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09 December 2008

The reason why people fail financially


Reason 1: Lack of “Know How”

The art of making money was not taught at our school system. It is depend on our own effort to gain the necessary knowledge to enable one self to learn and hopefully able to make money in the process.

To be able to acquire the said knowledge is not so easy; it takes time, discipline and effort. Most of us normally don’t read non fiction books. Guess how many average person have read non fictions book in the last year? One? Two? Three?. There’s a good possibility, none of them.

Even the best non-fiction book sells in pitiful numbers, unlike the recent release of J.K.Rowling latest fiction book entitled “Harry Potter and the Deathly Hallows (21 July 2007)”. The books were on sale worldwide and millions of copies were sold, testimony to the different attitude that people have to learning and most importantly it makes the author of the book filty rich.

To be successful in your pursuit to financial success, you must gain knowledge especially in the art of making money ( There's no point of reading all the financial books, money book if you don't know how to make money). You can learn by reading, learning and talking (if you have the chance to do so) with those who have been successful, gain from their experience and ways of making money. Unfortunately, most rich people is stingy especially their knowledge of making money. Most of them go around the bush, not getting to the point and try to make you confuse.

By the way have you download the e-book from john chow “Making Money Online with John Chow.Com”. If you haven’t, I recommend you do so. This e-book help you better manage your money making blog and if you follow his advice, surely you will get something out of this FREE E-Book.

Reason 2: Failure to set plans

This is also very much the reason why people fail financially. It’s like a “rugby team”. They kick the ball in various directions and when the whistle blows at the age of retirement they wonder what the score was!

Research shows that only 5% of the population set goals and only 2 % have any form of written goals. These people are highly motivated, they are result oriented, they are positive, and most importantly they never quit.

After all that have been said and done, one must have a definite plan. Without a plan it is too easy to drift aimlessly, being tempted by many lures that marketeers dangle to separate you from your money.

Hence, it is not that they plan to fail, but rather they fail to plan.


Reason 3: Inefficient use of time and poor work habits.

In our discussion about financial success, most people will excuse them self by saying “I don’t have time, I haven’t got the time, I’m always busy and many more. Nonsense! Everyone have the same amount of time. Be it prime Minister, the president of America and so on and so forth. These people have the same amount of time as we have. It’s just that these people use their time more efficiently. Therefore be a good time manager and manage your time so you can achieve more.

Reason 4: Poor Debt Management

Everybody borrow money for reason of their own. There’s nothing financially wrong about it, as long as you obeyed one basic rule: the income generated from it must exceed what it costs (investment). Unfortunately most people borrow money to buy consumable or unnecessary items, a term usually called “doodads”. Not only they have to pay interest, but the assets itself loses value.

Reason 5: Lack of desire

People have always asked Robert Kiyosaki (very successful US financial Guru) what make him very determine to get rich. He answered, the primary reason he do it because he has a strong desire to be rich and desire motivates him to act.

Furthermore, a strong desire gives a person confidence and looks for more business opportunity.
Anyone who is content with mediocrity will always be mediocre.

Reason 6: Inadequate protection against unforeseen events

While you are in the path of achieving your financial success, one must have adequate protection against any unforeseen circumstances. For example the death or disablement of the breadwinners. Failure to do so may result in a drastic lost of decades of saving or may even cripple your goal to financial success.


Reason 7: Lack of discipline

To many people to foster the habit of saving is nearly impossible to achieve simply because they buy – save – buy – save while other always buy.

Since it is easy to spend than save (same as it is easier to say yes than no), many will fail to save on consistent basis. Those who lack the discipline to say “no” will find financial success an impossible achievement.

Reason 8: Lack of action

Just thinking of doing it without action is not good enough. It was also mentioned in John Chow e-book that most people fail financially because they didn’t do what they suppose to be doing (to do with financial success). In other words, they lack of action. To achieve anything requires action. No action, No gain and No gain, No Money and No money,.......you know the rest.

Do you have what it takes to succeed? Do you have what it takes to be rich? Do you have the desire to learn? Do you have a positive mental attitude? Are you willing to make an effort? The list goes on and on.
However if you answered Yes to all of these questions then you are on the right track and able to achieve your goal to financial freedom or success.

Worth visiting : PERSONAL MONEY MANAGEMENT


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