10 Reasons Why You're Not Rich
http://finance.yahoo.com/banking-bud...39;re-Not-Rich
Not bad considering that last article from them sucked the big one.
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
"The best book on creating wealth I've ever read -- it makes Think and Grow Rich seem amateur "
"The most succinct, passionate book on wealth creation I've come across yet, and I've come across a lot!"
Free Download ~ Get the Book ~ Learn More ~ Facebook ~ Twitter ~ HelpMyDecision.com
Re: 10 Reasons Why You're Not Rich
Very nice article.
Two things I would consider "slowlane" in it, though, are:
"You lack diversification"
"You started too late"
Granted, diversifying your investments can certainly smooth things out in rough periods, but it spawns the old "average" mentality to me. Like dollar-cost-averaging. To me, it seems more likely you'll become rich by concentrating your resources on ONE (or a few at most) activities first. Once you start the proverbial ball rolling, you ca then sock away some in real estate, some in stocks, some in other business interests, etc.
Also, I've heard of plenty of folks who started late in life and became very wealthy. For instance, Col. Sanders started Kentucky Fried Chicken well past the age of 60. Again, the article suggests "slowlane" in this aspect as it concentrates on compounding interest (which to me, signals again the "average" mentality).
"Because when I am old, I don't want to say 'What could have been'." - Me
LagunaLauren (Oct 13th, 2009)
Re: 10 Reasons Why You're Not Rich
When I saw the headline I thought you had linked to my article.
Now I ain't saying that Yahoo! finance stole my idea or anything,but mine was published 18 months earlier:
Top 10 Reasons You’ll Never Be Rich
.
Re: 10 Reasons Why You're Not Rich
Jon, I liked your article better!!
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
"The best book on creating wealth I've ever read -- it makes Think and Grow Rich seem amateur "
"The most succinct, passionate book on wealth creation I've come across yet, and I've come across a lot!"
Free Download ~ Get the Book ~ Learn More ~ Facebook ~ Twitter ~ HelpMyDecision.com
Jonleehacker (Nov 4th, 2008)
Re: 10 Reasons Why You're Not Rich
Thanks MJ, means a lot to me.Originally Posted by PhxMJ
Jon, I liked your article better!!
Re: 10 Reasons Why You're Not Rich
agreed. Stumbleupon'd and Dugg.
Re: 10 Reasons Why You're Not Rich
"You care what your car looks like"
Please.
Re: 10 Reasons Why You're Not Rich
Just curious: Why did this point (and it's explanation) strike you as not true?
-Russ H.
Beer & Pancakes 2012-- The EVENT
"Control everything. Own nothing." -John D. Rockefeller
"Don't confuse motion with action" -Ernest Hemingway
Re: 10 Reasons Why You're Not Rich
The car thing is true for anyone 18-25 at the very least. One of my friends just dropped 100% of his money into a car, and another one wants to do the same.
Why oh why do we care so much what people think.. of our THINGS.
If you do what most people won't, you will live like most people can't. - PHXMJ
Re: 10 Reasons Why You're Not Rich
Because it has been a part of us since we were born. It is a hard habit to shake off.
One reason we listen to what other people say is an outcome of the idea that "if I do what others think I should do, then I will be liked and life will be easy". The problem is that people will hate us no matter if we do stuff the right way or not. But that idea is very easy to dismiss as nonsense.
In this case we are back at the idea that people will only be nice if it suits their best interest. So even if you play by someone elses rules of what is beautiful or ugly, you will still not be saved from problems. That guy may not like you anyhow. He may even hate you more.
Let me give you one reason people are not rich: They are so occupied by what others think is the key to success or what is right or wrong. Only you know how you will reach success and only you know what you consider being right or wrong, the rest is just technical stuff and technical stuff can be done by millions of millions of people out there. No need to be an Einstein. Only a need to pay the money.
Re: 10 Reasons Why You're Not Rich
great thread and great posts. jon lee, mj. good stuff.
i am replying to fanocks in particular. every post i read by you, indicates you get it. your comment that it doens't require you be einstein and anybody can do it really struck home because i am starting to realize that all i really need is a list of buyers and sellers. everything else is just an abstraction.
Re: 10 Reasons Why You're Not Rich
The author seems to be confusing a couple things in the paragraph where they mention it.
They are confusing the tendency for people to want to waste money on new cars all the time, that really cannot afford. Like someone making $35k a year and having a $500 a month Lexus payment. (seen that recently)
VS keeping your car neat, and wanting to drive a decent looking vehical.
My truck isn't new but its not that old, and I keep it very clean and well serviced. Because I do care what it looks like and it reflects on me. It takes very little time to wash once in awhile, and servicing is cheap. In the long run I save money because the vehical lasts longer and has higher resale.
"Starvation is God's way of punishing those who have no faith in Capitalism."
R. Cobb
LagunaLauren (Oct 13th, 2009)
Re: 10 Reasons Why You're Not Rich
This was great!
Re: 10 Reasons Why You're Not Rich
The car thing is true and so is the house if you buy too early. It's not always the case but people want that so bad that aren't patient. Living above your means is hard to dig your way out of. But once you are wealthy and have the money in hand, I see no problem with owning a nice car or a big ass house. People just buy in too early because they aren't patient and then they get into trouble.
LagunaLauren (Oct 13th, 2009)
Re: 10 Reasons Why You're Not Rich
Very nice article Jon! Gonna bookmark your site for myselfSpeed+
Cheers
http://www.weighttrainingweekly.com - training, nutrition and motivation tips that help you gain muscle, lose beer belly or add 20lbs to your Bench Press! Delivered straight to your Inbox every Monday!
Re: 10 Reasons Why You're Not Rich
Not that I want to discourage you from bookmarking, but the writing on that blog is all outsourced now, so probably doesn't have the same magic as when I wrote that article.Very nice article Jon! Gonna bookmark your site for myself
Cheers
Best way to follow along now it probably Twitter, or here on the fastlane.
Re: 10 Reasons Why You're Not Rich
Oh..I will follow you on Twitter.
I will still check out the other articles and what's nice there...
Cheers
http://www.weighttrainingweekly.com - training, nutrition and motivation tips that help you gain muscle, lose beer belly or add 20lbs to your Bench Press! Delivered straight to your Inbox every Monday!
Re: 10 Reasons Why You're Not Rich
I'll add a few more reasons-
1. People are afraid to be different. They are afraid of being judged by their peers and family.
2. They are more interested in the money than the customer.
3. They lack discipline.
4. They are afraid to be the leader.
And a big one that wasn't mentioned
5. FEAR- Fear of risk, fear of failure, fear of the unknown.
Tired of having your wrinkled dollars rejected at vending and checkout machines?
Here's your solution--> www.thedollariron.com
Follow me on Twitter! - @thedollariron
**Formerly known as Lamboman350K**
Gymjunkie (Oct 14th, 2009), LagunaLauren (Oct 13th, 2009)
Re: 10 Reasons Why You're Not Rich
I agree on the fear thing. I also know someone who isnt' really afraid but they hate change. It's comforting to them to do the same thing over and over and over and over and over and over and over and over and over and over....
and over and over and over again and then bitch about not earning much money. Offer a solution and I guarantee they'll say... "Well, that's not how we normally do it."
Re: 10 Reasons Why You're Not Rich
A lot of people don't want to be, the world needs lots of workers. Not everyone can be a CEO.
I know a lot of people who are perfectly happy working 9-5 at a $50k a year job. Nothing wrong with that.
"Starvation is God's way of punishing those who have no faith in Capitalism."
R. Cobb
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
LinkBack URL
About LinkBacks
Reply With Quote
Bookmarks