Why you’re not rich

October 14, 2008 at 9:54 am | Posted in Economoney | 3 Comments

Here’s a great article on why you’re not rich. Very solid, if biting realism on why we fail to build a nest egg.

http://finance.yahoo.com/banking-budgeting/article/105934/10-Reasons-You%27re-Not-Rich

Some of my favorites:
– caring what your neighbors think
– relying on others to handle your money
– investing in things you don’t understand
– you care what your car looks like (look at the cars the wealthy actually drive, not the temporarily rich)
– you feel entitlement, you deserve what you cannot afford
– you don’t like your job – so you spend to relieve stress
– you don’t understand value – you buy for reasons other than value, like expensive or cheapest
– your house is too big

Details on these and more…

While it’s true some people are born with wealth, most of us are not. But most of us have the opportunity to build wealth well past anything our ancestors could have dreamed of. But instead most of us are in serious debt. We can blame advertising for enlivening our sense of entitlement. We can blame any number of circumstances. But what does blame ever accomplish? Taking responsibility, making a plan, and acting is the only thing that ever brings us results.
David