10 Reasons You’re Not Rich Yet
Every so often an article like this appears. Sometimes the advice they offer isn't all that good-- or else its just pretty obvious (Like "don't accumulate huge amounts of credit card debt"). But IMO, this one offers some really excellent advice.
Are you ready?
As a financial advisor, I have spent many years helping other people overcome financial stumbling blocks so they can become rich. Ironically, the one person I have had the most trouble helping is myself.
Being rich can mean different things to different people, but I believe it means having the financial freedom to achieve your goals and live the life you want. I am great at giving advice; I am not always so great at taking my own advice (know anyone like that?). So, when it came to helping my clients understand why they werent rich yet, the easy part was explaining the culprits, because I was all too familiar with most of them.
Regardless of our upbringing, education, profession or lifestyle, most of us are not where we want to be financially and our reasons are probably more similar than different. The good news is that it is never too late to become rich if you, like me, are ready to own up to the reasons youre not and do something about it.
Want to know why you arent rich yet? Keep reading.
Read more on DailyWorth: http://www.dailyworth.com/posts/2064-10-reasons-you-re-not-rich-yet#ixzz36Ql1JGf7
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Those with candle-phobia won't like this at all
Krishna
Excellent article, of the ten reasons the two that stick out to me as the stumbling blocks of many people are
Oh, wow. I must be rich. Golly.
The only thing on the list that counts against me is that I was a one trick investor. I was buying land when everyone else was in the stock market or mutual funds. They ain't making any more land.
Well, that sort of thing could do it-- all by itself! Its not like you can do most of things and ignore others (If you only do most of them you'll probably fail). In fact if you miss one-- but in a big way-- it can negate a lot. (For example, if you have $100,000 in credit card debt on which you have to pay exorbitant monthly fees...you can do a lot of other things right, and still fail).
I' e been investing in the stock market for many years, and the one thing I keep hearing from experienced (& successful!) investors is-- diversify!
Yup , this article does indeed point out just how important that is:
I have no debt at all and haven't for nearly 40 years, so that's a plus. I always tell folks to not go in any kind of debt. Make car payments to your savings account and when you have enough to buy that car you want, you have the cash and can negotiate a better deal.
That's probably the best first step-- no personal debt!
zero!
My advice is probably the best of all.
Don't run your life like the politicians have run this country!