128: Five Money Myths That Are Killing Your Wealth Potential
Five Money Myths That Are Killing Your Wealth Potential
These five money myths are killing your wealth potential. Don’t believe:
1) Get your money to work for you.
2) Compound interest creates wealth.
3) Be debt-free.
4) Home equity has a rate of return.
5) Live below your means.
All five of the above are money mindset myths. If you believe them, you won’t create wealth. Real estate investing cures all five money mindset myths. Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive turnkey real estate investing opportunities. Listen to this week’s show and learn:
02:07 Your brain is programmed to survive rather than thrive.
06:10 Why dispelling mindset myths is important.
10:46 Other people’s money.
16:23 Example of financial leverage.
17:39 Don’t be debt-free; be financially-free. Examples.
26:15 Compound Interest vs. Leverage.
28:41 “Millionaire.” Who cares?
31:12 Equity has zero rate of return. It’s unsafe and illiquid. Examples.
35:25 Equity transfers.
37:29 Should you pay off your primary residence?
40:28 Myth: “Live below your means.”
43:10 Don’t budget.
44:32 Question your answers.
45:49 The power of being bold.