So far in the Four Biggest Myths of Wealth Creation series, we’ve talked about several common limiting beliefs that are holding you back from a life of success in personal finance (we’re talking literally six to seven figure setbacks here, so pay attention).
- We’ve blown away the common belief that you can’t get rich working for someone else, by showing you that even an average salary can create a portfolio that will generate millions and more
- We’ve destroyed the limiting belief that you have to be a math genius, or a money person to invest by understanding that wealth creation is more about your behavior than your knowledge
- And we’ve obliterated the myth that the stock markets are just like gambling by outlining a simple, long-term and strategic approach to money management
The past couple of weeks have been really fun for me, and I hope have been really eye-opening to you.
Today, we’re going to talk about the one thing that we all want, and how to make sure you get it – financial freedom.
The Difference Between a Goal and a Wish
Before I get into the final myth today, I want to share a quote with you. This is a quote that not only applies to your personal finances, but to any kind of result you want to create in your life.
A goal without action is nothing but a wish…
Think about that for a minute. How many times have you said:
- “I wish this”
- “I need to do that”
- “If I could just do xyz”
You know what? You can.
There’s no reason you can’t achieve the goals you wish for. We’ve talked about that plenty already.
But with as strong of an emotion as desire is, all of the wishing, desire and want in the world won’t get you any further than you are right now.
Whatever result you are hoping for, whatever wishes and goals you have for yourself financially and otherwise, whatever picture you have painted for yourself in the near and far future, if you want that result to become a reality, you need to take action to make it happen.
No One Else Is Going to Do It For You
After we talk about Lesson and Myth #4, I will be opening up my 401k Millionaire course at the end of this video.
I would be thrilled if you chose to take action and invest in it for yourself, but even if you don’t, I strongly urge you to take action with the four free lessons I have shared with you over the course of this series.
Understanding any one of these lessons can mean the difference between a life of wealth and freedom, and a life of wishing and hoping for something good to happen.
And that’s a perfect segue into Myth #4 – the myth that someone else will handle your financial future for you.
Let’s get started.
Someone Else Will Take Care Of My Future, Right?
Work is the new retirement
Working your entire life? Sounds awful doesn’t it?
According to a study done by BankRate.com, 74% of people in their 40s and 50s plan to continue working during their “retirement” years because they feel they won’t have enough money.
Do you want that to be you?
It sure as hell isn’t going to be me.
So let’s explore this. I want you to take a moment to think about something for me.
Think about how many people you know who are in their 50s, 60s, or even 70s, who are still working every single day. These people likely have decent lifestyles, nice things, and good jobs, but there is one issue that plagues them all.
They can’t retire because they don’t have enough money.
- They still have mortgages over their heads
- They still have cars to pay off
- They still have and all kinds of other financial liabilities that are preventing them from hanging it all up.
Sure, different circumstances happen to different people, but one thing is common among all of them – their thought process.
What was their thought process throughout their lives that caused them to arrive in this situation?
A Dangerous Thought Process
They didn’t take control. They thought someone else would handle it all for them, and one day they woke up thinking “I want to retire, but I can’t…”
And this is the same thought process that a lot of people have right now, maybe even you.
- “Social security will take care of me”
- “My company has a good pension” (50% of these are now gone – don’t trust money that isn’t in your name directly)
- “I’ve got an inheritance coming”
- “My family will support me”
- “Something will come up”
- “I’ll figure it out later”
All of these phrases represent a complete lack of control.