Dr Saxe

Money Management Tips

An article on Yahoo in their finance section had an interesting headline today so I clicked over to take a look at “10 (More) Reasons Why You Are Not Rich.” It was actually a followup to a previous article, and between the two articles they made some excellent points. The main point they are trying to make is that becoming a millionaire has less to do with how much money you make and more to do with how you handle the money that you do make.

The first list of 10 reasons:

1. Caring what your neighbors think,
2. Not being patient,
3. Having bad habits,
4. Not having goals,
5. Not being prepared,
6. Trying to make a quick buck,
7. Relying on others to handle your money,
8. Investing in things you don’t understand,
9. Being financially afraid and
10. Ignoring your finances.

The second 10 reasons - according to the article:

1. Caring what your car looks like
2. Feeling entitled
3. Lacking diversification
4. Started too late
5. Don’t like what you do
6. Don’t like to learn
7. Buying things you don’t need
8. Don’t understand value
9. House is too big
10. Don’t take advantage of opportunities

A short explanation behind each of those reasons is contained in the full article, which I recommend all my friends take a moment to read through and think it over - even the ones who ARE rich might learn a thing or two.

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