Episode 122: Why Can’t I Be Rich?

You can’t be rich because you are spending all your money! Dawn covers the three things necessary for wealth building.

2 responses to “Episode 122: Why Can’t I Be Rich?

  1. I agree we need to examine our spending habits, and need to look to the future and not just the now,but being rich is not only about hard work–in fact most poor people work far harder than the rich. Moving into the wealthy is virtually impossible for the poor. There is a difference between feeling abundant – which we can do if we save and plan well, and being wealthy- not likely, not really the same opportunities. I really find we avoid the structural injustices here and the fact that aside from the 10% at the top, people are highly unlikely to enter the 10%. HOWEVER- we can learn to live in an abundant way.And that can be done regardless. It is not enough to tell people to achieve in getting a better job, get into their own business, go to college- all these are admirable, but not really an avenue for success for most people. Your advice is great for richer people, but not sure how this fits in for poorer, disabled and people with social limitations.

    1. Hi Leia! I partially agree with you. My intention with this topic (in both the blog post and this podcast episode) was to highlight the fact that often people want to achieve wealth without putting in the work for it. Time and time again in my planning practice, I see people with huge lifestyles (i.e. frivolous spending) who cannot figure out why they aren’t further ahead. The combination of hard work and spending less (thus saving more) over time is what will result in wealth. As for people who are disabled and/or with social limitations, I would agree that this advice is likely not applicable. But I would disagree that “poorer” people cannot benefit from a mindset shift. Would it be more difficult to work your way up to better income and wealth if you are in the lower echelons of income? Totally. But not impossible. I want to encourage EVERY level of income earner to 1) improve their financial literacy 2) spend less, save more and 3) focus on a positive mindset, one of abundance and possibility. Otherwise, defeatism will set in, and no one wins there. ūüôā

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