Tag Archives: financial pitfalls

Unleash Your Successful Wealth Creator

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Recently my wife Kate and I were discussing her ground rules regarding our shared key ingredients for success: determination, smarts, talent (creativity), perseverance, the need to be inquisitive, and others. Then she brought up an excellent point: what if young adults began manifesting wealth at an early age using the same ‘what would you do…?’ mentality that many adults only seem to exhibit when playing the lottery in the hopes that they would miraculously win and let all their money fears disappear?

Sadly, Kate is right. Most adults never learned the discipline of wealth creation at an early age, which was evidenced by last week’s PowerBall frenzy that sent Americans scurrying to their favorite “dream brokers” in order to purchase a “financial do-over” as the Powerball jackpot reached a whopping $550,000,000. The reality is (as most of you Monopoly® aficionados know) that they will never ‘pass go’ or collect $200.

What is amazing to me is that despite all the perceived value Americans seem to place on education, why then are Personal Finance and Wealth Creation classes neglected from most middle school and high school curricula? I’ve often wondered why most schools spend so much time teaching us the basics: math, English, history, science, foreign languages, and more, yet they fail to teach us the most important and practical life lesson: proper money management. Then it dawned on me, the reason why most teachers probably never teach their students anything about these subjects. Perhaps it’s because they were never taught either, and you can’t teach what you don’t know.

In my humble opinion, ignorance about money is not bliss. It’s costly. It literally blows my mind how little regard Americans have for financial education, considering that “money” now appears to be one of the most controversial topics within our society. Conversations about the state of the economy, both nationally and personally in our own households, as well as the “fiscal cliff” tend to dominate the proverbial “water cooler” chit chat online and offline. Not only is it extremely personal, but most people tend to have very different opinions and experiences regarding money. One size definitely does not fit all. For example, if your parents are/were conservative, then most likely you will also be conservative with your money. However, if you disliked how your parents either saved or spent their money, then you may decide to be the exact opposite. The point is that people tend to develop their habits and values regarding money from a very early age, consciously or unconsciously. They are usually swayed by parents, teachers, friends, or even worse, the media (e.g. TV, radio, magazines, etc.) that loves to prey upon America’s ignorance by constantly advertising and reminding us of what we either think we really want and need or what we basically don’t have and why?

In fact, millions of dollars a year are spent by companies on advertising in order to reap profits from America’s monetary spending dysfunction, which I call financial obesity. Companies deceive us with ads about what we should be driving, wearing, eating, living, playing, and thinking, and then shame us into a bad case of ‘mood poisoning’ if we don’t own what we “should” or if we don’t abide by their definitions of success.

The truth is: we need to educate our young adults to break free from the “must have” mentality often created at a young age. We need to empower our youth to start thinking about why they are spending their money and cultivate their desire to understand how each dollar spent will lead to their successful outcomes. To help you avoid the  “must have” mentality, I suggest that you ask yourself the following two questions before each purchase in order to ensure that every dollar spent is truly helping you to achieve your overall financial success:

1) Could this money be better invested than spent? and

2) Will this money generate the means for other future successes?

In my book, Growing Success; A Young Adult’s Guide to Achieving Personal and Financial Success, my goal is to educate and help young adults and adults of all ages understand and seriously think about the concepts of personal finance and wealth creation. Your ability to understand and adopt these important concepts from an early age will definitely help you to become a successful young independent monetizer /income generator, which will enable you to always produce multiple streams of income toward achieving your probable outcomes for success.

“Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.” ~ Dale Carnegie

Begin educating yourself. Avoid the unfortunate and avoidable financial pitfalls that currently plague so many adults between the ages of 40 and 60.

It’s time to grow your financial success and unleash your successful wealth creator now.

 

Are You Broke Or Broken? Obstacles For Success

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I often ask myself: for a country that prides itself on its technological and educational advancements, why are so many people in such personal and financial turmoil?

I have to imagine that if you are a young adult between the ages of 16 and 25, life must seem a little uncertain and scary to you right now. Just think, you are the first generation to grow up in the 21st century – the advent of a new technological era that actually allows you to carry out the majority of your consumer-related transactions from your SmartPhone, computer or tablet device from virtually anywhere in the world.

Yet, despite all of the major advancements and perceived conveniences created by these new technologies, many of your generation have either personally experienced or know someone close to you whose parents have either lost their jobs (due to downsizing or outsourcing), could not afford to send you or your friends to college due to unforeseen financial hardship, or, even worse, had to lose their homes or apartments due to unprecedented bank foreclosures.

I believe the underlying reason why so many adults between the ages of 40 and 60 are in such economic chaos is because they suffer from what I call financial obesity: one’s obsessive and self-sabotaging need to constantly overspend and remain financially unhealthy. Like over-eaters, the financially obese allow fear to prevent them from achieving their personal and financial success they desire. They simply cannot get out of their own way. They are not broke; they are broken!

One of my favorite quotes is by motivational speaker, Les Brown, who says, “Too many of us are not living our dreams because we are living our fears.”

If you are someone who feels broken, you are not alone. Most well-established men and women by their own desire and determination have managed to overcome their own prior childhood struggles and self-defeating fears because they chose to shift their unhealthy attitudes and learned perspectives as they manifested their desired outcomes.

As I discuss in my new book, Demystifying Success: Success Tools and Secrets They Don’t Teach You in High School, the first thing I would suggest is that you honestly acknowledge the poor or unfounded information that you received from your parents, teachers, friends, and others in your past. They probably meant well, but they were most likely either projecting or inadvertently passing forward generational misinformation that they received at an early age as well.

Secondly, you need to self-reflect and assess how your parents, teachers, friends and most importantly, your own early life experiences have impacted your own “learned” negative fears and emotions. Unless you learn to how manage these challenges early on, they will become even more habit-forming as you get older.

The good news is the effects of your early programming are reversible if you choose to remove those negative obstacles by managing your fears and taking the necessary action steps to accomplish your goals and fix your long-term outlook for success.

Motivational speaker and salesman Zig Ziglar was absolutely correct when he said, “You don’t have to be great to start, but you have to start to be great.”