WHY ARE WE NOT WEALTHY PART 2
This is a common lament I hear almost every day. And when I ask people if they wanted to be wealthy, almost everyone says, “Who wouldn’t?”. And yet, year after year they remained the same. Where did they go wrong?
Being rich remains a dream, not a goal When you dream of being wealthy, that’s what it is… just a dream and not a goal. When you have a goal e.g. you want to renovate your house, you get to work. If you don’t like all that work, you hire an interior designer cum contractor who does everything for you. Similarly, if you want to be wealthier, you need a plan to get there or you can hire a financial planner if you do not have the time to figure out everything yourself.
Spending as though already rich Sometimes we count our chickens before they are hatched. After we have a job promotion, we start spending all of the salary increase and beyond because subconsciously we feel very wealthy. The strange thing about getting to be wealthy is training your mind to still feel poor and spend accordingly. That way, your money stays with you and that increases your net worth.
Not using debts wisely How easy it is to want something, put it on the credit card and paying the minimum every month. It would be wonderful to change our mindset to think like successful businessmen who use debts to accumulate wealth e.g. to buy an asset like an appreciating property or to acquire investments that gives a higher rate of return than the loan. Let’s use debts to get wealthy instead of getting into poverty.
Procrastinating Life is so full of urgent things like that ringing phone, a work deadline, huge bills to pay that we tend to push important but not urgent things to yet another day or another year. Sadly, success comes disguised as work and so many people miss it. Similarly, to be wealthy takes work and pushing the need to make some financial decisions away only means pushing wealth away.
Act Today, Own Tomorrow!
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