Let’s keep it honest and real. Most of our culture and country is broke or lost in the sauce about finances. Heck, our government is in a deficit yet I digress. While that is true, there are some among us who have cracked the Da Vinci Code when it comes to wealth.
For our culture to hold the most spending power, we aren’t in the same running when it comes to the wealth race. Sure, some of that is based upon the foundation that we didn’t sign up voluntarily - yet, the narrative hasn’t changed even with the resources we currently have.
From how we think about money, make money and maintain money - we as a culture have to become connected in how to implement those things within our lives.
Another reason for our cultural narrative not being progressive as we could collectively be is due to our environment and even understanding of terms/theory/tactics that others utilized to build wealth.
My money insight came from both of my parents - my mother was always looking for ways to scale the budget (sounds familiar, right?) and my dad was headstrong on investing. While this sounded like a beautiful combination to grow from - I still found myself in many stages in my life not reflecting those lessons. What is life? On top of your environment - your mindset + your tribe are factors into how you learn and earn money. Call a spade a spade.
While speaking with people over the years, I have learned that there are three areas keeping the culture and country from understanding money and creating generational wealth:
You can read endless articles about budgeting, credit or investing - yet find yourself trying to figure out what the heck they are talking about. I help people translate through the lackluster fluff of $.
Another thing that keeps many of us in the same space is our mindset. Words like “I’m broke” or “Money is the root of evil” funnels from our thoughts. Change your perspective to change your position - this goes for money as well!
While the header is a famous line from a classic culture movie - it is the absolute truth, no chaser. Many people go to work, barely make enough to pay bills - let alone contribute to a retirement plan (or understand it).
So building from the mindset/insight level, you have to understand your E^2: Earning Power and Expenses. When you lock that in, your wealth power increases.
Mindset in formation. Money coming in and accounted for. What’s next? Make those magical funnel grow for you.
Streams of income isn’t just some buzzword, it is the fact of life for those who don’t rely on just one paycheck. From investing to real estate to life insurance polices - the possibilities and streams are endless.