10. You are not interested in money
You think that when you make enough money at work all your money related problems will take care of themselves
Actually the opposite is true – over 90% of people winning a multi million dollar lottery end up with less money just after 5 years of winning.
Getting rich takes effort and planning. If you are not interested in money then chances are that money is not interested in you.
9. You are afraid to lose your money
You are so afraid to lose your money that you keep it in an ordinary bank account with a terribly small interest rate. You are afraid to invest your money because you think that the risk of losing everything is too great.
By keeping your money on a savings account, it generates less interest than the inflation. This means that by keeping your money in a safe place you are actually losing it to inflation.
8. You invest in what you don’t know
After reading a story about a new high tech invention you decide to invest all your money into this startup company. If it’s high tech and complicated it must be a great invention, right?
Wrong!
Investing your money in what you don’t understand is the fastest way to losing everything. Something that looks like a good idea doesn’t have to be one. Stick to what you know and you will be able to keep yourself from the dumb ideas and go along with the great ones.
7. You hope that other people will take care of your money
You give professional money managers free will to take care of your money as they wish. Everyone wants to have more money so they will just end up making a lot of “necessary transactions” – of course you are the one paying the transaction fees.
Take care of your own money – always have the last say in what to invest and what to buy.
6. You want too much too fast
You want to get a lot of money fast and with little or no effort. This makes you go along with tens of get rich quick schemes that always end up losing money. Your decisions are affected by the need to get a lot of money fast, which makes you take unnecessary and stupid risks.
You need to remember that there is no such thing as easy money.
5. You don’t have an emergency fund
You spend everything you make and don’t keep an emergency fund for unexpected things. If you are not covered by insurance an accident can set you back tens of thousands of dollars.
Without an emergency fund you would need to borrow to come up with the money. This also means that you will have to pay interest – not having an emergency fund can end up loosing you a lot of money.
4. Your goals suck
You don’t have any goals and even if you have one – its awful.
Just about every 10-year-old wants to be rich and famous but only a few will actually get there.
You need a goal that says what you want to achieve, how you are going to achieve it and by what time will it be achieved.
After coming up with a goal you will also need to make a plan on how to achieve it. You must be able to measure your progress at any point to get feedback on how you are doing.
3. You have bad habits
You smoke, drink and watch TV all day long. You spend money on the things that will never bring you anything back. In the long run you need to spend even more money on health in order to get back to your best drinking shape!
A bad and devastating habit can also be negative thinking. Research has shown that people who are more willing to keep their mind open and positive to new ideas are wealthier than pessimists.
2. You are impatient
You want to have everything now and are not willing to wait in order to buy it later. The concept of saving money for something you want to buy is not known to you – instead you use one of your many credit cards.
You probably haven’t heard that using a credit card makes other people rich (owners of credit companies) and keeps you poor.
1. You buy everything your neighbors and friends have
Trying to impress your neighbors and friends by buying all the stuff they have plus everything they would like to have? Don’t do it – spending money on things that you really have no need for is the number 1 reason why people have less money than they want to. Having a lot of things and having a lot of money are 2 things that contradict each other – you need to give money away in order to get stuff.
True wealth and money comes to those who are willing to wait – the 1000 dollars you choose not to spend on a new plasma TV with a giant screen can turn into 100 000 dollars in 20 years. Think of how much TV-s this money would get you then (as opposed to how much you would get when selling your TV after 20 years).
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You make some really good points there….some of these are things that I need to keep in mind in my own life. I already do keep some of these things in mind, but that doesn’t always help!
I know at least ten people who had none of these habits, and still did not have money, but, well, they had the world, the universe.
1. Ramana Maharishi
2. Jesus Christ
3. Buddha
4. Ramakrishna Paramhansa
5. Kabir
6. Mansoor Mastana
7. Khalil Gibran
8. Meerabai
9. Mother Teresa
10. Nisargadutta Maharaj
I don’t know all of them, but judging by the one’s you name they probably all go under the 10th reason (They were not interested in money).
The reason Mother Teresa, Buddha or Jesus Christ weren’t billionaires is probably because they were not interested in money – instead they were interested in helping other people.
You get what you want!
This is the main reason and proof why people are poor. Hosea 4:1-6)- My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me: seeing thou hast forgotten the law of thy God, I will also forget thy children.
People lack the courage, confidence, knowledge and wisdom to better up them lives and live good. So people end up poor in everything and not money alone.
So very true! Most don’t understand that it’s their “thought process” that keep them poor! Change your thinking and change your financial future!
this is what i want in my real life thak you roman….
make more stuff like this i really enjoy..
More stuff like this is just around the corner! Just wait for a week 😛
All that u said is very true.but the fact is human by nature turn to forget certain things in life.what i call the basic step to riches.all i want 2 know is what will u do when u have $200 2 make profit.
Awesome points…. Very common sense, but that’s something that’s always in short supply 🙂
Thanks!
What is the value of buying a TV for $1000 today when I can sit and enjoy some quality time with my children vs. investing the $1000 dollars and getting a $100,000 return 20 years later. Am I really better off in the end of that 20 years from a human stand point?
Are you trying to say that watching TV with your children is quality time???
Hi Roman, wow! so much clarity, its true, some people just need a paradigm shift to get rich. I came across your blog somewhere in the beginning of the month. I like your articles, its so easy to understand =)
Hope you can update your blog more often
It’s about your choices ,not what is wrong or right .you choose to earn more and focus your time and energy on that ,then you might be rich ,or choose to help others ,then you enjoy the happiness of helping.you get what you desire ethier way.
photograph of the poor man looks rich…
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