Personal Finance

10 signs you'll never be rich

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  • May 2nd, 2017 6:43 pm
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Feb 19, 2010
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10 signs you'll never be rich

I usually find these kinds of lists to be nothing but fluff but there are actually some of these that are good advice. There are some on this board that claim that life is unfair, everybody else has advantages, and that they simply can't do what it takes to get ahead. This list suggests otherwise and while many of these are not news to many here and are actually common sense, it has been said that common sense just isn't that common so for some this may be helpful. (Have to click the link to get the blurb behind each point which is only shown as a list in this post.)

http://www.businessinsider.com/signs-yo ... 2017-4/#-1


  1. You only work hard, not smart.
  2. You put too much emphasis on saving — and not enough on earning.
  3. You buy things you can't afford.
  4. You're content with a steady paycheck.
  5. You haven't started investing.
  6. You're pursuing someone else's dreams — not your own.
  7. You rarely step outside of your comfort zone.
  8. You don't have goals for your money.
  9. You spend first and save what's left over.
  10. You believe getting rich is out of your reach.
29 replies
Deal Guru
Mar 20, 2003
10165 posts
494 upvotes
I don't agree with most of this list... not to say a lot doesn't make sense but it seems to think that people have a lot more choice than they really do.

You only work hard, not smart. - I never understood this one, I personally think it's a BS saying.
* You put too much emphasis on saving — and not enough on earning. - What does this even mean?
You buy things you can't afford. - That describes nearly every home owner in a big city.
You're content with a steady paycheck. - Instead of a steady paycheck, I prefer to think of it as looking forward to a steady pension
You haven't started investing. - This is common sense... although it assumes you have money to save
You're pursuing someone else's dreams — not your own. - How many people can honestly say they pursue their dream, 1%, 2%? Things like debt, family, etc. prevents the majority from ever doing so.
You believe getting rich is out of your reach. - Let's be honest, for most of us getting rich IS out of our reach.

*This made me think of an example, Moncton is opening a plasma clinic which the news article said paid 100$ per visit and you could go weekly. For some reason there is a HUGE uproar so it may never even open. But I read this article and thought to myself, if I was 18 years old, I would go at often as I could (aim for 50 weeks a year) and invest that money in a TFSA. By 60, it would result in hundreds of thousands.
Deal Expert
Mar 23, 2009
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Toronto
Your first bias might have been correct. These types of articles are usually pointless. Maybe there are a few pertinent pieces of advice there but there are also lots of cliches.
Member
Sep 2, 2009
358 posts
201 upvotes
Ottawa
I'll admit I did not read the article but the points do seem "common sense" with some overlap. These are of course generalizations:

You only work hard, not smart. Some people work very hard but never think of advancement or taking on more responsibility or finding a better paying job that could also come with better benefits.

You put too much emphasis on saving — and not enough on earning. Never looking for a better paying job.

You buy things you can't afford. The use of credit is very prevalent or the "I deserve or need" justifications for things that are not actually needed.

You're content with a steady paycheck. Some people work very hard but never think of advancement or taking on more responsibility or finding a better paying job that could also come with better benefits.

You haven't started investing. The excuse that it is too hard, don't know enough, can't save enough, it's all gambling, I'll save when I make more money, I'll save once the kids leave the house, etc...

You're pursuing someone else's dreams — not your own. This one seems the most out of place... many (most?) dreams can lead to no money or definitely not "being rich"

You rarely step outside of your comfort zone. Just happy to collect a pay check, don't look for advancement, "happy" at the current job so don't bother seeing what else is out there, don't bother look at alternative to what you already spend money on (bike or bus vs owning a brand new car vs good used car), don't learn new things like how to invest, etc...

You don't have goals for your money. Don't focus on paying down debt, figure every works until they are 65+ (no "early" retirement savings goals), don't think about paying cash for items, essentially not enough time planning ahead years / decades.

You spend first and save what's left over. "Pay yourself first" has been a common line and makes a lot of sense. Less planning involved around expenses if you buy/spend whatever you want without consideration. If there are no goals for your money, there is less of a reason to put it aside first.

You believe getting rich is out of your reach. People think of striking it rich quick (6 figure job, large real estate gain in a year or two, lotto winnings, inheritance) instead of planning for it over a couple decades - goes back to goals, higher salary, learning, etc...
Last edited by cloak on May 1st, 2017 10:07 am, edited 1 time in total.
Member
Sep 2, 2009
358 posts
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Ottawa
Feneant wrote:
May 1st, 2017 9:20 am

You put too much emphasis on saving — and not enough on earning. - What does this even mean? You think of all the pennies without thinking of the higher salary or side things you can do to increase your dollars - there is a limit to how much you can save on expenses. Like the plasma clinic example; adds to the dollars made.

You buy things you can't afford. - That describes nearly every home owner in a big city. Exactly - for a lot of people they probably shouldn't but that house that they can barely afford or a house that is too big.

You're content with a steady paycheck. - Instead of a steady paycheck, I prefer to think of it as looking forward to a steady pension People get into the trap that they think the pension is all the savings they need without realizing that if they are spending 100% of their take-home pay, their pension will not cover their expenses unless they cut back somewhere.

You haven't started investing. - This is common sense... although it assumes you have money to save Essentially: Put money aside

You believe getting rich is out of your reach. - Let's be honest, for most of us getting rich IS out of our reach. If people think it will never happen, they will never really try to get there or develop a plan to get there. Defining rich also matters a lot - 1M in the bank is more achievable than trying to aim for 50M.
Deal Addict
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Dec 13, 2016
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Maybe add to this list being born in a privileged country like Canada.

Because 99% of world population will think of this list as bs.
Sr. Member
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Oct 19, 2016
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Good points on the list.

But nothing wrong with being middle class or average. Not everyone can become rich. If everyone wants to be a business owner and rich, then whose gonna work ? who will do the admin work, customer service, field technician, auto repair, engineer etc type jobs ??

Also it takes effort, risk and courage usually to become rich. Most people would rather enjoy life and spend their paychecks.

Conquistador wrote:
May 1st, 2017 9:05 am
I usually find these kinds of lists to be nothing but fluff but there are actually some of these that are good advice. There are some on this board that claim that life is unfair, everybody else has advantages, and that they simply can't do what it takes to get ahead. This list suggests otherwise and while many of these are not news to many here and are actually common sense, it has been said that common sense just isn't that common so for some this may be helpful. (Have to click the link to get the blurb behind each point which is only shown as a list in this post.)

http://www.businessinsider.com/signs-yo ... 2017-4/#-1


  1. You only work hard, not smart.
  2. You put too much emphasis on saving — and not enough on earning.
  3. You buy things you can't afford.
  4. You're content with a steady paycheck.
  5. You haven't started investing.
  6. You're pursuing someone else's dreams — not your own.
  7. You rarely step outside of your comfort zone.
  8. You don't have goals for your money.
  9. You spend first and save what's left over.
  10. You believe getting rich is out of your reach.
Deal Addict
May 31, 2007
4996 posts
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Why do you need to be rich? What if you're ok being wealthy or financial stable/independant?
How much is rich?
High income does not mean you are rich.
What about all those studies that say after certain income/networth more money wont increase your happiness?or really do anything else.
Deal Addict
Dec 6, 2006
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Yeah I don't really want to be rich. Enough to have a stable life, have some normal hobbies (sports, gardening, fishing, fishtanks at home, nothing extreme), and kids having *enough* to grow up, that's all I want.

Even if I could get really rich... it likely won't benefit my kids and grand-kids on the grand scheme of things, and likely just make them into a bunch of lazy spoiled ppl. Plus, rich family fortune rarely lasts more than the 3rd generations.
Deal Addict
May 31, 2007
4996 posts
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boyohboy wrote:
May 1st, 2017 11:57 am
Yeah I don't really want to be rich. Enough to have a stable life, have some normal hobbies (sports, gardening, fishing, fishtanks at home, nothing extreme), and kids having *enough* to grow up, that's all I want.

Even if I could get really rich... it likely won't benefit my kids and grand-kids on the grand scheme of things, and likely just make them into a bunch of lazy spoiled ppl. Plus, rich family fortune rarely lasts more than the 3rd generations.
That is true.
Just look at all those basketball players that go bankrupt, lottery winners too.

I like Warren Buffet's saying in regards to kids:

"give them enough to do something, but not so much they can do nothing"

There's also something about working towards a goal and gratification of earning it yourself. A large handout you will never feel what it was like to earn it. Which is why rich siblings are often troubled and entitled.
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Apr 5, 2016
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boyohboy wrote:
May 1st, 2017 11:57 am
Yeah I don't really want to be rich. Enough to have a stable life, have some normal hobbies (sports, gardening, fishing, fishtanks at home, nothing extreme), and kids having *enough* to grow up, that's all I want.

Even if I could get really rich... it likely won't benefit my kids and grand-kids on the grand scheme of things, and likely just make them into a bunch of lazy spoiled ppl. Plus, rich family fortune rarely lasts more than the 3rd generations.
Mo money, mo problems.
Deal Addict
Nov 12, 2008
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Aurora
I live in Canada and get to surf the web at work.
I'm already rich. :)
Deal Addict
Nov 13, 2013
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Gweedz wrote:
May 1st, 2017 1:28 pm
I live in Canada and get to surf the web at work.
I'm already rich. :)
Too funny I was thinking as I opened this thread that number 11 was you are on Redflag while at work.
Deal Expert
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Jun 3, 2005
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PunkeyDoodles Corner…
Conquistador wrote:
May 1st, 2017 9:05 am
....signs you're not rich...
This list doesn't apply to everyone on RFD. Aren't we the .5% of top income earners?

I mean, how else can we afford those DAILY unnecessary HOT deals & buy now think later purchasing disciplines?
PayTM - $70
PC OPT: $3953 Ebates: $59.70
100%+ BST & Heatware Est. 2005
Kijiji & FB Marketplace trash are what put a smile on my face each day
Temp. Banned
Mar 29, 2015
1975 posts
151 upvotes
Wood Bridge
Hi Bubble.tea, nice profile pic, is that your kid? he / she is adorable. The problem with Red FD is that we are not the 1 percent, or as you call it the 0.5% (not sure why you took a half percent off) but oh well. We will never be. We keep wanting things, however Im the exception, I grew up with a group of people my age, 2 of us, myself and another guy, have our own home/condo, 2 are renting, they can not afford to buy a place, and one of them still lives at home with his parents, we all work jobs that pay relatively the same pay grid/scale, but you can tell who the smarter one is, its obviously me and the guy who owns the condo.
Thanks

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