The Misconceptions About Money

Most money misconceptions center around two problems. The first is being afraid of taking a risk and think that total safety is actually possible. The second is that one lucky person that will find the right combination to shower us with easy wealth. 

Well, all of the people who have been laid off recently, or whose businesses had to close know that there is no such thing as safety. And why else is the lottery so successful in bringing in millions of dollars? Too many people are not willing to pay the price or make the sacrifices necessary to build that security and wealth. The secrets of the rich they want to find don't exist. Living right financially may be difficult at first, but it is not complicated.

Misconception #1: I know that I'm not saving yet, but everything will be okay by the time I retire.

Talk about denial. Get real. There are no knights in shining armor that are going to ride in to save you. The chances of winning a lottery or the Publishers House Sweepstakes are about a billion to one. There are people who depended on the government to save them are eating Alpo. Your destiny and your dignity are up to you. You need to take charge of your own retirement and that means learning how to save and invest.

Misconception #2: Gold is the best investment to be in if the economy collapses.

I am constantly hearing the ads on the radio about buying gold because it is the only thing that people will value in an economic collapse. The arguments sound great, but it doesn't hold up to cold reason. First of all, gold is a lousy investment. Over the last fifty years, it has only gained around 4.4 percent in value and there has been violent up and down swings in the price.

Second, a study of history will show that gold is not used when economies completely collapse. People quickly resort to a black-market barter system to trade the items or services they need. A pair of blue jeans, a packet of vegetable seeds, or a tank of gas you have to barter with will be a lot more valuable than gold. Your best investments for a bad is economy is owning your home free and clear, a well stocked pantry, and a skill set that you can use to trade for the things you need.

Misconception #3: I can get rich if I join this new program, follow this secret system, and work three hours a week.

You can't make a six-figure income on three hours a week. I will no doubt make a six-figure income with this Institute, but to get there will involve hundreds of hours of studying, writing, programming, and marketing. I've already gotten ripped off looking at systems that were the latest, greatest thing on the planet and books or tapes that told me the secrets of making money. No more.

There are no shortcuts in life that will produce a quality product. A meal prepared in the microwave is never as good as one cooked in the oven. A cup of instant coffee is never as good as a cup of freshly brewed coffee. And a business built on a whim or fad will never be able to sustain itself like one built on a well thought out business and financial plan.