15 Money Myths Keeping You From Getting REAL Wealth

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15 Money Myths Keeping You From Getting REAL Wealth:
Belief is an interesting thing. It shapes how we see the world, how we respond to new events, and how we plan for our future. This can be a wonderful thing in many instances, but if our beliefs are just plain wrong it can lead to less than desirable outcomes. With that in mind today we'll be discussing 15 common money myths that I often hear voiced when the subject of wealth builders comes up. We'll also discuss what the statistics suggest is more commonly the case for those who have successfully built significant amounts of wealth for themselves.

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[nerdybucks-personalfinance]

3:26 - It's pure luck
3:58 - Inheritance
5:04 - The big score
6:00 - Leverage is the key
9:03 - The name - brand school
9:59 - The executive salary
11:11 - Investment opportunity
12:07 - They take advantage of others
12:39 - Rigging the system
12:48 - Laziness
15:27 - Millionaires spend frivously
16:19 - Millionaires are misers
17:35 - Millionaires feel rich
17:57 - Money  buys happiness
19:16 - Millionaires never think about money

[cato]

Great video. Turns out I’m exactly average! One other thing to note: not all millionaires are equal. A million dollar net worth in central Arkansas is drastically different that a million dollar net worth in Coastal California.

[Diomedes]

Good video. As someone who is a millionaire (technically a multi-millionaire), this video summarizes things quite well from the standpoint of how most of us gained our wealth. It really just comes down to living below your means and investing. That's it. There is no magic formula and most get rich quick schemes are a scam.
Incidentally, as a sidebar, achieving the million milestone is good from a psychological standpoint in that it places you into the realm of financial independence. When you've attained some level of financial independence, your stress levels go down substantially since you are no longer beholden to people for your financial security. That is what we should all strive towards.

[doggydude]

Another myth: You can only do it by marrying someone (double income). Reality:It sure helps if you can find a spouse that can help reduce expenses and have loving marriage but that's harder to achieve than being a millionaire.

[matthewharrigan]

The millionaire next door also states that a person born to a wealthy family is 6 times more likely to be a millionaire than the average person.

[jayjackson]

1/3 of the way there... my wife and I bought a fancy boat.. no regrets because we wakeboard

[EvangelistRBColbert]

Spend less, save and invest more! Boom!

[Eric-tbje]

If you watched this video you're far ahead of most. Now put it in action.

[ELIFI]

Thank you for exposing these myths! I think limiting beliefs are the biggest thing holding people back from growing their wealth and achieving Financial Independence.

[BenCarnage]

I try explaining to my coworkers that it's better to save and invest consistently than to try an overdo it. Just take a small amount, 10, 50 or 100 bucks a month, and invest it into a broad Index fund. Time in the market will beat timing the market and lazy strategies will beat effort for most people. Also keep a small pile of money to solve any smaller problem, like car maintenance and such. If you have any loans except the mortgage, pay them down before you invest by throwing that 10, 50 or 100 bucks a month at the problem.

Personally I move between 2000 and 3500 bucks a month into the house, index funds and sometimes a stock or two. So far I am beating the market, but luck is a large factor in spite of research. But I recommend for anyone else to start small. I'm a simple person who just wants to take walks, watch movies and play games by myself or with family. Things that cost very little except for eating up time.

[robmckee]

Thank you for the video, Daniel. Our net worth crossed seven figures in 2017, just before I turned 50. If I could highlight only one thing, it's that these limiting beliefs you covered all have a teeny tiny bit of truth to them. But the mirror empowering beliefs are so much better and loaded with truth and common sense.

[LivingSwedish]

Very useful video, thank you! 🙌🏻 I'm on my way to financial freedom 💥

[knottheory]

I'll be honest, I knew a lot of this information already but that's because I've been digging into it for years. It's almost disappointing that the "secret" to being a wealthy person really isn't much of a "secret" at all, it's just hard as nails. Consistent success in terms of exhibiting the habits that create wealth (eventually) over 3 or more decades is just a hard thing to do.

On the other hand it is also motivating, because there's really nothing special about it. It's just hard. You don't have to be anyone special. You don't have to be particularly intelligent or lucky, etc.

I think the biggest thing I've latched onto though is a lot of millionaires figure out a way to have a higher than average, not necessarily six figures, but higher than average income in a place with an average to low cost of living. That's the trick, imho, and that's what I'm trying to engineer for myself, though I will admit it's a hard thing to accomplish.

[TimPaddy]

I wish you'd do a video based just on the raw Ramsey data. Someone good with statistics needs to give that survey data the analysis it deserves

[alexperoff-investingessent]

Great video! And extremely comprehensive (hence the length). I think we hear a lot about the stories of getting rich quickly, building a successful business, winning the lottery, and it makes for a great story, and at times can be inspiring. But really, it's not as dramatic as we make it out to be, it just take time and discipline!

[vamseepriya]

@ 10:35 that's very interesting ...makes me think not to worry too much about others and follow my chosen path. Thank you :)

[Je.rone_]

Myth 6 is really hard for people to swallow

[Nettechnologist]

I wonder if there is a study for the average billionaire, if the way they got there would be where these myths come from

[lucasatilano]

I don’t know about everything else, but a group of people where 20% had an inheritance and 9/10 graduated with no debt is America, it’s a very luck and privileged group. Also, I would note that $1M is not that much anymore, but if you look at $10M+ or even just $1B+ it’s a whole different story. $1M 1960’s is equivalent to $8.7M today

[billygundum]

... it's a hell of a down payment.