Salient to Investors:
5 habits that prevent you from becoming wealthy:
- Being a “C” student who thinks they deserve an “A” lifestyle
- Inability to delay gratification by taking on debt. Credit card interest at 15%+ leads to financial failure – even Warren Buffet has not returned greater than a 15% annual compound return on his investments.
- Spending too much on a car.
- Unwillingness to go the extra mile at work. Never take your work for granted – come in early, leave late, frequently ask colleagues if they need help, and be proactive with new responsibilities.
- Saving as if Social Security or a pension will support you. In its current state, Social Security can only provide 70% of benefits in the next couple of decades, while pensions are disappearing fast. Max out your 401(k), or save at least 20% of your after tax income.
- Not building enough passive income; like from dividend yielding stocks, REITs, rental properties, tutoring, starting a sideline business, earning royalties, and building a CD ladder.
If you have a net annual salary of $30,000 a year then you are in the top 1.23% of richest people in the world.
Read the full article at https://blog.personalcapital.com/financial-planning-2/reasons-why-youll-never-be-rich-and-one-reason-why-you-already-are/?utm_source=Dianomi&utm_medium=CPC&utm_campaign=five_reasons_why_you%27ll_never_be_rich&utm_creative=320x400_pc_dianomi_wm
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