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Lesko Financial: Why Aren't You Rich?

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Why aren't you rich? Greg Lesko looks at the topic in the July 12, 2018 segment of Lesko Financial. 

Transcript of Thursday's July 12, 20,18 Lesko Financial segment that aired on Fox 40 News at 6.

Amanda:  A question on social media recently revealed some strange beliefs about growing wealthy among Americans.
Greg Lesko of Lesko Financial explains.

Greg
A social media hashtag called “reason i’m not rich” got plenty of responses, ranging from the practical to the bizarre.
one of the most puzzling was the amount of wealth some people believed they’d need to have to call themselves “wealthy.” on average, people said an individual net worth of 2.4 million dollars is necessary to be rich.
that would likely make someone wealthy.
but…that amount is nearly 30 times the actual median net worth of households in the u.s.

Amanda:  what were some other reasons people gave for not being rich?   

Greg:
There were those who tried to be amusing. One person said they kept paying extra to “add the guacamole”a sly reference to an article about a well-known fast-food chain that tacks on charges for extra condiments. Another respondent said that he isn’t rich because “the lottery people keep drawing the wrong numbers.” But serious answers included the expense of raising a family and paying off huge student loan debt which has climbed to 1.4 trillion in the U.S.    

Amanda
Are there habits within someone’s control that might help them become rich?    

Greg:   
Those who are legitimately rich employ a number of behaviors to get themselves there. Spending less than you make and reducing debt are two paths to building wealth. Finding ways to increase your income is another. And one of the most successful ways to become wealthy is to make your money work harder with wise investments over a period of time