Myths that Keep You Broke #2

Myth #2 - Self-made Millionaires:   

"Wealth is a Team Sport, not a Solo Sport.” – Rennie Gabriel

You have probably heard the expression about a wealthy person that they are a self-made millionaire. Maybe the person who said it, was wealthy. DO NOT BELIEVE IT!

If you look at the wealthiest people in this country, whether past or present, they did not create massive wealth by themselves. The concept of the self made millionaire is a fantasy. People who say they are a self-made millionaire are both deluding themselves or just full of themselves.

That so-called self-made millionaire may have the vision of what it takes, but it takes a team to do the execution of that vision. If you study every successful company you will see there was a visionary and at least one execution master.

Steve Jobs did not design or make Apple computers; he had a vision and Steve Wozniak executed Job’s vision. Howard Hughes did not build the Spruce Goose or any of his companies or casinos by himself, and J. Paul Getty did not become a billionaire by himself. One of Getty’s quotes in his book is that he would rather have 1% of the efforts of 100 people than 100% of his own efforts.

As a personal example it took three people to create the net worth I have today, and it takes several more people to protect it; from a portfolio manager to lawyers to accountants.

Let me ask you this question: Who would you want on your team to support you to create wealth? Answer that and you can become wealthy, and you won’t care about the term self-made.

To Your Prosperity,