There are many negative road blocks deeply embedded in our subconscious minds.
I think as you grow and stretch yourself as a person, transforming your mind and thinking is a natural course that continues to evolve each and every year.
There’s a lot of poisonous conventional wisdom we’ve heard all of our life, things that hold many great people back in life.
Here are 3 common financial myths in the heads of hundreds of millions of people who have an unbelievable potential if they can only overcome these thoughts.
1. Good grades and degrees lead to true prosperity. Good grades and degrees can certainly help you, but this very thought has held back millions and screwed over even more great students.
Study after study of millionaires have proven that GPAs and college have a very limited role.
This belief actually has the biggest negative effect on people who were straight-A students, but later went on to face rejection in business and in life.
Taking tests does not inspire creativity, well at least not if you’re taking the test right.
And many people I know who did great in school, are now in depression as the life that was promised them isn’t unfolding as their parents and school counselor promised.
This belief has also held back millions who think they aren’t smart enough or don’t have the tenacity to achieve greatness due to poor or average grades in school.
Belief in one’s self, discipline, and perception of risk have a lot more to do with becoming a multi-millionaire and living your own dream life.
2. Work hard to become successful.
I would encourage anyone who has any influence on a child to replace this with “work smart.”
Success does come with sacrifice, but working 12-to-16-hour days is not mandatory. However, maximizing your time and researching your investments is required.
I know many people who want to get rich, but then spend their entire Saturday mowing the lawn, grocery shopping, and doing other $10/hour jobs. Is that really the best use of their time?
Others try to be as busy as possible, as if this somehow leads to success.
Over the years in real estate, publishing, and other business activities I am involved in, I’ve been forced to spend hundreds of hours in meetings… and my honest conclusion is that meetings are where productivity goes to die. If you want something done, use email, make written offers and proposals, and then get it done.
3. Jobs are safe; business is risky.
Jobs are just as risky, not only because you can be fired or laid off, but because you cap your income.
If you’re a school teacher and you over-deliver, it probably won’t change your income. Own a tutoring company and over-deliver, and you’ll receive tips, bonuses, gifts, and can raise your rates.
The income equation is simple: deliver value.
Becoming an independent contractor for your current employer not only frees you up, but in today’s overly-regulated environment, you can probably even save your employer money.
Jobs aren’t safe… they are risky, because you have 1 source of income, depend on management to not run the place into the ground, and you totally limit your true income potential.
Summary: Don’t let other people’s opinions or perceptions become your reality!
Legal Notice: This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.