10 Things That Make You Poorer
- Credit Cards
- Rent-To-Own Anything
- Money Market Funds
- Lottery Tickets
I think this is an interesting list. I agree with all of the items on the list. I like the inclusion of money market funds as most people think that they cannot lose money in these funds. While this is correct in terms of not losing principal, you do lose money due to the effects of inflation.
TV is one not many think about. Instead of plopping down in front of the TV every night or on the weekends, find something better to do. Read a book. Take class and learn. Make yourself a better person. Or, just stop and find out what really makes you happy in life.
One other thing that many fall victim to are collectibles. We get caught up in the rush of the moment that we forget to realize what makes an item a collectible in the first place. A mass produced Beanie Baby will not hold its value over the long term. There is too great a supply and not enough demand. I fell victim to this collecting baseball cards in the mid to late 1980’s. The baseball card companies mass produced so many cards that most of the cards from that era are worthless. I’ve been trying to sell my collection for years with no takers. (If you know of anyone looking for a card collection, let me know!)
Additions to 10 Things That Make You Poorer
If I could add anything to the list it would be these two things:
Not negotiating your salary. By not negotiating, you are leaving money on the table. That money you could have had would compound upon itself each year. This means each year of 3% raises is a larger dollar amount because of the higher salary. Of course, not everyone is in the position to negotiate. But if you are, I encourage you to do so.
Having a negative attitude. Look on the bright side of all situations. It may take some time find the good in a situation, but it is there, even if it is a small thing. I feel that many of the things that have happened to me are a result of me having a positive attitude and looking for the good in every situation. I try to learn from everything. This helps me to avoid making the same mistakes twice, even if I still sometimes do!
Be sure to also check out 15 Biggest Wastes of Money for more things that make you poorer.
Readers, what are your thoughts on this list? What would you add?