know what’s funny about personal finance? That
no matter how many times you’re told to spend
less, or create a wealth plan, or save 10% or whatever
else we hear all the time, most of us still don’t
do it. And do you know why? Because we really don’t
WANT to change. Or at least put in enough effort to
make it possible (that’s why people go gaga
for get-rich-quick type schemes! Big reward for little
like losing weight or quitting smoking, changing your
LIFE- you really have to WANT IT to make things happen.
And not in the secret kinda way either ;) I’m
talkin’ TRULY wanting it bad enough to really
put in the time and effort required to make whatever
it is you want to happen, happen. The truth is, a
lot of this stuff doesn’t come easy. It may
be simple in theory (the basics of personal finance
is NOT complicated), but for most of us it requires
some fine tuning of both our brains AND our daily
doesn’t just *happen* without us actually prioritising
it. If you’re looking to save up for that car,
or you wanna clear out all that debt once and for
all, you’ve gotta bump it to the top of the
list and get passionate!
passion, our goals drop as fast as they do during
New Years ;) Remember those 'promises' (should that
read 'lies') to ourselves? How many of us have actually
taken ACTION on our resolutions this year? I can tell
you for a fact that the only ones I’m still
rockin’ are the ones having to do with money,
health & family ;) And quite frankly it’s
because they are the only ones I truly care about
enough to actually DO something about ‘em. It
would be awesome to have been a professional golfer
or a Michelangelo (been “trying” for 10
years on that one!) but the reality is that I just
didn’t care enough to fully act on them.
you want results you’ve got to put in the EFFORT.
And that includes prioritising too. People don’t
become debt-free or wealthy in a day. It takes a lot
of time and a lot of dedication. But the good thing
is, everything’s possible! You’ve just
gotta commit first.
doesn't discriminate; it doesn't care who you are
or where you come from. Yet the sad reality is that
the majority of us will never achieve financial freedom.
Here are some of the common myths about money that
hold many people back from achieving their financial
takes A LOT of money to make money
Despite what some people believe, it doesn't really
take a lot of money to make money. You just need to
commit to making a start and stick with it, leveraging
other resources and other people.
I don't make enough money
Everyone makes enough money to be an investor. The
truth is that most people don't have an income problem,
they have a spending problem. The problem is most
of us spend as much as we earn. You've got to start
living within your means, paying yourself first, saving
a deposit for a property and investing in order to
break your current pattern.
I'm not smart enough
To reassure you that don’t need a university
education, here are a few multi-billionaires who never
graduated from university: Bill Gates (Microsoft),
Michael Dell (Dell Computers) and Steve Jobs (Apple).
The truth is you can do whatever you want; not being
smart enough is just another excuse not to try.
Debt is bad
Most people believe debt is a dirty word, but not
all debt is bad. Savvy property investors know how
to use good debt to buy great yielding assets.
All the good investments are taken
That's not true; opportunities are always out there,
in every market. Sometimes there are a lot and sometimes
there aren't. Some are obvious and other are opportunities
you create by understanding investment markets. Sure,
all of yesterday's deals have been taken, but tomorrow's
deals have not. Someone will snap them up. Why shouldn't
it be you?
I've done everything wrong - it's too late
It's never too late to learn how to invest or overcome
your mistakes. There are many success stories of people
who have conquered all sorts of adversity, or started
investing later in life and ended up achieving financial
freedom. In fact Ray Croc was over 50 years old when
he built his first fast food outlet. You might have
heard of it.....it's called McDonalds.
7. If you want it done
right, you have to do it yourself
There's no such thing as a self-made millionaire.
All successful property investors have a good team
of professional advisers and supportive mentors around
them. That doesn't mean you should hand over full
responsibility for your wealth creation to others.
But the rich recognise that they can't be experts
in all aspects of wealth creation, so they find a
team of experts they can lead in order to help them
achieve their goals.