7 Steps to Remaining Poor

Has anyone ever watched the show “Who Wants to be a Millionaire?” I’m guessing that if you haven’t been living under a rock for the last ten years, the answer is yes. When given the choice of how to become a millionaire, it seems folks would go for the easy route: game shows, lottery or bank robbery. My cousin plays the weekly lotto as a path to financial independence. It hasn’t worked for her yet, but she’s hopeful. No one ever told her about the 80-million to ONE odds of striking it rich. Now honestly ladies, I’m only being absurd to prove a point. And that is you can increase your wealth by following a few steps consistently and regularly. No, it’s not playing the lottery religiously…

So I ask, why bother striving to be wealthy, financially independent, having the ability to do whatever you want, whenever you want? Seriously getting there is really hard. Can’t take a vacation? Wonder if you’ll ever buy a home? Living paycheck to paycheck? Who cares?

So here are some easy steps to remaining poor (chances are you’re already on your way):

1. Never budget – for anything! Who has the time or the inclination to track what they earn or spend? And whatever you do, DO NOT use any online tools like mint.com which tracks in excruciating detail what your spending habits are. Personally, ignorance is bliss.

2. Saving is for the birds – I mean really, do you know ANYONE who saves? Plus you can always depend on Mr. “kinda-Right” to bail out your retirement.

3. Ignore your 401k – So what if this is one of the best ways to save on taxes and retire rich, it’s also a lot of work. I mean you have to talk to your HR department and all, and who ever wants to talk to HR? Plus, why would you let your employer give you free cash in the form of matching your contribution? You’re not going to see that money until you retire and that’s no fun.

4. Forget about IRA’s or 529 Plans ¬– Again a lot of hard work here. Who wants to be filling out a few pages of paperwork and then putting money into an account that you can grow tax-free?

5. Keep spending – You’re pretty young. Right? You can always get to saving money tomorrow or the next day. Give that credit card a workout…it’s “almost” free money and you can always file for bankruptcy.

6. Wait to start investing – there are too many things to buy. And we all know how fulfilling having possessions is. Don’t bother investing until at least you’re about ten years from retirement. Don’t forget you can always count on social security to be around for a long, long time. You’ve got plenty of time.

7. Social Security Nirvana – Nothing like completely relinquishing responsibility for your own happiness and then blaming others when things don’t go your way.

So you are probably asking yourself "what next"? What can I do? You have to start your financial plan. Tonka Beans is here to help simplify saving and investing education and make it compelling and usable for women of all backgrounds. We do this through our free videos and by hosting a social networking platform that allows women to share their concerns, thoughts and views about money matters.

We also find and screen useful online tools. In fact, you should check out the Department of Labor's website, Wi$eup for some useful tools. Keep checking back with Tonka Beans as we are always coming across useful tidbits.