Hot topics in today's finances
Rags to riches
If there's one thing that can stop you from getting rich, it's believing in old clichés. And if there are some things that can make you rich, it's believing in the right cliches! All of this might seem a bit deep, bordering on the near-insane but, I assure you, there's method in this apparent madness.
I'm currently holidaying on a wonderful Greek island with my wife and two friends, one of whom is a native of Greece.
Thanos, whose English is a lot better than my non-existent Greek, made the observation that "the only people who get rich from 'Get Rich Books' are the people who write them"!
Money talks
It's an oldie but I'm not sure it's a goodie. I think there is a bit of confusion here with 'Get Rich Schemes', which generally are designed to line the pockets of the spruikers who flog their lectures, books, DVDs and weekend boot camps. But in all honesty, these can be life-changing affairs for some and a complete waste of money for others.
Who benefits?
The thing that worries me about these Get Rich Odysseys is that they can be loaded up and linked to products and loans, which really do line the pockets of promoters.
This is where the line between educating someone to take control of their life and build wealth is used as a sales weapon to sometimes hoodwink people.
Beware the scam
I hate this sort of thing for two reasons. First it gives financial education and advice a bad name, making people scared to go to people who could genuinely show them how to get richer.
Secondly, these shysters are simply ripping people off, using the trust they've built up through the supply of education.
Smart wealth play
Personally, about a year ago I was contacted by a young producer from Today Tonight who said she had bought my book, Beating Debt and Increasing Wealth, when she was 21 years of age and she was now 25 and had found it really helpful. Getting the right money advice as early as possible is one of the greatest things any parent could do for a child. Riches are built up by doing the right money things for as long as time as possible.
Failure to launch
The first book I wrote was an adaptation of Larry Waschka's US book, The Completer Idiot's Guide to Getting Rich. He outlined 11 reasons why people fail to get rich, which could be seen as cliches that don't describe you.
Where do you sit?
For the record, and because I care about my faithful readers, here they are:
1. They work hard but not smart.
2. They're not willing to delegate.
3. They accept self-imposed limitations.
4. They don't live within their means so they don't have enough to save, and are too proud to scale back their lifestyle.
5. They're waiting for an inheritance.
6. They're not willing to take a risk.
7. They don't do enough homework to protect themselves from scavengers.
8. They don't channel their efforts in the direction of their passion.
9. They lack single-mindedness of thought.
10. They let pride get in the way.
11. They expect and accept entitlements such as welfare.
Don't hold back
If this sounds like you, then it is time to take the characteristic that is holding you back and change it before it's too late. My work with my business coaching business and clients tells me that you have to confront your current results and blame one person - you!
Dream a little dream
Next you have to create a vision of where you want to go. See it, write it down and even get a picture of it so you see it every day. The change will only happen if you remind yourself that you have a little voice inside of you that is stopping you from succeeding.
Doing the groundwork
Once you have the vision, you need to write down the plan that will build your wealth. It doesn't have to be complicated but it will require homework. If you can't do it or won't do it, go to someone and pay for them to do it.
Falling off the wagon
This is where I would add a few reasons why people fail to get rich:
- They won't face the current truth about their income and spending.
- They don't have a firm vision of what they want.
- They are procrastinators. Psychologies Magazine says 95% of us are procrastinators but 20% are chronic!
- They don't know what to do.
- And they don't know how easy it can be to change and get their money house in order.
There's no time like the right time
If you think I'm talking about you, then take these cliches of why people don't get rich and do the opposite!
It starts with the vision of what you want. Next work out what you have to do. In effect, I'm saying to work out what price you have to pay to get richer and then do something weird and unique - pay the price!
As entertainer Sophie Tucker once said, (this was then used by Billy Connolly for a bank commercial!): "I've been rich and I've been poor - rich is better."
Copyright © 2008 Yahoo! Pty Limited. All rights reserved.
Advertise with Us - Privacy Policy - Terms of Service - Help