Jeffrey Strain writes 10 Reasons You Aren’t Rich for The Street.com. He also writes the popular Personal Finance Advice. The ten reasons are great, but before we get there, I have a couple points of minor criticism.
The title says “rich”, but the introductory paragraph implies that means having a million dollars. Many would disagree in this world of inflation that a million dollars is equivalent with being rich. As an example, it buys a nice little home in my area, Silicon Valley.
My other criticism is that the title is present tense. It heavily implies that if I have followed all ten reasons to this point, then I am rich. Then that promise is broken in the opening paragraph with the words “or on your way to becoming [a millionaire].”
The ten reasons are well worth the read. I personally liked “9. You’re Financially Afraid.” It’s a big reason why I don’t tie up a lot of money earning 5% interest in a high interest bank account. After inflation and taxes, you’re lucky if you make a dollar or two. At the end of the article, I realized that I’m following all the rules, so I’m on my way.
I’d still like to add two more reasons reasons “why you are not rich”:
11. You Need More Time – If you do all these things at age 60, you aren’t going to be rich at age 62.
12. You Need to Have Income -Â Many people will say this is not true, that’s it’s always possible to spend less than you earn.Â Back in the Dot Com bust, I had lost all my income except for the occasional contracting gig.Â I became a frugal maven out of necessity.Â I would not have become rich with that life style though.