After our Holiday Hiatus and recovery from all that has been going on, we finally decided that it’s time for another post… which we do not have. So as a cop out, let us add a list of factors to take into account with your New Year’s resolutions:
From TheStreet.com, 20 Reasons why you’re not rich:
1. You Care What Your Neighbors Think
2. You Aren’t Patient
3. You Have Bad Habits
4. You don’t have goals.
5. You aren’t prepared.
6. You’re trying to make a quick buck.
7. You rely on others to handle your money.
8. You invest in things you don’t understand.
9. You are financially afraid.
10. You ignore your finances.
11. You care what your car looks like.
12. You feel entitlement.
13. You lack diversification.
14. You started too late.
15. You don’t do what you enjoy.
16. You don’t like to learn.
17. You buy things you don’t use.
18. You don’t understand value.
19. Your house is too big.
20. You fail to take advantage of opportunities.
Instead of commenting, especially on the fact that we disagree with number 7, we will use simple economic principles to show you how to get rich in 2 easy steps:
1. Spend less than you make.
2. Invest what you save in interest bearing accounts.
This will get you rich, although not anytime soon. During the course of the year we will be searching for ways to earn more, save more and spend less in these troubled times, while using the power of economics to do so.
