The Seven Myths of Wealth Creation
What is wealth? Most people would say it means having lots of money, being financially independent and having all the things they desire. Unfortunately, they would be wrong. True wealth is not something external. It begins in the mind. It begins by dispelling the closely held myths of what it is. Once those myths are set aside, true wealth follows.
Myth #1: Wealth Creation Depends on Your Level of Education
Many people have risen from poverty to become multi-millionaires and did so without any formal education. While education is important, a BA or PhD does not guarantee great wealth. Many who were born into wealthy families became destitute and died penniless. Education can point you in the direction that leads to wealth, but it cannot take you by the hand and lead you there. Life alone teaches more than a college education ever will.
Myth #2: You Must Exchange Time for Money
If you earn a salary you are indeed trading time for money. But it is not completely true. Investments, residual income, capital gains and inheritances are ways that provide money without it being earned. Affiliate opportunities abound on the Internet that can bring an income well above the effort and time spent. Many earn substantial money by selling information without building a website or doing anything more beyond advertising their business. It’s production that creates income, not the time taken to create it.
Myth #3: The Educational System Gives You Everything You Need to Get Wealthy
The greatest teacher is life itself. It presents problems and stumbling blocks that must be overcome. There would be no millionaires who achieved wealth on an inadequate education if that were so. Today’s education system shows you how to get a job, it does not show you how to become financially wealthy. It does not teach you how to get along with others for mutual profit. Many people work hard for 40 years but have little to show at retirement. The wealthy have financial and time freedom simply because they learned the methods to get that way through a great deal of trial and failure. It’s calculated that only 2% have the knowledge to acquire wealth and be successful and little of that comes from a college education.
Myth #4: Working Hard Will Make You Rich
This is the age old advice passed down from generation to generation. Many people work hard throughout life, yet never become wealthy. Working hard is a good trait to have, but it does not guarantee wealth. Hard work has to be leveraged so the best use of time and energy produces more money. In fact working hard has a negative impact on health. High stress and worry lead to high blood pressure and heart disease. Those who succeed work hard simply for the enjoyment and not because they must pay their bills.
Myth #5: To Succeed, You Need to Improve Your Weaknesses
That’s holds true for any character flaws that prevents you from associating with those people who can help you succeed. Too many people are selfish and don’t understand that success is based on how much they help others. But you can never be perfect. You have certain strengths and weaknesses. You cannot be skilled in everything, nor would you wish to. Businessmen are not lawyers, bankers and accountants. It would be a waste of time to improve on those areas that don’t compliment your skills.
Myth #6: Stay Away from Risk
Life is full of risk. Decisions can go bad. Playing safe with the way you do things does nothing to challenge creativity and problem solving. You take risks when you choose a career in a field that could become obsolete tomorrow. You take risks that the woman or man you marry may decide to abandon the relationship. Taking risks is the only way to learn anything through life. Playing safe leads to stagnation. On the other hand, there are times when playing safe is the best course of action. You do need to get as much information before you take risks. Successful people know when to take a risk and when to leave it alone.
Myth #7: Blend in. Be Like The Crowd
No one has ever become successful trying to be like their heroes. Young people see success as looking, feeling and acting like fashion models, sports heroes and music stars. They strive to match the image of the herd, to blend in. If everyone smokes, so too must they. But this removes individuality. It stifles creativity. As they get older they continue to blend in as employees. They don’t stand out and so get few promotions. Real success starts from developing your own unique talents. No one is exactly alike and no one ever achieves success by joining the group think.
These myths stand in the way of a rewarding life. The realities of life demand individual effort that can’t come from a college education or from joining a crowd. Casting aside these myths can speed you along the road to true wealth and the happiness that very few ever reach.