Bank Your Dough?
What were you taught about money? Too many people are broke and struggling financially because they have the wrong data about money. If you’re having money problems, it’s not because you’re stupid, lazy, or have the wrong job. Nobody ever taught you how to get enough money, save enough money, and actually invest enough to have financial freedom.
If you play a game long enough and can’t win at it, you throw in the towel. This is what millions of people have done with the idea of getting rich. They’ve lost hope of ever being a millionaire.
I did a short documentary on money earlier this year, about how people view money and why people are broke. I went to the streets of Las Vegas for the interviews…
Here are some of the questions I asked along with the answers I received:
What did your parents teach you about money?
“Basically to save it, but I’ve never been able to do it.”
“How to spend it.”
“To save it and that you have to work hard to get it.”
“Be Careful with it.”
“Spend it wisely.”
None of them were told by their parents to get rich or that one they concentrate on increasing income first. Everyone was taught by his or her parents to conserve, protect, and view money with a shortage mentality.
At what number would you consider somebody rich?
“A couple million”
“One million”
“$500,000”
“2.5 million”
Nobody told me anything close to the fact that you need 8 figures. I told Lewis Howes on his podcast recently that you need at least $20 million as a minimum to even be considered “rich”. We’re not in 1970, so one million dollars isn’t what it used to be. The millionaire is the new middle class.
What do you save money for?
“To buy a house.”
I heard this answer over and over. Everyone was brought up to believe that you save money for the purpose of buying that mythological American middle-class dream of owning a home. A home won’t get you rich, and I go into detail on this on my Real Estate show every Monday.
What’s the biggest mistake you’ve made with money?
“Not saving enough.”
I heard this response time and time again. I’ve said it before and I’ll say it again, saving is not your problem, income is your problem. You can’t save anything because you don’t make anything. People are living paycheck to paycheck, how are they supposed to save? The only way out is to increase your income, and this requires an investment in yourself to acquire new skills.
We’ve all been programmed with the same money information from our youth. This is proved by asking people to fill in the blanks from these well-known sayings:
A penny saved is….
A penny earned.
Money doesn’t grow on…
Trees.
Money won’t make you…
Happy.
We become robots automatically filling in these sayings as if they were truth, but the truth is this:
A penny saved is….
Just a penny man.
Money doesn’t grow on…
Trees? The paper come from trees and men print as much of it as they desire.
Money won’t make you…
Happy….but it won’t make you sad either — and being broke won’t make you happy.
What does rich really mean to you? Does it mean you just have enough money? How much money do you really need? Pick up a copy of my Millionaire Booklet for free and comment below on what specific dollar amount you consider to be “rich”.
Be great,
GC
