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10 Reasons you aren't rich

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  • 10 Reasons you aren't rich

    Full blog post here: http://www.thestreet.com/_tscrss/new.../10345796.html

    But I thought these three were particularly relevant:
    Originally posted by 10 Reasons you aren't rich
    6. You Try to Make a Quick Buck: For the vast majority of us, wealth doesn't come instantly. You may believe that people winning the lottery are a dime a dozen, but the truth is you're far more likely to get struck by lightning than win the lottery. This desire to get rich quickly likely extends into the way you invest, with similar results.

    7. You Rely on Others to Take Care of Your Money: You believe that others have more knowledge about money matters, and you rely exclusively on their judgment when deciding where you should invest your money. Unfortunately, most people want to make money themselves, and this is their primary objective when they tell you how to invest your money. Listen to other people's advice to get new ideas, but in the end you should know enough to make your own investing decisions.

    8. You Invest in Things You Don't Understand: Your hear that Bob has made a lot of money doing it, and you want to get in on the gravy train. If Bob really did make money, he did so because he understood how the investment worked. Throwing in your money because someone else has made money without fully understanding how the investment works will keep you from being wealthy.
    I've bolded a bit that I thought was relevant given the ongoing debate about mentors and education...

    Cheers
    David
    New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki


  • #2
    Nice article, any idea's on how to get someone else to apply these principals to their finances... IE. partner lol.
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    • #3
      Totally agree Dave - it clearly illustrates why mentor could be of a great value so you can learn "enough to make your own investing decisions" much faster than you can on your own.
      As for educators - the question is "will you get a cut if I buy a products or service you recommend?" can see two possible scenarios if they say "YES" and other two if they say "NO"....
      Don't argue with idiots, they'll drag you down to their level and beat you with experience.

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      • #4
        Nice article, any idea's on how to get someone else to apply these principals to their finances... IE. partner lol.
        Honey, I know you want X, Y and Z badly, I found a way how we can get it - do you want to learn more about it? Yes, we have to to A, B and C and not do D and we'll get there in no time at all.
        Don't argue with idiots, they'll drag you down to their level and beat you with experience.

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        • #5
          Originally posted by Ivanhoe View Post
          Honey, I know you want X, Y and Z badly, I found a way how we can get it - do you want to learn more about it? Yes, we have to to A, B and C and not do D and we'll get there in no time at all.
          lol the response i get to that is "No, you can do that, then buy me more stuff"
          Need a website or anything to do with online marketing? Visit Christchurch Web Design.

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          • #6
            I'd get "I was with you up to 'not do D'"
            DFTBA

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            • #7
              Its just like the public all they ever want is lower taxes and more govt spending...
              New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki

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              • #8
                Seriously though, the answer has to be basic financial education, maybe use something like cashflow as an intro, its a good way to get people excited.
                New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki

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                • #9
                  Originally posted by Monid View Post
                  Seriously though, the answer has to be basic financial education, maybe use something like cashflow as an intro, its a good way to get people excited.
                  I suppose it easier to just do nothing.
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                  • #10
                    You What?

                    Originally posted by srv View Post
                    I suppose it easier to just do nothing.
                    Hell, no! It's much easier to tick it up.

                    Lots around to help with that, too.

                    The challenge comes with paying it down.
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