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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I’ve been involved in online trading, specifically with stock and index options, for several years. In this time, I’ve spent a great deal of time thinking about value and the fact that anything, be it a stock or currency or even a house, is worth exactly whatever someone else will pay for it. Sure, there are a million and one pricing models (especially in financial markets) that will tell you precisely what something should be worth. But in the final analysis, if nobody will pay that much, then it’s not actually worth that price.

Let’s illustrate this concept in a very simple fashion. I’m an American so I’ll
use U.S. currency to make my point.

What is a $20 bill worth? Without over thinking it and talking about inflation,
exchange rates, etc. let’s just say that it is generally believed to be worth
$20.

Would you pay me $20 for a $20 bill? I’m going to guess probably not, as there
would be no real reason to do so. You would have to go to the trouble of
getting me your $20 and I would have to go to the trouble of giving you my $20
bill, and neither of us would be in a better position than we were before.
Therefore, I would like to present the idea that a $20 bill is not actually
worth $20 since nobody would likely pay $20 for it!

So how much would you pay for a $20 bill? Would you pay $19.99? Is it worth
the effort for 1 cent? No? How about $19.50? $19? Shall I keep going?

In a free and fair market it is the market itself which determines value, and
given a large enough market, that value should be fairly accurate. I read an
article online some time ago about someone who decided to conduct an experiment
just for fun. He put a new $5 bill up for auction online and began the biding
at 1 cent. He crafted a creative description of the note, and waited to see the
results. When it was all said and done, the bill did in fact sell - for
slightly over $3. He then spoke with the winning bidder, who said he had made a
profit many times online by purchasing currency for less than face value
(including a $20 bill for less than $10 as I recall).

The conductor of the experiment left it at that - nothing more than a somewhat
humorous exploration into what people think something is worth. But to me this
meant so much more.

A dollar is not actually worth a dollar… so what is it worth? What
would you trade for $1? For $20? For $100? $1,000? And if a dollar isn’t
actually worth a dollar, is a share of stock worth $50, or in fact anything at
all?

The answer is yes. At any given moment it is worth precisely what someone is
willing to pay for it. No more, no less. Money and value are merely ideas,
they are not absolutes.

Consider this carefully the next time you are convinced that the stock, option,
currency, house, or anything else you want to buy, is worth what you’re about to
pay.

Jonathan van Clute is a full time investor, educator, speaker, and online
options and sports arbitrage trader. In addition to his business activities, he
is also a musician, video editor/animator, and one of the world’s greatest
Segway Polo athletes. He can be reached via email at jonathan@PMLinvestments.com
and is speaking at an upcoming teleseminar, visit
http://www.snurl.com/vcfmv for details.

Tags: coaching, finance, information, investing, money, options, profit, psychology, stocks, trading, wealthcoaching, finance, information, investing, money, options, profit, psychology, stocks, trading, wealth

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Debt has become a bigger and bigger problems for many people. It can ruin families and relationships. Unfortunately it is just the by product of our get-it-now society. We often think of making more money when we may be wasting the money that we currently have. We can start today to get ourselves out of the debt pit that we have fallen in. Lets take the first 5 steps and it will get easier as we go.

1. Have a Reason-Set a Goal. It is easier to take change if we have a reason why we are making the change. We need to write out how our life will be better if we have less debt. What are we doing it for. Make sure you focus on benefits not feature. A higher credit score is a feature, being able to qualify for our dream house at a low interest rate is a benefit.

2. Write down your expenses for a week. Believe me, if you are not disciplined enough to do this, you will not be disciplined enough to follow a budget. This will give a snapshot of your spending habits. It will show how much your are spending and where it is going.

3. Be honest with yourself. If eating out is a problem, you have to admit that. Make a commitment to eat one less meal a week and use that money to pay off your debt. Whatever it is that is causing the problem, be honest with yourself. Get out of denial.

4. Sell some items. I know you maybe able to look around your house and find some items that you are not using. If the thought of a yard sale does not excite you, there are other ways:

Make a list of all the items that you would like to sell. Put a name or two by each item. Then call that person. Tell them your are about to have a yard sale, but you thought of them first. Offer them the opportunity to buy it.

You can use that same list and send out an email to all your friends. List the price you want and a description of the item. Tell them it is on a first come first serve basis. Also, let them know that you will be having an yard sale. This will create a sense of urgency. Put this money towards your debt.

5. Get a part-time job or business. Sit down and write out all the costs. Many times people find out that it is actually cost them more to go to the job (gas), eat out (food), and get home (gas), then they actually make. If this is the case consider a part-time business. If neither of these work, check and see at your job if any department is offering overtime.

We all need to make an effort to reduce the amount of debt we have. It will do no good to cut up the credit cards if we don’t change our habits. We will achieve financial freedom much sooner if we are out of debt. Then we can choose how, where and with whom we want to spend our days. See you on the beach. Got Credit Power-Empower Your Life!

GotCreditPower.com is a website that is dedicated to increasing wealth and reducing debt. It includes tips, articles and features on credit, home-based business and getting out of debt.

Tags: debt, finance, increase, money, reduce, rich, wealthdebt, finance, increase, money, reduce, rich, wealth

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