Sunday, February 03, 2008

How Come I'm Not Rich? 10 Excuses

There are many definitions of wealth and success. And by many measures, I'm a very wealthy woman. But on a dollar-for-dollar basis, I'm not as wealthy as I could be.

"Why aren't you rich?" That's the question (from Day # 75) in Year To Success by Bo Bennett. Here are a few of his theories and common excuses:

*No. 1. We don't really want wealth.

*No. 2. We're clueless about building wealth. (Lack of knowledge).

*No. 3. Some of us secretly believe that wealth is evil. (Poverty is noble!)

  • No. 4. Lack of time

  • No. 5. Destiny: We're fated to be poor. (Family history or personal karma limit our bank account and lifestyle.)

  • No. 6. Constant failure. We're trying. We're trying.

  • No. 7. Fenced in by bills. Day-to-day concerns preempt long-term dreams of wealth.

  • No. 8. Waiting, hoping "for the right opportunity."

  • No. 9. Faith in a future inheritance, the lottery or some other sudden windfall of wealth.

  • No. 10 Hoping to marry a rich partner.
Obviously, those are all poor excuses. To get past the excuse-making stage, Bennett recommends that we write down our personal alibis and examine our real reasons for staying in a financial pit. Next brainstorm for ways to solve our money problems. Here are a few possible solutions: Do we need to take a course on finance or improve our workplace skills? Do we need to visit a financial planner or start an emergency fund? Should we get a part-time job or start a side business? Those are a few questions and solutions to consider.

For example, my own list includes excuses: No. 4 lack of time; No. 7 day-to-day responsibilities; and No. 8 waiting for golden opportunities.

My insights: Disorganization and poor planning are the culprits. With better planning, I can meet the financial pressures of day-t0-day living and still have time to work on long-term projects that offer handsome payoffs.

My Action Plan includes:

1) Better organization.

2) Elimination of procrastination.

3) Setting aside daily blocks of time for long-term projects and personal development.

4) More exercise and relaxation. Workouts and meditation increase my mental focus and decision-making abilities.

Likewise, with better planning, I don't have to wait for golden opportunities or pray for large blocks of free time. With an organized plan and daily goals, I can balance long-term wealth building projects, with short-term actitivities that provide an immediate pay-back to cover bills.

1 comment:

Leah Ingram said...

One of the ways that my husband and I have become "rich"--and maintained the green lifestyle that's important to us--is to pay our bills online. So, you may be wondering, how does bill paying make us rich, when there is money going out? When you set up your bank account to send out your bills on time every month, over time you build your credit because you've shown yourself to be credit worthy. Also, in there with our VISA and electric bill is a payment to our retirement fund, meaning that as we're paying down our debt, we're growing our nest egg, too. And because we pay everything electronically, we're not wasting paper. Just some food for thought.