10 reasons you’re not rich

Plus tips on how to change your ways

11

11 comments on “10 reasons you’re not rich

  1. This article is not on par with other articles released by MoneySense…. why the change? I feel like there’s going to be a recommendation to read “rich dad poor dad” next.

    Reply

  2. Agreed, this article is subpar.

    Reply

  3. This is just embarrassing. I hope Steve Siebold paid you well for the advertisement.

    These types of books are clearly just cash grabs by authors who are making money on people’s gullibility and need for hope. “Think rich to get rich”. Sure thing dude. Wan’t that “the secret”?

    Reply

  4. Yes, this article is sad, positive thinking. Picture me in my sports car now rubbish….

    Reply

  5. Why don’t articles like this concentrate more on the practical aspects of saving? Things like evaluating everything you spend money on, setting high savings goals, not buying the latest of everything, etc. As it is, this article isn’t going to help anyone.

    Reply

  6. As a professional accountant who has witnessed many small business owners struggle, I find no concrete advice whatsoever in this article. In fact, I would call this, in lay terms, pure undiluted BS.
    The clients I have seen who became millionaires did so through unending hard work, savings, and even some luck. Sure they made sound decisions, but in a lot of cases things finally just came together in the right way. I have read about many business people who have struggled for years until things just aligned the right way so their business plan/model worked out.
    My view is that perseverance is the key to success in life. This applies to business, work, education, family, marriage, happiness, and yes wealth. Life is no cake walk.
    CD

    Reply

  7. Actually, I think the writer nailed most of the reasons and found myself nodding approval with each item. I would agree with most of the comments that the article is rather general, but wealth creation isn’t really that complicated, the hardest factor to tame is not the investment vehicle but managing investor behavior and this was the focus of the article. The one additional item I would add is that successful people seek advice from professionals in areas that they are weak or their time is better spent in their areas of strength. As a discretionary Portfolio Manager with 25 years experience dealing with people from across the financial spectrum, we’ve found the three pillars of a successful investing are: 1) A client’s commitment to success – their willingness to stretch themselves in their savings – You will not become a millionaire contributing $100/mth. for 10 years 2) Continually seeking the “get rich quick” investment scheme. People, the investment puzzle has been solved years ago, the only ones who tell you the opposite are those making their living on commissions. 3) The hardest element to manage is investor behavior – removing the emotion of investing and staying disciplined during good times and bad. This is where a good advisor earns their pay. Seek a manager/advisor that is fee based and not compensated for selling you a commission based product Fee based managers have one bias, since they are compensated based on the value of assets under management, they will push you (within your limits) to stretch yourself by aggressively encouraging you to put away more for your retirement. But over the long-term, maybe this isn’t such a bad thing. Happy Investing!

    Reply

  8. The lackluster duo that allowed this junk article to exist, both the writer and editor, are responsible for lowering the quality of this magazine/site this month.

    Reply

  9. This feels more like a Buzzfeed clickbait.

    Reply

  10. Where are the ten top tips and tricks you promised I didn’t read the article to be left hanging You need to get your head examined boy Don’t promise something you can’t deli ver

    Reply

  11. What a bunch of rubbish! Seriously, MoneySense – get real!

    Reply

Leave a comment

Your email address will not be published. Required fields are marked *