Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
5 Mindset Traps That Are Stopping You From Being a Millionaire
Ruby Layram
18th Aug 2025
When people think about why they’re not wealthy, they usually point to the obvious: not enough money to invest, bad timing, or simply not knowing what to buy.
But the truth is, the biggest wealth-killers aren’t outside of you, they’re inside your head.
Most millionaires don’t have superpowers. They’re not better stock-pickers or fortune tellers. What they do have is the ability to push through the mental blockers that stop most people from even starting.
Here are the five biggest mindset traps that could be keeping you from millionaire status, and how to start overcoming them.
Also read: 7 Investing Myths Busted!
1. Waiting for the “Perfect Time”
How many times have you said:
“I’ll start investing when the market calms down.”
Or, “I’ll invest when I’ve saved just a bit more.”
Here’s the secret: there is no perfect time.
The market is always noisy, and there will always be reasons to wait. Meanwhile, your money sits on the sidelines losing to inflation.
Millionaires know that the best time to start was yesterday. The second-best time is today.
The earlier you start, the less you will need to invest over time (thanks to compound growth!)
2. Fear of Losing Money
This one’s huge. Nobody likes losing, especially with hard-earned cash. But if fear is running the show, you’ll never take the steps that lead to growth.
The reality? Losses happen. Even the world’s best investors get it wrong sometimes. The key difference is that they stick with the plan long enough for the wins to outweigh the losses.
Millionaires know that short-term losses are the price of long-term gains.
3. Analysis Paralysis
You’ve got 20 tabs open comparing ETFs. You’re watching endless YouTube videos about whether to buy Apple or Amazon. And weeks go by… but you still haven’t bought anything.
Sound familiar?
Endless research feels productive, but it’s often just procrastination in disguise.
Millionaires know that you don’t need the perfect portfolio. You need a portfolio you’ll actually commit to.
4. Thinking You’re “Not Smart Enough”
Investing has a bad reputation for being full of jargon, bonds, yields, gilts, expense ratios, and it can make people feel like outsiders.
But the truth is that you don’t need to be a City trader or a maths whiz to build wealth. Most millionaires rely on simple, boring strategies (like low-cost index funds) that anyone can use.
Millionaires know that it’s not about being the smartest in the room, it’s about being consistent.
5. Chasing Excitement
This one might surprise you. The opposite of fear is gree, and it’s just as dangerous.
If you’re constantly chasing the next “hot stock” or crypto that’s “going to the moon,” you’re likely to burn out your portfolio (and your nerves).
Wealth-building is about discipline, not dopamine.
Millionaires know that boring investing beats exciting speculation, every single time.
Why Overcoming These Blockers Matters
The stock market isn’t just a test of your money. It’s a test of your mindset.
You can have the best income, the best portfolio plan, and the best broker… but if fear, doubt, or procrastination get in the way, none of it will matter.
The only difference between millionaire investors and everyone else is the confidence to follow through.
So next time you catch yourself waiting for the “perfect time,” overthinking, or letting fear freeze you, remember: the biggest investment you’ll ever make is in your own mindset.
Are you interested in learning more about investing? Why not sign up to the MoneyMagpie bi-weekly Investing Newsletter? It’s free and you can unsubscribe at any time if you find it isn’t for you.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. When investing your capital is at risk.
Leave a Reply