I know why the rich go broke- from riches to struggling lifestyle
Now let's come up with few reasons why the rich go broke. One those reasons are lack of money knowledge. Many of these people think just having money in the bank is wealth, but really the opposite. Money deposited in the bank sitting there is just bunch of papers. If this money is not use to invest or buy other assets to expand your wealth, this is not going to multiply what you have earned. Let's say a person worth total of $1,000,000,000 but his or her house worth $1,000,000,000 then I can predict that this person will go broke because besides owning this house there are other payment that follow as well such mortgage insurance, interest, bills and family expenses. They don't have no money management skills, and this is why they go broke within few years of achieving wealth.
They spend more than they earn. The example is the above the paragraph where this person expenses is actually exceeding his net worth. Spending more than he worth. To keep what you have you must spend less than what you are worth. pretending to yourself to riches does not do you no good, but cause financial crisis. You will eventually run into financial brick wall I guarantee. Many people are uneducated about owning a house this one of the reason why we are in foreclosure problem. When you buy a house you must also think beyond the mortgage. We must realize that physical cash is not wealth. It's just money in the bank with less values.
One last thing missing in their lives is financial guidance. This very vital because the people you have around you can play a major role in your success. You must have smart, trusted, visionaries, hard working, and people that will help you achieve your vision. Don't put people on your team that are selfish, who want to take and go. The people they surround themselves with can cause the rich downfall. Lot of these people they surround themselves with are not good team leaders, but those that pretend to them. You don't need nice people you need good leaders to help carry on that vision of yours even after you've gone to the next world. For those that are interested in creating true wealth and guidance visit my resource box at [http://www.unlimited-mlmwealth-online.com] email: prince@unlimited-mlmwealth-online.com phone: 612-363-7576
They spend more than they earn. The example is the above the paragraph where this person expenses is actually exceeding his net worth. Spending more than he worth. To keep what you have you must spend less than what you are worth. pretending to yourself to riches does not do you no good, but cause financial crisis. You will eventually run into financial brick wall I guarantee. Many people are uneducated about owning a house this one of the reason why we are in foreclosure problem. When you buy a house you must also think beyond the mortgage. We must realize that physical cash is not wealth. It's just money in the bank with less values.
One last thing missing in their lives is financial guidance. This very vital because the people you have around you can play a major role in your success. You must have smart, trusted, visionaries, hard working, and people that will help you achieve your vision. Don't put people on your team that are selfish, who want to take and go. The people they surround themselves with can cause the rich downfall. Lot of these people they surround themselves with are not good team leaders, but those that pretend to them. You don't need nice people you need good leaders to help carry on that vision of yours even after you've gone to the next world. For those that are interested in creating true wealth and guidance visit my resource box at [http://www.unlimited-mlmwealth-online.com] email: prince@unlimited-mlmwealth-online.com phone: 612-363-7576
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