What is Wealth Anyway?
Now, that’s a pretty good question. The thing is most people do not equate wealth with a mansion or a big yacht. In fact, a scanty 7% of people surveyed associate wealth with material possessions like cars, houses and boats. Rather, to many, being wealthy means having just enough to not worry about the next payday – that’s according to 33% of those questioned.
An additional 26% define being wealthy, or rich, as having more than enough money to quit their jobs. Still, few people place an actual dollar amount on what it means to be wealthy.
Only 17% felt that being rich means having at least $1 million or more, and 11% stated a six-figure yearly income would make them feel rich. Yet most people who are rich don’t even consider themselves rich.
Maybe it’s because being ‘rich’ or ‘wealthy’ has very little to do with material possessions, and more to do with how people feel about themselves. Nonetheless, according to financial experts you will never become wealthy if you are bogged down by anything on the following list:
Ten Reasons Why You Will Never Become Wealthy
If you have a ferocious appetite for spending beyond your means, you’re not alone. According to a survey, of the 52% of people who habitually overspend, many balance the shortfall by taking from their savings, and 22% rely on credit cards.
Blowing all your money each month is not a realistic pathway to wealth. Start tracking where your money goes each month, check where you can cut back, and create a ‘realistic’ budget that allows you to pay your bills and invest in a retirement account or an emergency fund.
A large amount of folks in my country(Nigeria) spend a large portion of there little income on things that irrelevant to them, even things that destroys there health. I’d a survey on this issue of “overspending” recently and I will be sharing it with you guys soon.