why we are not rich

In an article on TheStreet.com, Jeffrey Strain wrote about ten (more) reasons why people do not become rich. Strain contends that, "Becoming a millionaire has less to do with how much you make, it's how you treat money in your daily life." I'm probably guilty of four, maybe five of the things he listed.

In Reason 2, "You feel entitlement: If you believe you deserve to live a certain lifestyle, have certain things and spend a certain amount before you have earned to live that way, you will have to borrow money. That large chunk of debt will keep you from building wealth." I have not incurred huge debts, but I'm spending more than I should. Mostly on books and new gadgets, like the HD camera that I got on a six-month deferred payment. I got de luxe seats to Madonna's concert instead of general admission. I explained to myself that it's once in a bayot's lifetime. I like eating out, too. And recently, I'm hoarding designer moisturizers in an attempt to stall aging. I'm 28, everybody has to take care of their skin.

Reason 4. "You started too late: The magic of compound interest works best over long periods of time. If you find you're always saying there will be time to save and invest in a couple more years, you'll wake up one day to find retirement is just around the corner and there is still nothing in your retirement account." I only took savings banking seriously this year.

I am a little reluctant to admit I'm guilty of Reason 5. "You don't do what you enjoy: While your job doesn't necessarily need to be your dream job, you need to enjoy it. If you choose a job you don't like just for the money, you'll likely spend all that extra cash trying to relieve the stress of doing work you hate." Unless you're J.K. Rowling, being an author doesn't earn a lot. The job that makes bucks is, er, boring. I usually ask one of my multiple personalities to write the lengthy technical reports while I have martini and massage.

The biggest bomb, as far as I'm concerned, is Reason 7. "You buy things you don't use: Take a look around your house, in the closets, basement, attic and garage and see if there are a lot of things you haven't used in the past year. If there are, chances are that all those things you purchased were wasted money that could have been used to increase your net worth." My friend, Eyna, calls it "DG." Dust gatherers. They sit in a corner for a long time, ignored, and with no specific purpose. I have tons of unused notebooks and pencils that could be used by a class of 50 in a public elementary school for a whole year. I have subscriptions to magazines that I don't have time to read anymore. Who reads Freshmen, anyway? I have expensive perfumes and toiletries that have expired already. Good thing wines and champagnes have no expiry dates.

When I'm out in the mall nowadays, I would ask myself, "Do you really need it?" If not, I just walk away. Then come back after ten minutes. I'm hopeless sometimes.