Top 10 Reasons You’ll Never Be Rich

by SMD 


Antidote: Get educated about the massive tax savings of having your own company or self employment so that you can spend pre-tax dollars rather than after-tax dollars. You can’t beat them, so you’d better join them.

9. Your Belief in Magic: You mistakenly believe that if you do the same things as you always have done and that all your friends do, that you will somehow be magically transformed into a successful and wealthy person.

Antidote: take responsibility for currently not being wealthy and then begin to ask yourself, “What can I do to improve myself financially?”

8. Playing Long Odds: You think that buying lottery tickets or going to Vegas is a viable investment strategy.

Antidote: Stop throwing your money away on gambling, including lottery tickets (some call lottery tickets a ‘stupid tax’) and get financially educated so you can tip the odds in your favor.

7. Being Lazy: You’d rather watch Suzie Orman than join a local investment club, or you think there isn’t enough time to do things that could make a big difference in the quality of your life.

Antidote: learn to take baby steps towards a goal each day. Break down big goals into smaller goals, and then take those and break them down until you have small, achievable tasks to do each day. Soon you will have put the TV behind you and be in love with taking positive action. Most people aren’t really lazy, they are just overwhelmed by making everything seem too big. Baby steps are the key.

6. Ignorance of Successful Ways of Being: Rich and successful people think differently. They don’t have a tolerance for wasting time and energy and they have a singular focus on their goals. Taking the steps to become rich can sometime conflict with being nice.

Antidote: read the biographies and autobiographies of successful and rich people. Be like a sponge for the attitudes and wisdom from their experiences.

5. Lack of Time: You we’re taught about the fabulous beauty of compound interest early enough. At about age 20 you can get very wealthy just by putting a couple hundred bucks a month into a savings account for ten years and letting the interest compound until you are ready to retire.

Antidote: start saving anyway. Even if you are 45, in the 20 years until you reach retirement, you can accumulate a significant sum with regular contributions and compound interest. If you improve you financial IQ, then you should be able to increase the rate of return and generate a much higher number.

4. Spreading Bad Vibes: The universe, like Santa Claus, knows whether you are naughty or nice towards money. I saw someone the other day toss away a handful of pennies. Very unlikely that you’ll see a rich person disrespect money in that way. Rich people know that money is important.

Antidote: examine your attitude towards money. Admit that money is an important and powerful force in this life and every single penny is worth having. The respect that you give it ripples back to you and soon you’ll be finding and picking up pennies rather than tossing them away.

3. Harboring Socialist Attitudes: You think other people or the government, out of some fantastic fit of generosity help you or make it easier for you to succeed. That isn’t the point of success. Overcoming the challenges and difficulties that come up along the way is the riches, the money is just a reflection of those victories.

Antidote: understand that there is always a way to reach your goals, even when life seems completely stacked against you. Develop a ‘can-do’ attitude and use it in every circumstance.

2. False Belief In Purity of Poverty: You think that money isn’t important in life and that personal or spiritual growth is a higher priority. This is an attitude that only the young and in-experienced can afford. Once you life has been touched by the reality of economic lack, you’ll realize that you can be pure of heart and rich at the same time.

Antidote: you’re going to have problems in life and lots of opportunities for growth no matter your economic status. Ask yourself if you’d rather have the problems of a rich person or a poor person?

1. False Belief That Becoming Rich is Too Hard: You think it is hard to generate success or wealth, so you limit your creative possibilities that are outside traditional scope. A belief that making money is dependent on your work ethic can really make it impossible to take big jumps in income or net worth.

Antidote: read stories about people who easily manifest big time wealth. A couple examples: One Red Paperclip and Million Dollar Home Page.

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2 Responses to “Top 10 Reasons You’ll Never Be Rich”

  1. The Bill Manager on May 27th, 2008 5:10 pm

    I think this is the first time I see a list like this from this point of view. I like how each negative has a positive. Good work.

  2. Trader Ray on December 30th, 2008 7:26 am

    Great post! I love seeing people say anything that encourages people to focus on getting rich instead of watching Suzie Orman or Dave Ramsey. I know they are very supportive of people who have gotten themselves into debt. But they will teach you zero about joining the wealth club.

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