The 10 Reasons why you aren't rich

[bwatson283]

You are not rich if you follow Donald Trump's advice!

 

[JS80]

This list is more accurate:

1. You don't take enough risk
2. You don't take enough risk
3. You don't take enough risk
4. You don't take enough risk
5. You don't take enough risk
6. You don't take enough risk
7. You don't take enough risk
8. You don't take enough risk
9. You don't take enough risk
10. You don't take enough risk

You don't become a baller working 9-5.

 

[3chordcharlie]

This article isn't about why you aren't 'rich', it's about why you're finances suck, regardless of your income.

It's definitely a fact that most people will never make enough income that they can be 'wealthy' without putting some serious work into managing their money.

 

[Descartes]

Originally posted by: JS80
This list is more accurate:

1. You don't take enough risk
2. You don't take enough risk
3. You don't take enough risk
4. You don't take enough risk
5. You don't take enough risk
6. You don't take enough risk
7. You don't take enough risk
8. You don't take enough risk
9. You don't take enough risk
10. You don't take enough risk

You don't become a baller working 9-5.

I guess it depends on what you mean by "baller", but I know several millionaires in their 30s that got there by working normal jobs. I also know a few people that take nothing but risks, and they have little to show for it.

It's all in the balance, no?

 

[Descartes]

This article was fairly trite. All of that is obvious and has been regurgitated by authors ad nauseum. As Vic and vi_edit pointed out though, the reality is that most people will never be rich no matter what their methods, and even if they do accumulate enough wealth to be considered "rich", they'll likely be so far advanced in age that its utility is far surpassed by the time needed to spend it.

I think the whole philosophy behind frugality is flawed. I think they should teach people to focus on value rather than just random examples of how one should deny themselves the basic pleasures. Value doesn't have to be monetary either; if someone derives a lot of personal satisfaction from that $3 coffee in the morning, then it might very well have sufficient value. Designer consumables, for example, are items that tend to be high on cost but low on value. The point is not to waste, not to deny, imo.

Ahh, I'm rambling. In summary: I thought the article was nonsense.

 

[dainthomas]

Originally posted by: JS80
This list is more accurate:

1. You don't take enough risk
2. You don't take enough risk
3. You don't take enough risk
4. You don't take enough risk
5. You don't take enough risk
6. You don't take enough risk
7. You don't take enough risk
8. You don't take enough risk
9. You don't take enough risk
10. You don't take enough risk

You don't become a baller working 9-5.

Risk implies that if it doesn't pan out you could end up that guy yelling at his shopping cart who hasn't bathed since the Reagan administration.

 

[Apex]

Man, so many of those apply to me.

 

[uhohs]

Originally posted by: MisterJackson

Originally posted by: uhohs
because i spent $500 in the last 3 months on japanese pron.

Tell the truth bukkake boy

wtf :Q

 

[NogginBoink]

Originally posted by: Vic
The article should be title "10 Reasons Why You Aren't Rich at Age 50." Then we wouldn't have 20 year-olds whining about how they abide by the list and still aren't rich. Acquiring wealth is the process of building assets. Income is only part of the equation. What one does with their money is just as important as how they make it. Make that the 11th reason, people who don't understand that never get there. Now go out and upgrade your HDTV and buy the latest vid card, and tell yourself that the divide between rich and poor is all a big conspiracy.

So... you're saying that when your outgo is greater than your income, your upkeep becomes your downfall?

 

[AmphibSailor]

I always thought it was cuz I got no money.

 

[thomsbrain]

none apply to me but i'm still pretty poor.

 

[vrbaba]

#9 is the only worthwhile reason in that list:

9. You're Financially Afraid: You are so scared of risk that you keep all your money in a savings account that is actually losing money when inflation is put into the equation, yet you refuse to move it to a place where higher rates of return are possible because you're afraid that you will lose money.

 

[loup garou]

I love the fact that the article is followed by a link to their $100,000 contest after berating you for trying to make a quick buck.

 

[PrinceofWands]

1. Nope, just the opposite...I care less about what others think than just about anyone I know.
2. Nope, just the opposite...I'm about the most patient person I know.
3. Yes, but not seriously bad.
4. Yes, none at all.
5. Not reasonable...it takes money to have insurance. I do the best I can to have a financial buffer, and I have insurances when they're available at a reasonable price.
6. Nope, I don't really ever TRY to get rich. I might drop a 5 on a huge lottery once a year, but that's hardly impacting.
7. Nope, just the opposite. NO ONE touches my money but me.
8. Nope, not at all.
9. Yes, and worse...I won't even use a savings account. I am beginning to learn about types of investment that I might try though...things that give me total physical control of my assetts.
10. Not really, I just don't focus on it.

So very few apply to me and they miss the #1 cause why I'm not rich:

I don't give a damn about money. It isn't needed or important, and the things it takes to get it are generally morally reprehensible to me.

 

[SampSon]

I have better things to do than spend my life trying to be rich.

 

[jjones]

bah, that article is for losers and wannabees. I don't want to be rich, I want to be filthy, stinking, obscenely rich. So ungodly rich that I can use rich people to wipe my ass.

 

[JS80]

Originally posted by: Descartes

Originally posted by: JS80
This list is more accurate:

1. You don't take enough risk
2. You don't take enough risk
3. You don't take enough risk
4. You don't take enough risk
5. You don't take enough risk
6. You don't take enough risk
7. You don't take enough risk
8. You don't take enough risk
9. You don't take enough risk
10. You don't take enough risk

You don't become a baller working 9-5.

I guess it depends on what you mean by "baller", but I know several millionaires in their 30s that got there by working normal jobs. I also know a few people that take nothing but risks, and they have little to show for it.

It's all in the balance, no?

I guess everyone's definition of "rich" is different so it's moot to debate. But barring luck on general the more risk you take the higher your return. Most people are risk averse so they become complacent and protective of their steady income. I guess everyone's definition of "risk" is different, but you get the point.

Originally posted by: dainthomas
Risk implies that if it doesn't pan out you could end up that guy yelling at his shopping cart who hasn't bathed since the Reagan administration.

Most important asset is human capital...so if you took high risk but ended up as a bum with a shopping cart...something went wrong. There are plenty of risk taking maverick's who drove companies to the ground or lost millions of dollars taking risk but they don't go around pushing a shopping cart and yelling at it.

For example, this is the trader who blew up amaranth (Brian Hunter)... his track record

2003: worked at deutsche as energy trader, racked up 51mm in losses in his p&l
2006: somehow got a job at a prestigious hedge fund a couple year before and racked up 9bil in losses
2007: started a new hedged fund, solengo, with AUM > 700mm

 

[swtethan]

girls

 

[KoolDrew]

Originally posted by: theprodigalrebel
Very simple points but all very true.

 

[spidey07]

The path to wealth is making your money make more money for you.

This has nothing to do with income. The article is just basic common sense.

 

[XMan]

#11: You're paying "stupid tax" - IE, bottled water, fast food, lottery tickets, cigarettes, boutique coffee, or booze.

 

[tomywishbone]

#12. You're young and you have friends.

#12b. When you were young, you had lots of friends.

 

[foghorn67]

Originally posted by: Red Dawn
I wonder if the author of that article is rich.

Wondering if others are rich is reason number 15 of why you aren't rich.

 

[magomago]

1) Nope not all.
2) Nope - I will sit and wait and wait unless I know something is a good deal
3) Thank god I don't drink, smoke, gamble....although if I played less Dota I'd probably have more time to do other stuff
4) I don't know exactly what I want to do, but I'm still in college and have met very successful people who said they didn't figure it out until they were 35 so as long as I have a persistence direction I'm fine
5) Okay you got me, but I don't have a real income such that I can build for these emergencies
6) Not really - I'd take real estate over 20 years over stocks any day
7) If I had money maybe I could
8) I don't have the money to do that, but I'm one of those people who have to know what the hell I'm doing else I get really frustrated....so I don't see how I invest in what I don't understand
9) Again, need money
10) I hate debt, so not reallly...

I think it boils down to the fact I'm spending most of my time doing homework :x But since I don't think I'd act like that, I'm a happy camper! Lets just hope I can use that higher starting income as an engineer to invest in things that I can understand to make $$

 

[Injury]

Originally posted by: paulxcook
A few kind of apply to me. I think I'm probably not a millionaire because I haven't lived long enough yet to build any wealth. This is probably directed at 40somethings on up.

It may be directed at them... but it's very applicable for 25 and up... and still very insightful for anyone who gets a paycheck.