Wealthy Mindset Series #14

The Wealthy Share Their Knowledge

At this point we are about half way through the list of wealthy mindset attitudes.

Why does wealth matter? What am I trying to accomplish here?

It is simple; if you are a coach, author or speaker and you have a message to deliver it is difficult to be a shining light to others if you can’t pay your own light bill! I want you to be financially strong to continue to do the work you are here to do.

To continue; you know that one of the most important keys to creating wealth is the right attitude. In recent series articles I shared how I was able to multiply my returns by over 300% (From 3% to 10%.) And in this series today we will talk about how the wealthy are willing to share how they succeeded. We promote ourselves and our value. We are not stingy with our knowledge.

A simple example of sharing knowledge was in the article where I explained in detail how using debt to purchase a property versus paying cash can increase your rate of return by over 300%. This also can apply to buying solid stocks, investing in your business, or any other area where the return will be greater than the cost of funds.

And I also warned that using debt to grow wealth can backfire. If you over-leverage a piece of real estate and the market turns around, you can lose more than just one property. This did happen to several people that I know personally.

But again, the point is that the wealthy have a prosperity consciousness and are willing to share not only what works, but what does not work.

The other day I was speaking with a coaching client and she told me about her bad experience with a financial advisor. She was being spoken to in a way that confused her with terms that she didn’t understand and the advisor would not explain. As it later turned out, the planner was stealing money from the accounts of her retired clients and later went to jail. That is not how the wealthy share information.

I am willing to share the struggles I had in building a real estate portfolio; how the first few years a plumbing bill could wipe out our profit for the month; and how I had to do some repairs myself to maintain profitability. Looking down the road after 20 years, I no longer have to work. I teach what works and what doesn’t work in my UCLA class. I share with those who want to learn. That is the attitude of the wealthy.

In the next article of the series we will talk about how the wealthy focus on investable assets instead of personal use assets.

To Your Prosperity,

Rennie