We live in a world of information overload. And when it comes to money, you have everyone from gurus to your son’s school janitor telling you how to invest and what to do with your money. But where most people seem to have been misled is thinking that there is only ONE path to wealth.
When in fact, there are many paths available to begin your wealth journey.
In our society, there is ample shame, guilt, and status surrounding money and the very conversation of money is taboo to speak of in several cultures. In old times it was “not polite to speak of money” but consider this, how can you truly learn something if it’s never spoken of?
No wonder so many of us feel lost when it comes to our finances! Where do you go and learn about this “hush hush” topic that’s quite literally RUNNING OUR SOCIETY?!?!
Well, allow me to help you. I’ve been right where you are and I’ve done the years of research and continuous growth. No one man (as in mankind) can learn EVERYTHING there is to know about wealth and money.
So if you’d like to take the shortcut, read along and let me take you through some of my learnings. Here are some of the gold nuggets that I’ve accumulated over this last decade!
The 3 things you need to forget about money and wealth
For those who follow me on my social media channels, you know that I strongly believe there are multiple paths to wealth. However, there are 3 (almost certain) items that you should watch out for and eliminate from your mindset.
1. Money is evil
Money is not evil. You can’t expect to build wealth (something that most of us see as freedom) when you’re constantly hating on the tool and vehicle that’s used to get us there (money). This is a double entendre that just doesn’t work.
Instead, see money for what it is – a currency. See money as a tool that you can wield, nothing more and nothing less. We humans tend to overcomplicate and apply significance to things we don’t understand or rather, don’t want to.
2. You HAVE to start a business
This is one of the WORST advice I’ve heard when it comes to creating wealth – not because it’s not true, but because it’s always presented as a DO or DIE option. Something that you HAVE to do. There are MANY people working their 9-5’s who are wealthy – it’s possible AND I teach these people!
Here’s the cold hard truth: running a business IS HARD! It takes more than just a good product or service, there’s no “get rich quick” in business. And not everyone wants to build a business. For tax purposes and your own enjoyment, yes, having a business is great, but it’s not mandatory for you to begin on your wealth journey.
3. ONLY saving money
Hang on tight for this one. Saving money is a good practice “in theory” BUT if all you’re ever doing is saving money, you won’t be able to retire and you won’t go far. This is because saving money comes from a “scarcity” mindset.
The 3 things you should know about money and wealth
These are the ones you want to pay attention to because it’s an unpopular opinion, but true nonetheless. Remember that, just because something is “unpopular”, doesn’t make it “not true”. Sometimes going against the societal norm will serve you best, but you have to figure out what will work the best for your journey (or reach out to us for help).
1. Not all debt is bad debt
We’ve been conditioned from a young age that credit cards are bad because 80%, 90% of the population owe credit card debt. So we assume it’s bad because the banks and credit card companies are making money from all the interest you’re paying. But what if I told you we can teach you to make over $6,000 using credit cards and leave you with $0 payment?
90% of millionaires and billionaires leverage “good” debt to continue building their capital and wealth. Not all debt is bad debt, and once you learn the difference between the two it’s like a beautiful chocolate fondue that flows together for the best of results. (Sorry – foodie here, and the chocolate fondue is the first thing that came into my mind)
2. You can pay off your debt WHILE investing
Some gurus will most definitely argue this, but I don’t see it as a one way street. It’s not a do or die scenario. The earlier you can invest, the stronger your foundation becomes. It’s not about clearing your debt 100%, it’s about managing your debt.
3. Shelter your assets
Once you start accumulating wealth, your next step is to protect what you’ve built. If you don’t already have some form of protection plan in place, it’s never too late to start.
The 3 things you must know about money and wealth
These are what I call non-negotiables. They are the foundation of your home, the starting point. The groceries for your diet if you will. If you can start here, you’re well on your way to creating wealth.
1. Become besties in your relationship with money
Money is a fickle mistress – it knows when you’re lying, and it knows when you secretly hate it. Our relationship with money often goes back to our childhood. It’s deeply rooted in how we were brought up and conditioned. And you bet culture plays a major part.
Your relationship with money requires some inner work but it’ll be one of the MOST powerful things you’ll ever learn – more so than buying Tesla or Amazon when they were $10/share.
3. You can invest with $1. Don’t wait
When I started out on the road to investing, I kept getting rejected from the “Elites” or people with money telling me that I was wrong, I didn’t have enough to start and that kept me back for years. I chose to listen to someone else and their opinion vs taking on the fear of getting in the market and just starting.
I go more in depth with the full story in a vulnerable Facebook post I shared here. But basically, I lost out of over $25,000 because I simply didn’t start.
3. Financial literacy is a choice
No one is going to hand you over the keys to the kingdom on a silver platter, not even me. We teach the 5 Cores Principle at Soul Vibe Capital to our students but THEY themselves CHOOSE what to do with it. We can help with clarity, provide the vehicles, and even create a personalized roadmap – but the one thing we can’t do is do the work FOR you. You’ve got to make that choice for yourself.
You might get rich overnight, but you will never be able to build wealth overnight.
Wealth creation is a long game, and our goal isn’t the end destination. Our objective for wealth creation is laying the foundation, the building blocks that will lead to generational wealth.
Your mindset is the key to wealth, and your relationship with money is what will guide your actions. And since money is still a taboo subject in our society, having a community that talks about wealth and mental health can make a world of difference because you’re surrounded by like-minded people who are on the same path and same journey as you, to level up your financial literacy game. Wealth isn’t taught in schools, so for those of us wanting to grow and get ahead, we have to go seeking the knowledge ourselves.
Believe in yourself, we all have different ways of learning and we are all on different journeys in our own time. It’s not right and wrong and there are no “tasks” to accomplish. Wealth is a journey of who you’ll BECOME, not by doing a list of things that you think will make you “rich”.
Remember, we’ve also got a judgement free and safe space within our Facebook community – it’s called the 99% Tribe and I’d like to extend an invitation to you.