Top Ten List:
1-Not having a budget
2-Having a shopping addiction
3-Spending more than you earn
4-Having a Gambling problem
5-Not changing bad money habits
6-Being addicted to vices (alcohol, cigarettes, drugs)
7-Having a small vision mind frame
8-Not investing in a retirement plan
9-Debt
10-Keeping up with the Joneses
All of these things will stop any inkling or possibility of growing your piggy bank. Money as I have mentioned before is a vehicle that needs to be steered in the right direction. A wise man once told me to see the big picture of everything and also that the little things in life add up to make a big difference. For example I know some people who do not invest or increase gradually their 401K employers retirement account because they feel that somehow the government will restrict full access to this money in the future. That is in my opinion somebody not seeing the vision compared to a financially minded person. Granted we can not predict the future but I can bet that the people will not let the government just raid our retirement accounts. (Social Security is another topic and could get crossed out of the retirement equation in a decade if they do not fix the system.)
If you notice the list above you will see all the negative barriers that we sometimes place on ourselves for various reasons. If you can successfully go through each list item and not be affected by any of the ten things then you are definitely winning in the money game. Just to get a bit personal and disclose to all of you the list items I have overcome as I used to mismanage my money for a few years. I am guilty of list items 1, 2, 9, 10, but now I am cured. The problem I remember I had was that I didn’t really feel like nothing was wrong with me because if I spent money most of the time I saved money on the flip side, thus being in denial. I was always a saver even though I was a shopaholic of watches and sneakers. Two wrongs don’t make a right and I had four wrongs.
If you could be so kind, let us know what list items you have been plagued by or guilty of and have been cured of in a comment below.
Watch your Money !
RichUncle EL
