5 Reasons why You will not be Rich

There’s an interesting maxim about how long wealth actually stays with a person and their descendants. The saying is three generations, tops: one to make it, one to spend it, and the third to blow it. Of course, there are exceptions to this rule, but have you ever sat down and seriously thought about wealth and what it means to you? Or do you figure, “What the heck, I’ve always been broke, my forefathers were broke; it’s generational” – it’s just a rite of passage of sorts. If you feel that wealth is out of your reach, you aren’t alone. According to some experts, there are millions of ‘clueless potential millionaires’ who could be at the top of the wealth ladder if they only reined in a few bad habits. However, you may be a skeptic, and rightly so. Being wealthy means different things to different people. But according to the experts, there are financial mistakes many people make that keep them away from their possible wealth.

What is Wealth Anyway? 

Most people do not equate wealth with a mansion or a big yacht. In fact, a scanty 7% of people surveyed associate wealth with material possessions like cars, houses and boats. Rather, to many, being rich means having just enough to not worry about the next payday – that’s according to 33% of those questioned. An additional 26% define being wealthy, or rich, as having more than enough money to quit their jobs. Still, few people place an actual dollar amount on what it means to be wealthy. Only 17% felt that being rich means having at least $1 million or more, and 11% stated a six-figure yearly income would make them feel rich. Yet most people who are rich don’t even consider themselves rich. Maybe it’s because being ‘rich’ or ‘wealthy’ has very little to do with material possessions, and more to do with how people feel about themselves. Nonetheless, according to financial experts you will never be rich if you are bogged down by anything on the following list:

Ten Reasons Why Someone Will Never Be Rich
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7 Rich And Famous People Who Do Not Give Their Children Money

Everyone’s always jealous of the kid with the rich parents, but being born rich isn’t always a ticket to wealth. After all, not all rich people want to leave piles of money to their children.

And why not? They fear large sums of money will spoil their offspring and ruin their work ethic. They may have a point.

So who is the exception and what is the rule?

Bill Gates
Microsoft founder Bill Gates, the world’s second-richest man, told The Sun in 2010 that he will donate most of his money to charity and “give the kids some money but not a meaningful percentage.” He said on Reddit in February: “I definitely think leaving kids massive amounts of money is not a favor to them.”

Warren Buffett
Billionaire investor Warren Buffett plans to donate most of his fortune to charity. Peter Buffett, Buffett’s second-oldest son, told DailyFinance in 2011 that his father “transferred values to me, and not wealth.”
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Ted Turner
CNN founder Ted Turner, who has donated $1 billion to the United Nations, doesn’t have much money left for his kids. He told MSNBC in 2010 that he is “almost to the edge of poverty” — that is, his net worth is only $2 billion, according to Forbes.

Steve Jobs
Steve Jobs, the late Apple CEO who revitalized the company, said in an interview with Playboy in 1985: “If you die, you certainly don’t want to leave a large amount to your children. It will just ruin their lives.”

George Lucas
George Lucas, the writer-director behind the Star Wars series, doesn’t plan to leave much money for his kids; he is giving most of it to charity. He wrote in a pledge letter that he is “dedicating the majority of [his] wealth to improving education” because “it is the key to the survival of the human race,” according to The Wall Street Journal.

Graham Tuckwell
Graham Tuckwell, the founder and chairman of ETF Securities, who has donated $50 million to Australian National University for scholarships, told the Sydney Daily Telegraph he does not plan to give much money to his kids because “lots of money is poisonous to have.” “If you just give them stuff, it almost destroys their desire to do things and you actually end up with kids who are a lot worse off.” (Hat tip: CNBC.)

Steven Hayworth
Steven Hayworth, ex-CEO of Gibraltar Private Bank, told the New York Times in 2010 that he was glad his daughter was going to work at a clothing store that summer because he wanted her to learn “the value of a dollar