Most likely a confluence of factors are keeping you from becoming wealthy, rather than any single cause. Here are 19 reasons you’re not a millionaire (yet). Take a good look at how many of them might apply to your situation. You Spend More Than You Make If you fail to do this one simple thing, it doesn’t matter how much money you make — you’ll
3 Smart Ways To Live Below Your Means
The sayings “live within your means” and “live below your means” are often used interchangeably. However, I believe they have slightly different connotations. Living within your means simply indicates that you aren’t racking up debt to cover your lifestyle. Even someone who’s living paycheck to paycheck is technically staying within their means because they aren’t going into the red every month. On the other hand,
Cost of Living in 1972
A few years ago, David over at My Two Dollars created a great post talking about the value of items in 1972. It’s always shocking to see the prices from only 41 years ago, so let’s break this down a bit. The Cost of Living in 1972 It should shock no one that the cost of living has increased since 1972, no matter where you
Should You Apply the ‘Buy Once, Cry Once’ Ideology on Budgeting?
How many times have you purchased a cheap product that broke just a few months later? Inexpensive, mass-produced items may seem like a good deal when you first buy them. But the difference in quality is obvious once you get them home and start using them. Instead of buying low-cost items that fall apart, it may be better to follow the ‘buy once, cry once’
3 Ways To Combat Financial Apathy
A recent study showed that 73% of Americans rated money as the number one stressor in their life. However, there’s a minority of people who simply don’t care about money and feel completely indifferent toward their finances. This mindset is known as financial apathy and can cost you a lot of money. If you aren’t motivated enough to create a budget and reign in your
What Rate of Return Should You Use In Your Retirement Plans?
Ensuring that you have a solid retirement plan in place is crucial. Pensions are largely a thing of the past, and the future of Social Security is up in the air. So if you don’t save enough in your 401k over the course of your career, you may not get to have a retirement at all. Knowing this, I’m being conservative with my retirement planning.
3 Ways to Avoid Stealth Inflation
Recently I learned about a phenomenon called stealth inflation. It’s a type of inflation that happens when businesses add fees to their products and services to help maintain their profit margins. Resort fees at hotels and service fees on food delivery orders are two examples of stealth inflation. It’s estimated that Americans pay $65 billion in fees every year. So learning how to spot and
How Much Does Raising a Child Actually Cost?
Mainstream media articles lead people to believe that having a child will cost hundreds of thousands of dollars – in my opinion, mostly for hype. While it’s very possible that parents could spend this amount of money on a child it’s completely unnecessary. I don’t make a lot of money. I have virtually no debt. I have managed to save an emergency fund of nearly
Why I Stopped Using Credit Cards
Many credit cards offer great perks like cash back, travel discounts, and interest-free introductory periods. For a long time, I put as many of my expenses as I could on my credit card to get rewards. But when I paid off my credit card each month, I was often surprised by the balance I’d run up. I’ve always been able to pay off my credit
5 Frugal Habits of Self-Made Millionaires
Some personal finance gurus suggest that you shouldn’t clip coupons and pinch pennies if you want to save money. Instead, you should focus on increasing your earning potential to maximize your savings. However, self-made millionaires would disagree that frugality isn’t important. Many of today’s millionaires built their wealth slowly over decades by investing regularly and living below their means. And even after becoming rich, they