build is a lack of financial education. Money is often seen as a taboo subject in many cultures, and as a result, it isn't often discussed openly. 

Most people don't really learn about how to earn money or what to do with it when they have it. This lack of knowledge can lead to poor financial decisions and missed opportunities.

To overcome this obstacle, it's important to educate yourself about money and finance. 


Read books, take courses, and seek out advice from financial experts. Learn about the effects of inflation and compound interest on your savings, and look for ways to make your money work harder for you. 

By gaining a better understanding of finance, you'll be able to make smarter decisions with your money and build wealth over time.

Overcoming Psychological Barriers to Wealth

Building wealth isn't just about the right financial strategies - it also requires overcoming psychological barriers that can hold us back. 

Fear of failure, limiting beliefs about money, and a scarcity mindset are just a few examples of the psychological barriers which can be reasons why wealth is difficult to build.

Fear of Failure

Fear of failure can be a major obstacle to building wealth. It can cause us to avoid taking risks, even when the potential rewards are high. 

To overcome this fear, it's important to reframe failure as a learning opportunity. Instead of seeing failure as a negative outcome, see it as a chance to gather feedback and adjust your approach. This can help you approach financial decisions with more confidence and resilience.

Limiting Beliefs

Limiting beliefs about money can also be a major barrier to wealth building. 

For example, if you believe that "money is the root of all evil" or "rich people are greedy," you may unconsciously sabotage your own efforts to build wealth. To overcome limiting beliefs about money, it's important to challenge them directly. 

Ask yourself why you believe these things, and whether they are really true. You may find that your beliefs are based on outdated or inaccurate information, or that they no longer serve you.

Scarcity Mindset

Finally, a scarcity mindset can be another major reason why wealth is difficult to grow for some people. This is the belief that there is never enough to go around, and that resources are limited. 

To overcome a scarcity mindset, it's important to focus on abundance instead. This means shifting your mindset from one of lack to one of gratitude and abundance. For example, instead of worrying about what you don't have, focus on what you do have and how you can leverage those resources to create more wealth.

Practical tips and strategies for overcoming these barriers include things like:

  •         Practicing self-reflection and introspection to identify limiting beliefs and fears
  •         Surrounding yourself with positive, supportive people who believe in your financial goals
  •         Cultivating a daily gratitude practice to shift your mindset from scarcity to abundance
  •         Taking small, calculated risks to build your confidence and resilience over time

By adopting these strategies and shifting your mindset, you can overcome the psychological barriers that may be holding you back from building wealth. 

With a positive attitude, a growth mindset, and a commitment to taking action, you can achieve your financial goals and build a brighter future for yourself and your loved ones.

Building Multiple Streams of Income

When it comes to building wealth, having a job with a steady income is a good start, but it's not enough. If you want to truly build wealth and secure your financial future, you need to start thinking about building multiple streams of income.

The majority of people only rely on the income from their jobs, and this can be a reason why wealth is difficult to build - certainly when their income just about covers their expenses. A Study from the UK Office of National statistics showed that almost half of UK adults that live on their own spend more than what they earn.

Having multiple streams of income means that you have more than one source of income that is generating money for you. This can come in the form of rental properties, dividend-paying stocks, online businesses, and more.

The benefits of building multiple streams of income are numerous. For one, it allows you to increase your earning potential and build wealth more quickly. 

If you're relying solely on your job for income, you're limited by your salary and any raises you may receive over time. However, by building multiple income streams, you can increase your earning potential and create more financial stability.

Another benefit of multiple income streams is that it can provide you with greater financial security. If one of your income streams were to dry up, you would still have other sources of income to fall back on.

So how do you go about building multiple streams of income? 

One way is to invest in rental properties. Rental properties can provide a steady stream of passive income that requires relatively little ongoing work. Another option is to invest in dividend-paying stocks, which can provide you with regular income in the form of dividend payments.

Starting an online business is also a great way to build a new stream of income. There are countless options when it comes to online businesses, from selling products on platforms like Etsy or Amazon, to affiliate marketing, and offering services like web design or content creation.

When it comes to building multiple streams of income, it's important to remember that it's not a get-rich-quick scheme. It takes time, effort, and often some initial investment to get started. However, with persistence and a solid plan, it can pay off in the long run.

Here are some practical tips for building multiple streams of income:

  • Start with one income stream at a time: Trying to start too many income streams at once can lead to burnout and lack of focus. Instead, focus on building one income stream at a time and give it the attention it deserves.
  • Do your research: Before diving into a new income stream, do your research and learn as much as you can about the industry or investment. This will help you make informed decisions and avoid costly mistakes.
  • Invest wisely: Building multiple income streams often requires some initial investment. Make sure you're investing wisely and diversifying your investments to reduce risk.
  • Be patient: Building multiple income streams takes time and effort. Don't get discouraged if you don't see immediate results. Stay persistent and keep working towards your goals.


In summary, we have discussed why wealth is difficult to build and found that building wealth is difficult for a number of reasons, including having a consumer mindset, the wrong money plan, and a lack of financial education.

However, by breaking free from these obstacles and adopting a new mindset, you can achieve financial stability and independence. Start by living below your means, saving a portion of your income, and investing it wisely.

Educate yourself about finance and look for opportunities to make your money work harder for you. With time and patience, you can build wealth and achieve your financial goals.

As Warren Buffett once said, "Someone is sitting in the shade today because someone planted a tree a long time ago." So start working on your future today!




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