10 more reasons you are not wealthy

maat55 · #1 (**permalink**) 10-12-2008, 07:13 AM

http://finance.yahoo.com/banking-bud...%27re-Not-Rich

jeffrey · #2 (**permalink**) 10-12-2008, 05:15 PM

This is one of the best articles I have ever read! But I'm probably more than just a bit biased in saying that

maat55 · #3 (**permalink**) 10-12-2008, 05:42 PM

Quote:

Originally Posted by jeffrey

This is one of the best articles I have ever read! But I'm probably more than just a bit biased in saying that

Is this an article you wrote Jeffrey? I found this on another site. Great read, I completely agree with every word.

jeffrey · #4 (**permalink**) 10-12-2008, 10:57 PM

I write a personal finance column for TheStreet -- it sometimes gets picked up by Yahoo Finance.

Broken Arrow · #5 (**permalink**) 10-13-2008, 05:16 AM

Heheh. Congrats Jeffrey!

kork13 · #6 (**permalink**) 10-13-2008, 06:48 AM

haha! Bravo, Jeffrey! Good article that actually catches alot of what is actually said here on occasion.

For my opinion, I think that many people CHOOSE to sacrifice outright wealth for personal pleasure. For example, I choose to have a car that I enjoy rather than a car that is 100% economical. Same thing with a house--when eventually I buy a house, I expect it will be larger than I need, simply because I expect that I (and any future wife) will want to have a comfortable home than one that simply meets needs. I make those choices with the knowledge that doing so could impact my overall "wealth", but also knowing that it will not impact my financial security/stability. That's the line I feel is important, and the one I won't cross.

EDIT: Also note that the space between "financial security/stability" and "wealth" is what separates most people. I'd say that about 50% of people at the former could, but are not willing, to achieve the latter. Of those who do try to cross that impasse, maybe 25% actually make it, thus setting themselves forever apart from the rest.

That said, I strongly agree with some other items, especially the 'learning' point. If you don't continue learning everything you can about anything and everything you can, you stagnate. Stagnation leads to atrophe.

rob62521 · #7 (**permalink**) 10-13-2008, 08:16 AM

Quote:

Originally Posted by jeffrey

This is one of the best articles I have ever read! But I'm probably more than just a bit biased in saying that

Good reason to be biased....good article, Jeffrey!

I can't tell you how many people we know who suffer from that false sense of entitlement! A friend of mine is going through a divorce and put her house on the market. It's vastly overpriced. She said she was looking to downsize. Her idea of downsizing is just a few square feet. When I showed her some houses in our area, she turned up her nose at them because they weren't near the lake. This gal lives pay check to pay check and if she doesn't unload her house soon, she won't be able to afford it...yet a smaller house (1000 square feet less than her 2444 square foot house) is slumming.

kork13 · #8 (**permalink**) 10-13-2008, 08:44 AM

Quote:

Originally Posted by rob62521

I can't tell you how many people we know who suffer from that false sense of entitlement! A friend of mine is going through a divorce and put her house on the market. It's vastly overpriced. She said she was looking to downsize. Her idea of downsizing is just a few square feet. When I showed her some houses in our area, she turned up her nose at them because they weren't near the lake. This gal lives pay check to pay check and if she doesn't unload her house soon, she won't be able to afford it...yet a smaller house (1000 square feet less than her 2444 square foot house) is slumming.

Agreed, the "entitlement" is constantly grinding to me... I hate how people intently believe that they are "better than that" (whatever "that" may be). IMO, you have to EARN everything you have, and if you can't earn/afford something, you have no reason (much less a RIGHT) to have it.

hmmm... this sounds familiar, why has this been on the mind of late....? oh yes, of course! Everyone thinking that pursuing the "American Dream" means that you are by right guaranteed home ownership! ...FALSE.

As I just mentioned above, I do want "nice things". But I'm also unwilling to get/have them unless I have earned (through preparing, saving, earning income, etc. for them) and can afford them.

Ima saver · #9 (**permalink**) 10-13-2008, 12:46 PM

good article, jeffrey. I agree completely!

JinCO · #10 (**permalink**) 10-13-2008, 06:33 PM

Good article.

Johansen8 · #11 (**permalink**) 10-13-2008, 11:43 PM

"You don't like to learn: You may have assumed that once you graduated from college, there was no need to study or learn. That attitude might be enough to get you your first job or keep you employed, but it will never make you rich. A willingness to learn to improve your career and finances are essential if you want to eventually become wealthy."

I so was hit by this--thanks!

rob62521 · #12 (**permalink**) 10-15-2008, 02:04 PM

[quote=kork13;189590]Agreed, the "entitlement" is constantly grinding to me... I hate how people intently believe that they are "better than that" (whatever "that" may be). IMO, you have to EARN everything you have, and if you can't earn/afford something, you have no reason (much less a RIGHT) to have it.

hmmm... this sounds familiar, why has this been on the mind of late....? oh yes, of course! Everyone thinking that pursuing the "American Dream" means that you are by right guaranteed home ownership! ...FALSE.

QUOTE]

You are exactly right...they think owning a big home is their due, not their privilege!

segmond · #13 (**permalink**) 10-21-2008, 05:12 PM

I didn't read the article, but I have 1 reason we are not wealthy.

LACK OF SELF DISCIPLINE.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)