Why Can’t People Accumulate Enough Wealth?

If you happen to qualify for the earlier reference, you are not alone. Statistics show that only three out of twenty people have enough money in retirement. The rest will continue to seek that then remote condition of financial sufficiency even in ripe old age: extended work beyond retirement, aid from family, relatives and friends,  social welfare, mendicancy.

And as if you were not given a chance! A continuing survey on people’s happiness rating will tell us that majority in age groups below 50 are relatively happy with their lives, and this state of happiness is very evident in earning groups. Which leads us to the very important question:  why would more people  be happy when they are younger and be miserable when they are old?

1. The first answer is because they are exhibiting what psychologists call the “present enjoyment syndrome.” This is a condition where people find greater enjoyment spending their money now than later. Other analysts call this instant gratification. This will explain the terms “one-day-millionaire,” “thanks-God-it’s-Friday,” “it’s now or never,” “what if tomorrow never comes,” “this is my moment,”"tomorrow will take care of itself.” So they are happier while the earnings last, or shall it be, till the last earnings?

2. The second answer is: something happened on the way to 65. Certainly, there is enough time, in fact, there is so much time, for the future, do you agree? But people do not see and understand enough to begin and sustain a preparations program for future financial wellness. So they procrastinate. They put off. They set it aside. They wait out till the proper time comes. And the proper time never comes, or if it comes, it’s too late.

3. It’s no longer possible to accumulate because you are already 63, and it is two years to go. The burden of accumulation is so heavy it is almost impossible to do it in two years’ time.

4. Of course, there are those who would see and understand the need for preparation in their younger years. And maybe succeed to put up an accumulation machinery, but lacking  completion to perform its role, would stop the process totally. You know, instant gratification taking over.

5. Or maybe, the accumulation program was completed, and was just awaiting time for the enjoyment of the benefit. But when it came, the prize was not there, because the provider ran away with the money. Quite coincidentally, there is so much of the “burn” or the ”scorching” in the present economic crisis.

6. Maybe, the explanation runs deeper than the surface. Maybe, it is a lack of wealth sense. Many people are born to working families where the heritage is not financial sufficiency but financial need. Hence, the desire for more is not strong enough to want for more. Isn’t everybody entitled to the wealth of the world?

These obstacles or “culprits” do not justify the absence of a wealth accumulation program. The need for a wealth program is above all these and any other reason why the wealth is not there. The need is absolutely indispensable. You have to overcome the obstacles. You have to win over yourself.

Wealth accumulation is everybody’s dream, but is not an instant resource. It is a process and it has to begin. And the best time to begin is now.