Rich or poor, there are four common spending mistakes that sap your wealth. The key to growing and maintaing your wealth is avoiding these spending mistakes. Want Spending Want spending is buying what you want, when you want it, without considering the consequences. Want spending is driven by envy, an emotion that is fueled by…
Sometimes rich people stop being rich. Things can go wrong. Sometimes those things that go wrong are outside the control of the wealthy (i.e. random bad luck) but more often than not they are things that are completely within their control. As a CPA, I’ve been advising wealthy individuals in money matters for more than…
There are smart ways to try and make more money and then there are the not so smart ways. Thanks to my five year study on rich people, I was able to uncover some of the best ways to make extra money. Here are six of the best pieces of advice I found from my…
Very few pursue their dreams, goals, life purpose or success. Such pursuits require changes that have a way of shaking up our lives. These changes affect those closest to us – our immediate family, friends, colleagues, etc. This disruption forces those affected to fight back. At first, those defending their status quo fight back one…
Psychology Today reported in 2013 that 70% of our thoughts are negative. In 2005, The National Science Foundation did some research on how humans think. They found that humans had about 12,000 to 60,000 thoughts per day and of those thoughts, 80% were negative. Even worse, they found that 95% of the thoughts we have…
For the three individuals out there who have never hear of Spock, he is the Vulcan in the Star Trek series, books and movies. Spock’s overriding character trait was that he never expressed emotion and, thus, was ruled by logic. Interestingly, controlling your emotions was one of the common Rich Habits among the self-made millionaires…
If the 2020/2021 Pandemic has taught us anything it is that economic calamities happen. Some are worse than others. Depressions are, by far, the worse type of economic downturn. But they are rare. Recessions, however, are more commonplace. During recessions, millions lose their jobs. In the aftermath of a recession bloodbath, many lose their homes,…
Cheap people and frugal people are two very different types. Cheap people focus on price first, when it comes to spending their money. Frugal people focus on quality first when it comes to spending their money. But one common denominator they both share is that they control how much money they spend. Most people, however,…
In my study on the habits of the rich and poor, I learned that three things about mentors: Mentors are hard to come by – only 24% of the wealthy had a mentor in life. Finding a mentor is the fast track to accumulating wealth – that 24% who found mentors also happened to accumulate…
Everyone has a financial plan – that includes you, whether or not you know it. As I’ve learned from my extensive research of the rich and poor, some financial plans can make you rich or make you poor. For Non-Savers, their financial plan is to spend every dollar they make. This financial plan will force you to…
