A lot of people fail to reach their goals of being wealthy. As a result, people live frustrated and unfulfilled lives.
In spite of the desire to be wealthy, a lot of people fail to be affluent because of several mistakes. Failure to take charge of one’s finances, failure to cut unnecessary spending, lack of financial goals and incurring too much debt are some of the reasons why people fail to become wealthy.

So, if you have the desire to be rich, what are the possible reasons that account for you not being wealthy?

1. Not being in control of your finances. If you are not involved in the day-to-day finances of your household, then you can never be fully in charge of your financial situation. You must know the details of finances, investments, debts, retirement savings, etc. It is not recommended for you to hand over your investments and financial affairs over to a broker or financial consultant without keeping abreast of what is being done with your money and being involved in investment decisions. If you want to be wealthy, never give complete control of your money to someone else.

2. Not paying off your mortgage sooner. If you can afford it, pay more money every month towards your mortgage. It is estimated that an average homeowner ends up paying two-and-a-half times the purchase price of the home by stretching the payments over a long time frame. Paying off your mortgage sooner can save you large sums of money and help you build wealth.

3. Not controlling your expenditures. The reason why so many people are in debt is because they spend their money away in small, barely noticeable amounts, mostly on ‘unnecessary’ items. If you’re ever going to accumulate wealth, you must control all your money outflows.

4. Not setting goals. If you do not know what you want to achieve financially and how you plan to get there, you will probably never get there. To accumulate wealth, you need a plan. To be motivated to save money, you need something specific to save for. To succeed in accumulating wealth, write your goals down and visualize them, whether they are a relaxing retirement, a mortgage-free home, or an unforgettable vacation, or a larger bank account balance.

5. Incurring too much debt. If you are spending all your money paying interest on credit cards and installment debt, you will not have enough left for savings. When you buy on credit and don’t pay the balance off at the end of the month, you end up paying much more for your purchases. If you want to accumulate wealth, pay cash and stay away from credit card debt.

6. Not saving enough for retirement or starting to save too late. When you are young in your 20s and 30s, it is easy to think you have all the time in the world to accumulate wealth and save for retirement. Start saving early, and save at least 10% of your income every month, and you’ll be well on your way to accumulating wealth.
Avoid these 6 money mistakes and increase your chances of successfully accumulating wealth.

Roy is an Internet Marketer and is a member of Success University. He is
currently earning his Scholar Certification at the University. Roy’s Blog
http://www.my-success-university-blog.com

Tags: finances, goals, wealthfinances, goals, wealth

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Maybe you’ve looked at your calendar and realized that October is fast approaching. You have set some goals earlier this year in the area of your finances but have not achieved them. Now is the time to make a committed effort to begin paying those bills off and plan ahead. Why? As holiday season approaches, people tend to create more debt than any other time during the year.

The idea is not to achieve more debt as the end of the year approaches, but to end the year on a financially positive step. You can still concentrate on one bill now and make a dedicated effort. Perhaps it will only take you one or two months to pay it off. Regardless, pay it off. Then the money you placed towards that bill use to purchase your holiday items.

I can assure you with the latest round of hurricanes that happened consumables are bound to go up. When I was recently in my home state of Louisiana, retailers were having trouble keeping food on the shelves. It will not be long before this happens in other states.

Do not charge your holiday shopping because when January comes and you receive those bills, you could end up disgusted. More than likely you will not pay the bill right off. Eventually whatever you charged ends up costing you more than the original price. Does it make sense to pay two times the amount for a product?

For example, last year my husband and I found some gift baskets that we really liked in a magazine. We were going to order them and looked at what the shipping costs would be. We decided to shop around at some of our local stores and found those baskets. We sat down and made up a list of clients and relatives that should receive them. Then we began purchasing them in small increments. We were done with our clients and family by December 1.

Do not add more bills to your financial situation, begin a new start and take steps to remove financial stress. To plan for the holidays you should:

1) Make a plan now even if it is the beginning October, (its not too late) about what you are going to purchase

2) Shop around to see who has the better bargain

3) Do not overspend

4) Do not wait to the last minute to shop. I know this will be challenging for those individuals that like those last minute discounts. However, is it really worth fighting all those crowds on December 24th, when you could be done by December 1st.

Once you have gotten your holiday spending done and looking forward to the next year, put some financial goals in place and stick to them. It is less stressful knowing that you can shop early and get what you want, instead of having to take what is left. Remember back in October when you paid off that first bill, now you want to begin working on the next bill. Then every three or four months, you could potentially be working on a new bill. When October comes the next year, you could have paid off two or three bills depending on the time frame you set for yourself and the holidays will be more enjoyable.

Dr. Taffy Wilkins Wagner is the author of Debt Dilemma. Debt Dilemma is her own personal story of how she got into debt, was getting food from the food banks and got out of debt without filing bankruptcy. On October 18th, she will hold a massive marketing campaign to sell her book on Amazon.com. For further details please visit her website at http://www.journeytowholeness.net.

Tags: bills, credit, finances, goals, holidays, January, overspend, purchase, shop, spending, stressbills, credit, finances, goals, holidays, January, overspend, purchase, shop, spending, stress

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