And I eventually found the answers. Who Me? First, at the top of the list, is that it never occurs to them. The average person has grown up in a family where he has never met or known anyone who was wealthy.
He goes to school and socializes with people who are not wealthy. He works with people who are not wealthy.
He has a reference group or a social circle outside of work who are not wealthy. He has no role models who are wealthy. This is why people who grow up in homes where their parents are wealthy are much more likely to become wealthy as adults then people who grew up in homes where their parents are not. And of course, if it never occurs to them, then they never take any of the steps necessary to make it a reality.
Learn the first step you need to take in order to get on the path to financial independence. Even if a person reads a book, attends a lecture, or associates with people who are financially successful, nothing changes until he makes a decision to do something different.
They never make a firm, unequivocal commitment or definite decision that they are going to become wealthy. People always have a options trading tactics reason not to begin doing what they know they need to do to achieve financial independence.
Two hundred and fifty million people in the wealthiest country on the planet are barely making it. Consider that almost 75 percent of all Americans are living paycheck to paycheck. You are having money issues because you have money issues. Here are a few of them: 1. Living with mommy Most Americans live within 25 miles of their mothers.
It is always the wrong month, the wrong season, or the wrong year. Business conditions in their industry are no good, or they may be too good. They may have to take a risk, or give up their security.
Maybe next year. There always seems to be a reason to procrastinate. Even if it has occurred to a person that they can become wealthyand they have made a decision to change, procrastination will push all their plans into the indefinite future.
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Pay the Price The fourth reason that people retire poor is what economists call the inability to delay gratification. The great majority of people have an irresistible temptation to spend every single penny they make and whatever else they can borrow or buy on credit.
If you cannot delay gratification, and discipline yourself to refrain from spending everything you make, you cannot become wealthy.
If you cannot practice budgeting as a lifelong habit, it will be impossible for you to achieve financial independence.
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In a longitudinal study conducted by Dr. Edward Banfield at Harvard University in the s and published in as The Unheavenly City, he studied the reasons for upward socio-economic mobility. He wanted to know how you could predict whether an individual or a family was going to move upward one or more socio-economic groupings and be wealthier in the next generation than they were this generation. All his research brought him to a single factor that he concluded was more accurate than any other in predicting success in America.
They called it time perspective. This was defined as the amount of why people don t make big money that you take into consideration when planning your day-to-day activities and when making important decisions in your life. Time perspective referred to how far you projected into the future when you decided what you were going to do or not do in the present.
An example of long time perspective is the common habit of upper class families in England to register their children at Oxford or Cambridge as soon as the child is born, even though he or she will not be attending for eighteen or nineteen years. This is long time perspective in action.
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They are willing to sacrifice in the short term to assure better results and outcomes in the long term.
People with long time perspective almost invariably move up economically in the course of their lifetimes. Click Here!