Enemies of wealth creation.

[Pablo]

Hi,

I finally got around to reading the Richest man in Babylon by George S Clason, a book which I found quite profound and recommend that everybody should read it if you haven’t already.

Any way while I was reading it I started making a list of things that are detrimental to wealth creation some of which came from the book and some I added myself. I thought it would be good to post it here and see if anyone can add to it or debate some of the items.

Enemies of wealth.​

• Advice from or dealings with deceitful/ stupid people.
• Lack of knowledge in an area of investment.
• Not having or not taking the advice of proven advisors.
• Lack of preparation.
• Procrastination.
• laziness.
• complacency.
• Giving into desires.
• impatience.
• Greed.
• Lack of respect for ones self and/or others.
• Not extracting the most from your investments.
• Lack of foresight and imagination.
• under leveraging.
• over leveraging.
• Lack of direction, planning, and persistence when investing.
• Not protecting your capital and having adequate escape routes.
• Not allocating adequate resources to investments ( time and money)
• Not reinvesting profits from investments.


Cheers Pablo.

 

[ivi]

Good topic,

Another enemy of wealth creation is recognition of the negative, the positivist in me would see this in the opposing light

Enemies of wealth (the opposite of doing this).

• Advice from and dealings with trustful intelligent people.
• Knowledge in an area of investment.
• Taking advice from proven advisors.
• Preparation.
• Massive action.
• Energy.
• Desire to succeed.
• Motivated by goals.
• Patience.
• Everything in moderation.
• Respect for ones self and/or others.
• Extracting the most from your investments.
• Foresight and imagination.
• Effective leveraging.
• Direction, planning, and persistence when investing.
• Protecting your capital and having adequate escape routes.
• Allocating adequate resources to investments (time and money)
• Reinvesting profits from investments.

Cheers,

 

[Pablo]

Ivi,

I agree with you that you should not concentrate on the negatives but it is always good to be aware of them so that they don't sneak up on you.

 

[DAAJ]

Work For The Boss!!!

 

[Pablo]

Sorry but that just reminded me of another.

The other day my girlfriend had one of the mothers from my daughters school over and all she was doing was complaining about work and how she wasn't getting enough hours and then went onto other subjects to complain about, I imagine that she didn't stop complaining till she went to bed that night.
so I have to add another.

• 
  Victim mentality

 

[Aceyducey]

Insecurity can be either a motivator or a detractor from wealth.

Some of the 'enemies' described above are charasteristics of some wealthy people.

What I'm saying is find your own path. Very little is 100% positive or negative.

Cheers,

Aceyducey

 

[lizzie]

i'd also add - impatience.

 

[Annie]

"Trying to keep up with the Jonses"
Annie