As 2015 comes to a close, we thought it would be smart to talk about money and provide some simple advice. It comes from our friends over an entrepreneur.com about 10 financial mistakes rich people never make. And while the content is most likely familiar to you, it’s always nice to be reminded from time-to-time about things you wish to avoid. The writer, Daniel Ally, is a guy we’ve featured at boomermale.com before. See if you know all ten of these financial traps to avoid.
10 Financial Mistakes Rich People Never Make
“‘Why haven’t I made it yet?’ The answer to this question is in the way you think, feel, and act toward your money. Making better choices with your money can turn your life around.”
-Daniel Ally, entrepreneur.com
Here are ten financial mistakes rich people never make:
1. Not Investing in Yourself: You must take your education into your own hands if you want to prosper. Invest in yourself.
2. Over-Entertainment: Rich people use that time and money to fund their dreams.
3. Buying on Credit: If a person hopes to become rich, they will use their credit cards for growing and promoting their business, not funding personal expenditures.
4. Hiding from your Spouse: Money is only multiplied when love is in the mix and both members of the household have a clear understanding about their finances.
5. Mortgaging a Home: When you mortgage a home, you’re likely to pay twice as much as the original price! Rich people rent until they can buy their house with straight cash.
6. Traditional Retirement: Our retirement system is a joke that must be evaded by those who want to become rich. If you’re depending on mutual funds, 401(k), and certain life-insurance policies, you’ll do better boarding the Titanic.
7. Buying Inferior Goods: Rich people know that buying a $40 shirt which will last for four years is better than buying a $10 shirt that must be replaced every year.
8. Lack of Enjoyment: The truth about becoming rich is that you must enjoy the money that you already have, whether it’s $10 or $100. Your money will only expand if you appreciate it and think about how you can enjoy it more.
9. Not Saving: Rich people save at least 10 percent of what they earn and rarely take out personal loans for themselves, even if they think they need it.
10. Working for Money: The majority of people in this world work for money, but rich people let money work for them.
You can read the entire post here. Do you have any to add to this list? Are there any you disagree with? Share with us below.
Do well.
