[Grovenet] Why aren't you rich . . . . .

Tue Mar 27 09:38:22 PDT 2007

Gosh, Bob, if people took 6 and 8 seriously, the Oregon lottery would go
bust and they'd raise all of our taxes!

What are you trying to do here by educating the people, make life harder on
the rest of us poor, dumb, broke blokes? 

Ron D'Eau Claire 

-----Original Message-----
From: grovenet-bounces at rdrop.com [mailto:grovenet-bounces at rdrop.com] On
Behalf Of Bob Browning
Sent: Tuesday, March 27, 2007 9:17 AM
To: Grovenet
Subject: [Grovenet] Why aren't you rich . . . . .

Here's an excellent little article that I think we can all take something
from. I especially think we need to make it available to our children!!

bob "darn, where did I put that nickel??" browning

*************************************************************

TheStreet.com

10 Reasons You Aren't Rich

Thursday March 22, 11:30 am ET 

By Jeffrey Strain, Special to TheStreet.com

The reason why you aren't a millionaire (or on your way to becoming one) is
really quite simple. You probably assume it's because you aren't earning
enough money, but the truth is that for most people, whether or not you
become a millionaire has very little to do with the amount of money you
make. It's the way that you treat money in your daily life. 

Here are 10 possible reasons you aren't a millionaire: 

1. You Care What Your Neighbors Think: If you're competing against them and
their material possessions, you're wasting your hard-earned money on toys to
impress them instead of building your wealth. 

2. You Aren't Patient: Until the era of credit cards, it was difficult to
spend more than you had. That is not the case today. If you have credit card
debt because you couldn't wait until you had enough money to purchase
something in cash, you are making others wealthy while keeping yourself in
debt. 

3. You Have Bad Habits: Whether it's smoking, drinking, gambling or some
other bad habit, the habit is using up a lot of money that could go toward
building wealth. Most people don't realize that the cost of their bad habits
extends far beyond the immediate cost. Take smoking, for example: It costs a
lot more than the pack of cigarettes purchased. It also negatively affects
your wealth in the form of higher insurance rates and decreased value of
your home. 

4. You Have No Goals: It's difficult to build wealth if you haven't taken
the time to know what you want. If you haven't set wealth goals, you aren't
likely to attain them. You need to do more than state, "I want to be a
millionaire." You need to take the time to set saving and investing goals on
a yearly basis and come up with a plan for how to achieve those goals. 

5. You Haven't Prepared: Bad things happen to the best of people from time
to time, and if you haven't prepared for such a thing to happen to you
through insurance, any wealth that you might have built can be gone in an
instant. 

6. You Try to Make a Quick Buck: For the vast majority of us, wealth doesn't
come instantly. You may believe that people winning the lottery are a dime a
dozen, but the truth is you're far more likely to get struck by lightning
than win the lottery. This desire to get rich quickly likely extends into
the way you invest, with similar results. 

7. You Rely on Others to Take Care of Your Money: You believe that others
have more knowledge about money matters, and you rely exclusively on their
judgment when deciding where you should invest your money. Unfortunately,
most people want to make money themselves, and this is their primary
objective when they tell you how to invest your money. Listen to other
people's advice to get new ideas, but in the end you should know enough to
make your own investing decisions. 

8. You Invest in Things You Don't Understand: Your hear that Bob has made a
lot of money doing it, and you want to get in on the gravy train. If Bob
really did make money, he did so because he understood how the investment
worked. Throwing in your money because someone else has made money without
fully understanding how the investment works will keep you from being
wealthy. 

9. You're Financially Afraid: You are so scared of risk that you keep all
your money in a savings account that is actually losing money when inflation
is put into the equation, yet you refuse to move it to a place where higher
rates of return are possible because you're afraid that you will lose money.

10. You Ignore Your Finances: You take the attitude that if you make enough,
the finances will take care of themselves. If you currently have debt, it
will somehow resolve itself in the future. Unfortunately, it takes planning
to become wealthy. It doesn't magically happen to the vast majority of
people. 

In reality, it is probably not just one of the above bad habits that has
kept you from becoming a millionaire, but a combination of a few of them.
Take a hard look at the list, and do some reflecting. If you want to be a
millionaire, it's well within your power, but you'll have to face the issues
that are currently keeping you from creating that wealth before you will
have a chance to call yourself one.

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