A Wealth of Ignorance; Why the rich get richer
“Ignorance is Not bliss, in finances ignorance causes poverty!” Tony Robbins
There isnt a one of us out here that haven’t received money advice from a friend, co-worker, book, boss, etc. The amount information or misinformation thrown at us about money is astonishing!
One of the top 3 peices of advice I have received in my life came while I was in Malaysia. I was there with a good friend of mine, a self made Millionaire. We were driving in his car through the capital of Kuala Lumpur on the way to a business meeting near KLCC (the Twin Towers). I was young and excited to be around him and his colleagues. In an attempt to participate in his circle I told him about a great business idea an aquantence of mine had, it was a Million dollar idea! As I was giving him the overview, he stopped me in mid-sentence. He interrupted and asked me a question; “how much money does your friend make” he asked. I replied that he made over $150,000 a year. He then looked at me and said, if your friend knew how to make a Million dollars, he would be a Millionaire. He then went on to explain to me about advice and mentors. He told me that if I wanted to make $150K/year that my friend could certainly tell me how to do that, but he doesnt know how to make a Million dollars a year. He then cautioned me about taking advice from people who have not done it already, and people who are not where you want to be. He advised me to seek out counsil and advice from educated, experienced, and proven men.
This conversation drastically changed my life forever. From that point onward I saught out advice from those who have already accomplished what I am trying to do. Talk about a shortcut. A surefire way to the top as fast as you can go. Learn from the mistakes of others, and follow the proven formulas for success in whatever category of your life that is. Of course this is not to say that common people in our lives have nothing to offer. They may indeed have some great ideas; however actual implimentation of those ideas into monetary success are two different things.
I have said this for years: “Wall Street University is the most expensive education that you can buy”.
The sheer percentage of people who lose money in the markets is astounding! Your odds of actually making a profit trading securities to any mesure of real useable equity growth is extremely low. By this I am saying that most people will lose money trading securities. Those who do manage to make money do not make an amount that could make them a living or provide for a secure future. There ARE people who make money in investments as a living. They are very few in comparison. If you wish to enter the world of investments and securities, do not waste your money paying Wall Street University tuition, learn from those who actually make enough money to produce the same results you are looking for.
Much of the “investment” and advice we get on money is stemmed from our Great Depression. People still dont trust banks, how many times have you heard saying such as “rich people are greedy” “save your money” “the rich keep getting richer and we just get poorer” “start a savings” and the plethora of other sayings that we have heard from childhood? These sayings are all stated by people in our lives that really dont have money. “Money is the root of all evil”. “money cant buy happiness”.
The world is full of accomplishers. People who have realized their goals and dreams. Those who have found the path to success. We Do Not need to reinvent the wheel. Invention is wonderful and that is how progress is made. But most of us are not at that point in our lives. We are not going to change the world with our innovative ideas until we have gotten our lives and fincances to a point where we can actually impliment those ideas and make them reality.
Focus on gaining wealth first. Do this by following the patterns and practices of those who have gone before you and found the way. If a trader isnt making money in real time, dont follow his advice. If an investor isn’t performing at the top of his game dont mimic him.
“it takes money to make money”. How many times have we heard that. I have another write up on this, but sufice it to say for now that that is what poor people say. The truth is investing is about making your money work. The majority of people in this world work for their money. Sell their time for an hourly rate. The wealthy make their money work for them. And they do that through proper investments and strategies.
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