Why do more people not get rich? Before we get into that subject let us put this into perspective with some sobering statistics.
According to the IRS statistics (2004) 2,728,000 families in the US had a net worth of $1.5 million or more. That is about 2.5% of the population (assuming three people average per household, divided by the population) I think a more realistic number is about 5% of the population.
The median net worth of the households in 2000 was $55,000. For those households where the people are over the age of 70 the medium net worth was $100,000.
- As a foot note, the number of households under the poverty level is 43.1 million families (2015) poverty defined as having a household income of $24,600 for a family of 4 people. This does not include any aide and assistance that they might get.
Why don’t more people get rich?
Procrastination is the number one culprit. Young people are just too busy, and they think they have forever to worry about money. Then we are too busy raising a family and running a career. By the time we are 40 years old we have let the bad habits set in.
Lack of knowledge is the next cause. The subject of money, it’s care and accumulation are not a subject taught in school. It should be taught right along with reading, writing and arithmetic. We are bombarded with information on saving and investing, yet how to make money gets ignored. The information on getting wealthy is readily available but we, as a group, do not spend the time to adsorb it.
$100 invested every month in a mutual fund based Roth IRA starting at age 25 would be worth $1.5 million by age 65. That one sentence is enough knowledge to make you rich at retirement if you have the discipline early on to do it. That is but one of thousands of ways to make money work.
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Procrastination is the next cause. 99% of the people who read this article will not put the information to work to make themselves rich. I would-da, I should-da, I could-da, but I didn’t.
Desire: It comes down to you wanting to be rich bad enough and then learning what you need to know to accomplish your goals. Yes, it is work, but if you do not invest your time and money into you……who will? Give yourself permission to be wealthy! The rewards are so great in comparison to the effort extended, to not make yourself rich borders on lunacy. I know I exaggerate, but I hope you will seriously think about what would motivate you to get moving towards making yourself rich?
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Special C-D Course and Seminar Ticket for March 2018
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