If you work from nine to five do you think you will become a millionaire?

If you had more than a million dollars, how would you spend it?

Will you decide to travel around the world?

Or will you buy the car of your dreams?

If you have huge wealth your material options in life are endless, however the unfortunate truth is that most people will never have enough wealth to realize their dreams, and the reasons go beyond a person’s investment experience or fixed salary.

It is true that it varies according to each person's circumstances, but there are a number of reasons that will never make you a millionaire, and when you know them, it is possible to determine your first steps towards getting rich!

Overestimating the importance of saving

There is great importance to saving and investing, but it is also important to know that the key to achieving wealth is to focus on increasing your fixed income.

In "How Rich People Think," by self-made American millionaire Steve Siebold, almost anyone has what it takes to become a millionaire, if only they have a clear strategy.

"People are so focused on the importance of thrift and frugal living but they're missing out on a lot more opportunities, to think about how to make more income instead of spending less," Siebold told CNBC.

However, it is essential not to ignore smart savings strategies entirely.

But if you want to own a million dollars, "stop worrying about running out of money and focus on how to make more."

When you set clear financial goals, it helps you think more seriously (Pixels)

Your financial goals are not clear

Self-made American millionaire T Harv Ecker wrote in his book Secrets of the Millionaire Mind that the number one reason most people don't get what they want is because they don't know exactly what they want and haven't made plans for it."

"If you want to create a fortune, you have to have a clear goal, a specific plan and strict deadlines," he said, according to CNBC.

He explained that when you set clear financial goals, it helps you think more seriously and realistically about your ability to achieve the wealth you desire.

For example, select a specific scale and fixed amounts that you can save or earn, and measure exactly how long it will take to achieve your plans.

The clearer the plan, the higher your chances of achieving what you want.

It's also easier to spend money versus being able to earn it, and the only real way to ensure that you're spending less than you earn is to have a plan.

And this applies not only to those who earn little income.

In fact, high-income earners are more likely to spend more than they earn, according to a study published by The Globe and Mail.

The only real way to ensure that you spend less than you earn is to have a plan (Getty Images)

Fear of investing

With news constantly warning of a recession in the global economy, it is no wonder that many people are reluctant to invest in any projects.

However, the truth is that if you work a steady job from 9 am to 5 pm or more every day, it will be nearly impossible to become a millionaire without side investments.

This happens simply because most people do not earn enough monthly income to be able to invest and make a significant income.

Even if you are a genius saver and can save 50% of your annual income, that means that it will take decades for you to be able to make a small fortune, and the constant inflation will erode the value of that money.

So, while you may feel safe keeping your savings in a bank account, in theory you are losing money every day with this strategy.

And according to the American website “How to Make a Millionaire?” There are always risks associated with investing in anything, of course, from investing in stocks, bonds, mutual funds, cryptocurrencies, commercial projects, etc., but the risks of not investing are greater in comparison.

Also, the earlier you make the investment decision, the earlier you will be in the time to achieve wealth.

Your spending is more than your potential

The choices you make in the home, the car, your clothes, and the quality of daily life you decide to choose must be right without having to pawn your shoes at the end of the month due to heavy financial stress.

It is common for a person to think that as long as he receives 10 piasters a month, he has the right to spend it completely without problems.

As for those who live beyond their means, the best case scenario here is that you won't accumulate any wealth, and you may even suffer from debts and loans that prepare you for bankruptcy, according to Forbes magazine.

Create a spending plan by managing your financial expectations to avoid unwanted surprises (pixels)

Even if you have a huge amount of mortgage debt, assuming you can afford the cost of owning a home, but live beyond your means and accumulate massive amounts of credit card debt, that's a perfect recipe for financial disaster.

Creating a spending plan is all about managing your financial expectations to avoid unwanted surprises, so you'll still have money left over for better things in life that can accumulate to help you invest and boost your income.

So, the next time you think about how much fun it would be to get rich, it might be time to take some bold and well-thought-out steps.