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Lisa Nicole Bell of Inspired Life Radio interviews Chris Miles about why should people fire their adviser, how to know whether the advice they receive will help them create wealth (not just for the adviser), and what is the basic principle to securely build wealth.
Click here to listen!
Learn how trying to force the Law of Attraction can backfire and give you what you DON’T want. Find out how easy it is to get what you want!
The best investment for you is to invest in being a better investor in what you know best, not some financial investment sold to you by an “investment specialist.” Listen to know which investment is right for you, not what is right for the person selling it to you.
You can Listen to our previous blog about this as well.
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Is wealth really created from merely investing, eliminating credit debt, or somehow increasing our cash flow?
The basic economic principle to creating wealth is that exchange creates wealth. In other words, the more we exchange with one another, the more wealth that is created (this works for money, relationships, health, intellectual gain, etc).
For example, there are only a finite number of dollars in existence, but an infinite number of times we can exchange it. Each of us are passing around the same dollars everyday. Therefore, to be wealthy, we must be willing to exchange or produce more than we receive or consume. Inasmuch as we are always striving to do this, our wealth increases.
Unfortunately, many equate wealth with only financial means. Although I do believe the principles are the same, I have met several rich people who are broke in other areas of their lives. Consequently, many lose their financial resources because other areas have deteriorated, like their health or relationships.
Being wealthy DOES NOT require us to have financial resources before we can provide any real value to the world (Read more and/or listen). More often than not, the financial resources come AFTER the value is produced. Money does, however, increase our propensity to provide more value more quickly. It is a tool to increase our leverage to provide more value, but it is NOT what creates our wealth, even financially-speaking. Listen to know how to create wealth without money.
True wealth comes by continually progressing in ALL areas of life by seeking more ways to serve and provide more value to exchange with others.
My response to 1 of the most common questions asked on www.asktogetrich.com. Find out the hidden capital you have that can make you money:
1. Intellectual Capital
2. Niche Capital
3. Relationship Capital
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Listen to 5 or 6 tips that not only help you in a marathon, but with creating wealth too.
Attraction is useless without action. Do something about it. Listen and learn what The Secret doesn’t necessarily teach you!
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Many of us have heard the statistics stating that 95% of businesses fail in their first 5 years. Or, we know of people that keep losing on their investments. WHY? Although I believe there are many factors, the one that seems most likely to repeat itself is lack of education and discipline.
Even many that know what they should be doing lack the discipline to take productive action on that understanding. I have coached people that have a lot of knowledge, but lack the wisdom (knowledge properly applied) to make things work. I have seen “investors” be gamblers because they cannot control their own emotions and thoughts, and therefore rationalize why they should still do a particular trade/deal/business. Many will say, “Yes, I already know that, Chris, but teach me something new.” My response is “Yes, you may understand it, but you don’t get it.”
You MUST master your thoughts, words, actions, and emotions to be a great entrepreneur/investor. In a recent Time Magazine online Q&A, Robert Kiyosaki repeatedly answered questions reminding everyone that discipline is the key to success in investing, and the lack thereof creates failure. In the video interview, he even mentioned how military training has helped him be successful today.
In short, the only way to succeed in anything is discipline. Like in the military, set up a “code” to govern your actions, especially when life’s “bullets” are whizzing by your head.
MASTER YOUR LIFE BY MASTERING YOUR THOUGHTS, MONEY, TIME, AND EMOTIONS.
Many believe that if they do everything they are taught by the financial industry, they will be financially free. From what I’ve seen and what common sense tells us, it’s a load of *%&@! Here’s a few reasons why:
1. Traditional savers still feel broke after years of saving. I have yet to meet someone in retirement that KNOWS their money will last for the rest of their life. Listen why. Some can do it for a certain number of years before they can’t enjoy retirement anymore. The only people I know that have peace of mind are those that invested outside of 401k/IRA’s, OR the financial advisers getting paid commissions on their clients hoping for better returns.
2. Numbers aren’t reality and people aren’t numbers. Just because some suave salesman pulls out his fancy calculator and tells you it’s going to be alright, doesn’t mean it will be. Can he/she foresee your future? What if something changes in 20 years? 20 minutes?
By the way, Mr. Adviser, stop looking at my financial assets to produce returns for you and look at me as the REAL investment!
3. Average returns are not actual returns. If they tell you “Historically, this ‘investment’ has done ___%…” ask them if they will guarantee it in writing. THEY CAN’T!
Also, you can have a positive average rate of return, and in reality, still be losing money. Watch this video to learn how.
4. Inflation is much higher than what many believe. This is the most subtle way to tax the poor and middle class so the politicians look better. Listen here.
5. Your taxes will likely be higher. Even if taxes don’t increase (which I’m sure they will), you will likely have to pay more solely due to inflation. Things get more expensive over time meaning you need more money each year.
Besides, if your retirement accounts actually succeed like your adviser crosses his/her fingers for, wouldn’t you be in a higher tax bracket? If not, it’s probably because your accounts failed.
6. You cannot accumulate enough to only live off of the interest. Like I mentioned in one of my recent podcasts, it’s nearly impossible for even the best savers to live off of 4-5% of their money each year.
7. Paying off “debts” early will shrink your nest egg. Although I am in favor of paying off liabilities, there’s a catch. If pay off your liabilities, it will take money away from your retirement. Unfortunately, you cannot eat a paid-off home. Paying off “debts” is more in the self-interest of the banks than for you. Many retirees are currently asset rich/cash poor which restricts their freedom. For alternative strategies, listen now.
Stop “planning” for retirement!!! Instead, make it happen by DOING THE OPPOSITE which gives you a better chance. Learn the “art” of investing to start becoming financially free today!
If you need further convincing, check out these scary stats!
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Could independence be no more than freedom from oppression and domination? Conversely, is independence merely unobstructed freedom to do anything we desire with no fear of intentional or unintentional consequences? Absolutely not! The more freedom we expect, the more responsibility we inescapably accept.
Today, we see a pandemic paradigm governing humans to blame anyone when things go awry. Thomas Jefferson proclaimed, “Timid men prefer the calm of despotism to the tempestuous sea of liberty.” Why do we shrilly scream for independence and utter whining whispers at the first sight of responsibility?
To many, independence means to be “in dependence.” They fancy others slavishly sowing so they can slothfully reap. They “fight” for freedom, but ultimately, beg for bondage. They want what has never existed - freedom from consequence. Indisputable independence is the freedom to pioneer one’s path and be accountable for the destination.
My challenge is to consider what areas of our life and finances are we not taking on responsibility. Are we blaming market events, investors, financial institutions, banks, politicians, etc for our problems rather than creating solutions? Why can we see so clearly others’ errors which are somtimes trivial, yet are so blind to our own destructive faults? What possibilities would arise if we focused the energy we waste complaining and repeatedly pointing out others’ mistakes towards production and creating greater happiness and financial freedom through discovering soul purpose? What blessings are we failing to see because we focus more time and energy on the lack thereof? I challenge each of us to objectively ponder these questions, journal our responses, and identify ways to further focus on our financial independence.
