You may not have been born in Hollywood but there could be 10 reasons you’ll never be rich. You don’t have to inherit money from a rich parent or otherwise and you don’t have to own your own company. I certainly prefer to work for myself but it doesn’t have to be the only thing that guarantees that you can make enough money to take care of your family.
Anyone can acquire wealth if they learn some disciplines in life. Keep in mind that this doesn’t mean that the wealth comes overnight or even within just a few years. Sometimes acquiring wealth takes years but you can start now to get the life and bankroll you really want! Truly, all things are possible!
There is no reason that you need live paycheck to paycheck. In fact, today I am going to share with you this list of the 10 reasons you’ll never be rich. You’ll fully recognize why these are true and correct and why so many folks go through it. No matter who you are or what you do it can be fixed! You can make changes now by identifying these 10 things and making positive changes today that will change your outcome in the future!
Top 10 Reasons You’ll Never be Rich
If you were to take a survey of Americans and how they spend their money they would tell you that they spend what they have. They may never tell you that they spend what they can afford, but they’ll try to make it sound not so bad. If they are honest, most of people will tell you they have as much outgoing as they have coming in. Even in tough times most Americans don’t deny that they are still spending more than they can make.
- You don’t track what you are spending-If you don’t know where the money is going you’ll not understand how you can fix the money problem. Clearly identify where the money is going and turn the problem around.
- You have no emergency fund-Everyone of us should have an emergency fund that we can turn to in time of need. If you think about it, we all need an emergency fund to cover things we don’t think about often. What about flat tires? What if all four tires were flat? Yikes! This is one of the 10 reasons you’ll never be rich. If you have to use credit when an emergency arises you’ll blow through your money and rack up debt.
- You fail to put more toward your debt when you can-if you have an emergency fund and you focus on putting together extra money each month towards your highest interest debt you can retire that debt much earlier.
- You fail to read the fine print-if you take out a loan of any kind or even a new credit card always read the fine print. Don’t even do a 90 days same as cash without reading everything. Keep your paperwork organized so you don’t lose receipts and can keep track of what you are spending.
- You need to check for unclaimed funds and tax refunds just in case! Did you know that there are state agencies that hold money that is unclaimed? There are tons of unclaimed assets each year but you have to go looking for them. Be diligent and at least check because you never know!
- You have neglected to plan for retirement-No matter how much you want to avoid it you can’t neglect the day you’ll retire! One of the 10 reasons you’ll never be rich is because you are avoiding planning for the day to retire! Don’t wait until you are 40 to figure it out! Whether you need to meet with a financial planner or someone you trust to help you be sure that you sit down and work on planning for your future.
- You have failed to invest-Investments aren’t always so clear cut, but when they are it’s time for you to make a wise investment. No matter what the market is doing, it’s wise to invest. Not all stocks are the same.
- You think too much about buying brand new. When you can you should always buy pre-owned. It’s okay to be picky, but you don’t always need to buy things brand new. Why not look for a high quality item that is pre-owned first? You may not find it right away, but spend less when you can and you’ll come out ahead every time.
- You plan to retire too soon-Right now we are in tough economic times. There is such a thing as planning to retire too soon. You can try to end your work too soon and thus lose your nest egg. Don’t retire too early, and with other wise investments you’ll be better prepared.
- You don’t invest in yourself! It has been said that the best investment you can make is in yourself. If you invest in you then you’ll be set. This doesn’t mean just a college degree but workshops and seminars when you can. The more you grow and learn the more opportunities you’ll have.
I hope that you found this to be helpful and that it gives you some insight into how you can change your financial outcome. You’ll be so glad that you took these 10 things to heart! Don’t look at these as stumbling blocks, but rather the solutions with these “10 reasons you’ll never be rich” that you can change today!