Myths that Keep You Broke #10
Myth #10 – Thoughts Are Powerful: Let me explain what I mean when I say it is a myth that thoughts are powerful. In one respect they are powerful; if they lead to an action. Unfortunately, most of the time a good thought is cancelled out by feelings that might be uncomfortable, or feelings come […]
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Myth #9 – Do It Yourself: One of the biggest lessons I learned in becoming wealthy was that it was a team effort, not a solo effort. Too many people think they can become successful and wealthy by themselves. This lesson hit me hard when I was the angel investor in a start-up when I did […]
Continue readingMyths that Keep You Broke #8
Myth #8 – Details: You may think the details of an investment are the most important. Yes, the details are important, but they are NOT the most important. The most important aspect of an investment is how it fits into the big picture of your life. If you want nothing to do with tenants, trash, or toilets, […]
Continue readingMyths that Keep You Broke #7
Myth #7 – I Know This Already: Like many teenagers, I thought I knew it all. As the famous UCLA basketball coach John Wooden used to say, “It’s what you learn after you know it all that counts.” Somewhere in my forties I learned that the wealthy ask questions when they hear familiar information instead of making statements. An example […]
Continue readingMyths that Keep You Broke #6
Myth #6 – I Don’t Need to Know Money Terms: Many years ago, when I was first learning the terms as a part of becoming a Certified Financial Planner®, I heard someone ask the instructor, “How important is it whether or not I learn all these definitions?” He was referring to the terms we were […]
Continue readingMyths that Keep You Broke #5
Myth #5 – It’s Rude to Talk About Money: You may think, and your parents may have said to you, “It’s rude to talk about money.” If that is the case, it is likely, your parents were not wealthy. Or even if they had wealth, they lacked a wealthy mindset. People with a wealthy mindset do not feel it […]
Continue readingMyths That Keep You Broke #4
Myth #4 – Your Friends (Who You Hang Around With) Don’t Matter: You may have some friends from when you were very young, or from high school, or from college, and you really enjoy hanging with them. Once per month I actually have lunch with 8 – 18 friends with whom I went to elementary […]
Continue readingMyths That Keep You Broke #3
Myth #3 – You have plenty of time: When I was young I thought I had plenty of time to plan for retirement. The myth that you have plenty of time to plan is deceptive. And the word retire was the word that was used to talk about a time when someone could choose not to […]
Continue readingMyths that Keep You Broke #2
Myth #2 – Self-made Millionaires: “Wealth is a Team Sport, not a Solo Sport.” – Rennie GabrielYou 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 […]
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Myth #1 – Pay your Debts First: Do you believe that you must pay down your debts before you start to invest? It doesn’t matter if I am talking about credit cards, car loans, or mortgages. This is the first in a series of 32 email and blog posts where I will uncover the many myths […]
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