Archive for September, 2009

Delayed gratification is the ability to wait in order to obtain something that one wants. This ability is usually considered to be a personality trait which is important for life success. People who lack this trait are said to need instant gratification and may suffer from poor impulse control. Michael Mischel conducted experiment in 1960′s [...]

A situation that describes a person who spends a large proportion of his or her total income on home ownership, including mortgage payments, property taxes, maintenance and utilities. House poor individuals are short of cash for discretionary items and tend to have trouble meeting other financial obligations like vehicle payments. People typically become house poor [...]

Modern life, like a rat race, can be endless, self-defeating, pointless pursuit.To be out of rat race requires a different outlook…

Becoming wealthy is not earning more money, but becoming frugal and spending less than you earn. Wealthy people are good at aggressively saving money from their current income. This is one characteristic that essentially separates the wealthy from the poor.