Ways to Keep from Growing Wealth

7 surefire ways to stay poor by Liz Pulliam Weston at MSN.com shares seven money management issues that can keep people from accumulating wealth :

Spending too much of one's income on the large expenditures, e.g. rent/mortgage.

Confusing needs and wants.

Basing purchase decisions on monthly payments.

Failing to track the money flow.

Carrying credit card debt.

Living paycheck to paycheck.

Cashing out retirement accounts.

Overall, I agree with Ms. Weston. To me, these issues are money drains that can significant decrease wealth. Our personal solutions to these issues are to : 1)pay ourselves first, and 2)live below our means, which I shared in Strategies for Building Wealth and Retiring Early.

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This is not financial, budgeting or saving advice. Please consult a professional advisor.

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