Excuses that kill your wealth

The words "money" and "rich" conjure up all sorts of stuff from people.
The words make people react due to tapping into so many deep hidden issues about the subjects.
The ego hides the pain and the reactions are perfectly justifiable and logical so the person saying them actually believes them as truth - it is their truth!

Your environment (not what you say or justify) actually reflects who you really are.

If you have stuff around money you won't be able to have it, attract it or keep it. You will find a way to lose it.

I've heard tons of excuses for not being wealthy.

I just want to be comfortable not rich - it's more comfortable when you are financially free.

My kids come first - ooohhh so believable and straight to the heart, but they can't come first if you cant supporting them financially.

Money dosent make you happy - neither do apples but you will have one when you feel like it and most people don't have stuff around apples so it's not mentioned as an anti!

Any others?

 

How believable is this?
It sounds logical ...... BUT..... poverty does not buy you any of those things either.
Eating more apples does not give you those things. Those things and money are mutually exclusive.
Linking them to money states subconsciously that those things are more important so you should not have money.
This is why most people are struggling financially, but still don't have those above things

 

It depends on how you define comfortable. I would rather have enough money but more time - i.e. I wouldn't keep working (in the current way) after a point at which I can sustain most of my needs/wants and a small buffer. From my own experience and calculations, I don't need 10 IPs or a multi-million dollar portfolio to achieve that. Obviously you will be more comfortable with more but you also take a risk to achieve that. Money is replaceable, time isn't.

 

I know many more "poor" people who have manners, respect, integrity, common sense and morals compared to wealthy people I know. Many become wealthy by sacrificing these items.

 

I know, most tribunal claims I do in the far northern suburbs are because people have stayed poor to preserve their integrity and morals. We should just let them live there for free.

 

Happiness creates wealth

 

This reads like the two options are wealth or poverty. How many examples are there of kids from wealthy families who have turned out horribly?

For a time I worked a 65 hour week and I can guarantee my children became far better off when I reverted back to the 40 hour work week.

How many people on their death beds will say say 'I wish I had made more money and spent less time with my kids' ?

 

It's about addressing issues that are holding people back on a forum where people are focused on creating wealth through property.

People on here are asking about this deal and that deal and the best place to buy property. You can purchase the best "deal" in the best suburb at the best time and still lose money if there is no foundation of mindset to build on.

There are no self development courses that state you need to ignore your kids, sell your soul or compromise your morals.

Your own self development, your own happiness - your mindset are the only thing you have to give, not only to finding the right "deal", creating a successful business, but those things are the only thing you have to offer as a parent and to a partner in a relationship. Being the best version of you is all you have.

 

The reverse is also true. Wealth creates happiness.

Having the knowledge that I'm in the fortunate position to take a year or 2 off if need be and still be financially ok, is a burden off my shoulders. And as @Tim & Chrissy said has allowed me to reduce my working hours to have more time with family.

 

Out off your list of ten several you can buy,and as i know several in their late 50's still working and renting and will end up on sit-down money and live week by week..

Then you look at those struggling financially as the map does not correspond to the territory these days anyone can look rich rent in the right area news cars all on credit and the more information means more delusions..My idea of wealthy is how much free time you have to do nothing.

 

True
My definition is how quickly you can attract it and keep it and that is mindset.

 

That's the problem the attract and keep mindset comes with experience every mistake is another one that will never happen again not something that can be taught..Then you go from the camp of being liked to the camp of the hated as success can also be a failure because wasting time is sometimes your only simple investment..

 

The below is so true and so simple yet too many fail to see past trough it.

Being a decent human being and having or not having money are completely seperate things to my mind. Having more money gives you a choice though. It can help you become a better person by helping others for example(or helping yourself by having time to self educate) or it can corrupt you to a point where you loose the above list in order to make more money.

 

Money isn't the only way to support kids. In my opinion, money without love is asking for a disaster.

Shirtsleeves to Shirtsleeves in Three Generations

In fact love is a better way to support kids. Money then helps achieves the goals quicker - if done correctly.

Teaching them to be decent human beings - don't teach them that having money allows you to buy your way through life.

 

I need a new car...

 

Money dosent have to come without love.

Plenty of kids in low socioeconomic suburbs who have no love despite a lack of money.

 

This may open a can of worms and perhaps its your attitude that actually kills your wealth and Its not about the Rich versus the Poor.

This subject matter can tend to become very personal/emotive.

Regardless of whether you become rich or not, I want to be in the "Can Do Ideology" group, only cos I would think my life would have purpose and fulfilment

I like this link. Thomas C Corley September 2015 (Study Rich and Poor People)

I Spent 5 Years Studying Rich and Poor People and I Would Like to Share What Separates The Rich From the Poor - Rich Habits Institute

Extract Below, very long even though I pruned it back, I find this fascinating


Can-Do Ideology

• Have a Defined Purpose in Life – Eighty percent of the self-made millionaires pursued some major purpose in life. This was some dream or vision they were chasing. They built goals around their dreams and never quit. Many said that they would never quit on their dream even if it meant bankruptcy or divorce. Twenty-seven percent actually failed at least once in pursuing their dream. But they did not quit.
• Create Multiple Streams of Income – Sixty-five percent of the millionaires in my study had at least three streams of income.
• Be Patient – Eighty percent of the rich in my study did not become rich until age 50. Fifty-two percent did not become rich until age 56. It takes a long time to create wealth.
• Save Money – Ninety-four percent of the rich saved 20% or more of their income.
• Offer Opinions Backed by Facts – Rich people do their homework. When they express an opinion it is usually backed by facts. Facts that they accumulated through years of self-education and experience.
• You Can’t Succeed on Your Own – The rich build teams. They find apostles for their cause – individuals devoted to them and who share their vision and purpose. Their team players benefited financially from their success.
• Mistakes Have Value – Mistakes are the byproduct of taking calculated risks. The rich see mistakes as nothing other than learning experiences.
• Be Open-Minded – You can’t learn anything if you are closed minded. Being open to new ideas, new ways of doing things and the opinions of others is critical to growth. Success requires growth.
• Give First – In order to get you must give. You must give value to others either in the form of service or through some product. Giving comes first. It was no surprise that 79% of the rich in my study volunteered for charities or non-profit groups.
• Finish What You Start – The rich don’t quit. They stick to something until they succeed, go bankrupt or die. Eighty-percent were focused on achieving some goal and 55% spent one year or more on one goal.
• You can’t Get Rich if You’re Unhealthy – “You can’t make money from a hospital bed.” That’s what one millionaire told me during my research.
• Don’t Be Cheap – The rich are generous with their time and money. Because they operate from an abundance mindset they are not afraid to donate their time and money. There is a difference between being cheap and being frugal.
• Fear Nothing – The rich have made a habit of overcoming their fears. They are not superstitious and believe they can overcome any obstacle that is put in their way.
• No Excuses – The rich believe they are the architects of their lives. They don’t give excuses, they don’t rationalize failures and they don’t blame anyone but themselves for their circumstances in life.
• Encourage Others – Rich, successful people are great cheerleaders. They encourage other success-minded people who are pursuing a dream or some purpose in life.

Can’t-Do Ideology

• Lack of Purpose – The poor had nothing they were pursuing in life. No purpose, no dream, no goals. I should qualify that last sentence. They had dreams but they were not taking any action on their dreams. As a result they felt stuck. Only 3% of the poor in my study were pursuing some dream.
• Live Beyond Their Means – Most of the self-made millionaires in my study came from poor or middle-class backgrounds. Somehow they were able to overcome adversity in life. One way they did this was they got into the habit of saving money. They were blessed, in a sense, because they had parents who taught them to save 20% of their income when they were very young. The poor in my study were not so lucky. They were never taught by their parents, and never learned in life, the importance of saving money.
• Pessimistic – Another attribute of the poor that really dragged me down was how negative and pessimistic they were. I asked them if they thought optimism was important in life and 78% said no. Seventy-one percent of the self-made millionaires in my study said yes to this question and that optimism was critical to their success.
• Negative Emotions Not Controlled – The poor had no control over their emotions. Anger, sadness, worry, fear, unhappiness and mistrust ran rampant in this poor group. They made a habit of expressing every emotion to whoever was in earshot. Anger is perhaps the most costly emotion. Almost half of the poor in my study admitted to getting angry regularly and I believe this was causing them some relationship problems.
• They Have an Opinion About Everything and Everyone – The poor are not afraid to express their opinions, I found. The problem is that, because they don’t read (98% don’t read to learn), they are expressing opinions not based on facts. And when they expressed opinions about others, often it was very negative. “Rich people cause poverty.” “Our politicians don’t do enough for the poor.” “My parents were drunks.” “My kids are lazy.” I heard it all.
• Repeat Mistakes – The poor do not learn from their mistakes. They were too closed minded to listen to others or were simply not aware of the bad habits they had that were dragging them down. Mistakes repeated become habits.
• Closed-Minded – I think this was perhaps one of the worst attributes of the poor in my study. They just did not want to listen to anyone’s opinion that differed from theirs.
• Me First – The poor want things given to them first before they reciprocate. This me first attribute gets you nowhere in life. It’s an entitlement attitude that keeps you down.
• Bright Shiny Object Syndrome – The poor never complete what they start. I call it bright shiny object syndrome because they are constantly moving from one thing to the next. Ninety-one percent were not focused on any single goal. Ninety-four percent admitted to not setting any goals at all.
• Cheap – Most of the poor in my study were cheap with their time and money. Because of their scarcity mindset they were more interested in what they could get from others than what they could give to others. As a result, when things go wrong in life, as they often do, they’re on their own. The government is their only salvation. If you don’t have money, give your time. But the poor didn’t do this. Only 12% volunteered five or more hours a month. If you look at the data on the rich, 72% of the rich volunteered five hours or more a month. Volunteering puts you in touch with many successful people.
• Gamble Too Much – Seventy-seven percent of the poor in my study gambled every week on the lottery. .
• Work Hard Not Thinking – The poor go to great lengths to not think. Seventy-seven percent watch more than an hour of TV a day. Seventy-four percent spend more than an hour a day on the Internet. Ninety-eight percent don’t read every day because their time is occupied with TV, the Internet or other time wasters.

 

Spot on MTR
It really is what makes the difference.

 

I don't know who's quote this is, but it makes me smile, this thread makes me think of it, something like:

"Money can't buy happiness.......but but it can buy you a big yacht that can pull up right along side it"

My "yacht" atm is flexibility with time, I decide when and how much I work. I wouldn't/couldn't do that unless we had a bit of money behind us (not enough to buy big yachts though

 

And herein lies the problem. To a child LOVE is spelt T.I.M.E

You may well love your child very much but if you're not home for dinner most nights, miss their sports carnivals and work into the weekend there isn't much time left to demonstrate that love.