Author: Craig Lock

Article:
Reason One: Lack of knowledge: or more specifically, a lack of a
desire to gain knowledge. Make the effort to read to read about
financial matters and you will learn. make your money work for
you by using the magic of compound interest a t 7% interest per
year your money doubles after approximately 10 years and at 10 %
interest after 7 years. Remember the rule of 72. Divide the
interest into 72 to see how long it takes to double your money
(or reduce it because of inflation). So the sooner you get
started the better. Many people don't know where to go for
unbiased advise so they do nothing.

Reason Two: Failure to set plans. Did you know that only 5% of
the population sets goals and only 2% have any form of written
goals? Their actions have a sense of purpose - they are results
oriented, they are motivated, they are positive - they are
life's winners. Where do you want to be i n five years time?
Without a plan it is easy to drift aimlessly, and live from day
to day. If you have set goals you will know what you want to
achieve. People fail to succeed because they never plan to
succeed. It is not that they plan to fail, they fail to plan .
So set your financial goals (targets).

Reason Three: Inefficient use of time and poor work habits. Time
is like money - you can spend it or invest it in building a
better you by self-development. When you waste you are wasting
yourself. Plan your day - what do you really want to achieve
today?

Reason Four: Lack of foresight. Achievers have an ability to
look beyond the immediate and into the future. Although some may
see your visions as dreams do not forget that you have to have a
dream to make a dream come true. Unless you are fortunate enough
to be left a legacy, the only money you will ever have working
for you is that what you save from current income and invest.
People with vision can multiply their income by investing in
growth investments. Work for your money then make your money
work for you.

Reason Five: The need to conform. Dare to be different which is
why the majority of people are not successful. Don't be afraid
take calculated risks. Remember the people who make big money
are the ones who do the opposite of what everyone else does -
sell when everyone else buys and vice versa.

Reason Six: Poor debt management through excessive borrowing.
Lack of discipline through poor spending habits and having no
budget. Borrowing for things that loose value, so that with
interest payments you pay much more the article than it cost
initially. (Especially new cars, furniture etc.)

Reason Seven: Lack of desire as a result of a poor attitude to
acquiring wealth. Bad mental attitude has caused more personal
problems than any thing else. What we expect to happen usually
does. Successful people are optimists while unsuccessful people
have a pessimistic attitude . Block out negative thoughts and
stereotypes and mix with successful, positive people.

Reason Eight: Inadequate protection against unforeseen events.
It may be the loss of a home due to natural disaster or the
death or disablement of the bread winner. Adequate protection
(insurance) against these events is vital to financial success.
Not being properly covered has financially wiped out many
potentially successful people.

Reason Nine: Lack of discipline. Most people find it difficult
to save because they save - buy -save -buy, while others simply
buy. It is easier to say yes than no. Those who lack discipline
to say "no" will find financial success an impossible
achievement. The "must have it now" mentality - buy now what
your can't afford by charging it up in the hope that you can pay
for it later. Most people are easily led by advertising and the
easy availability of credit.

Reason Ten: Procrastination (big word, hey!). Many people put
off a savings programme until it is too late. Young people have
a wonderful opportunity and advantage because they have time on
their side. The reasons people give for not starting a savings
programme are varied and many are genuine. They also vary
according to age. In their twenties they are just getting
started in life with a first job and want to enjoy themselves by
spending on cars, stereos etc. In their thirties they have a
young family and a mortgage to support and no money. In there
forties they say things are tough with kids to put through
university and unexpected medical expenses................. and
in their fifties it is already too late with no time left to
accumulate capital through the magic of compound interest.

A CONVENIENT TIME NEVER COMES.

IT IS ALREADY LATER THAN YOU THINK.

Hope this information has been helpful to you.

About the author:
Craig Lock Money information on how to make the most of your
money by better managing your finances + books on financial
success are available at http://www.nzenterprise.com/money/ and
http://www.bridgeniche.com/CLOCK/zaniestbooks.htm Money
Management Course
http://www.nzenterprise.com/manage/welcome.html

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