Many of us grew up surrounded by lies about being rich unfortunately these
lies mushroom into tremendous obstacles that hinder your journey towards
building wealth some of them even expose you to a false reality of what it's like
to be rich so in this video i'm going to share with you seven lies about being
rich you probably believe lie number one becoming rich is hard the first lie you
may believe is that becoming rich is hard this mentality probably roots from
the many grace to grass stories you've heard most of these stories feature
people sleeping inside vance for years and facing harsh rejections before
eventually striking it rich however these are only a tiny fraction of
success stories the truth is becoming wealthy isn't that hard as it is often
portrayed to be like most things in life it gets easier as you learn the rules of
the game and one cardinal rule of the game is risk taking if you want to build
solid wealth get ready to put yourself in uncomfortable positions such risks
include replacing a steady paycheck with fluctuating business returns or sinking
a significant amount of money in worthy investments most millionaires argue that
getting rich is simple if you have a big appetite for risk top that up with a
mind that calculates appropriately before jumping into any decision and
you're almost there lie number two becoming rich requires
you to be a workaholic the second lie about being rich that you probably
believe is that being rich requires you to be a workaholic you're convinced that
one of the prerequisites for financial freedom is losing grip of your personal
and social life i tend to think that this mindset stems from the famous
hustle culture hard work is often sold to us as the most essential ingredient
for amassing wealth but is this really true while i'll admit that the path to
building a fortune requires sacrifice the degree of the sacrifice is usually
exaggerated frankly you do not have to trade off your sanity for wealth it's
possible to snowball your income without inflating the number of hours you work
every week how you ask it's simple through capitalizing on passive income
this type of income doesn't require you to sell your time in exchange for
financial compensation instead you generate passive income by setting up a
system that permits you to make money without you breaking a sweat if you're
familiar with the phrase make money while you sleep then you know what i'm
talking about this is the only method of generating an income that doesn't
require your physical presence one good example is designing and selling online
courses once you complete the preliminary steps of developing the
course content uploading it to your websites and marketing the courses
strategically the money will start jetting in it doesn't matter whether
you're on vacation asleep or at your 9 to 5 job buyers can purchase your
courses at any time from this example it's clear that passive income bears
more weight on the roadmap to financial freedom this is because passive income
sources demand a little to no physical effort and it's possible to own multiple
passive income sources you can design ebooks create courses set up an online
store selling products you love or invest in passive investments like
stocks and real estate with the rental property for instance the initial
capital investment is enough anything that comes after is usually minor things
like repairs which you can delegate to property managers if you ask me
onboarding a wealth building strategy that employs passive income is the most
brilliant way of becoming rich you don't have to work three jobs at a go and
neither do you have to overextend your working hours at your 9 to 5 job lie
number three becoming rich requires you to invent something or run a big
business another lie that you probably believe is that being rich and inventing
a product go hand in hand every success story you come across has
entrepreneurship as an underlying stimulus and this begs the question is
it possible to build wealth whether running a successful business or
inventing a new product the answer is yes while most people obtain their
financial success through entrepreneurship others did not we have
numerous avenues of building wealth that doesn't involve innovation or
entrepreneurship the true wealth secret is found in financial discipline if you
can master the art of being frugal and living below your means you'll find it
easier to save invest and build a giant nest egg for the future for instance
saving and investing exponentially is what made warren buffett a billionaire
by understanding the nuts and bolts of the stock market warren knew which
stocks to buy and when he's not the only one that jumped over entrepreneurship
and chose a different path other millionaires built their fortunes
through real estate while others simply sharpened their skills and became world
performers at their jobs what i'm trying to say here is that building a
successful business isn't meant for everyone and isn't the only way to make
good money why number four being rich will make people like you another lie
that's easy to buy into is that being rich will make people like you sure an
overflowing bank account may bait a colossal pack of fans but is it a
guarantee of genuine friendships certainly not the truth is scaling the
financial ladder makes it even more challenging to forge solid connections
once you're rich people start looking at you through money colored lenses they'll
want to be close to you not because they genuinely care about your well-being but
because they want to reap from where you sowed in some instances becoming rich
might even earn you a new set of enemies your flaring financial success won't rub
everyone the right way for some people this will be a trigger of envy and
resentment people will start perceiving you as being greedy an inconsiderate
mogul who wants to keep everything to him or herself be ready to lose friends
and to have people silently orchestrating against you consequently
the rich prefer keeping a low profile with few friends they don't dish out
their trust to just anybody find number five being rich will solve all of your
problems another myth about becoming rich is that money will solve all of
your problems in my opinion this lies the easiest one to believe especially if
you've been broke all of your life lacking money can feel like the worst
problem to have plus rich people seem to be having a blast online so does this
mean that they don't have problems it turns out they do the thing is although
having a fortune will solve most of your current problems others are bound to
spring up too for instance we have a specific set of issues that only rich
people have one of them is that once you hit the millionaire mark you
automatically wear the hat of a walking atm not just to your friends and
relatives but to random people as well wealthy people have to deal with people
constantly asking them for money over time this habit morphs into a sense of
entitlement where everyone feels you owe them a fraction of your fortune some
will even get angry when you decline their money demands and make you feel
guilty for having so much money another problem that you may have to deal with
as you climb the financial ladder is raising spoiled children outrightly it
can be difficult for kids to forge their own paths to success when their parents
have it all many wealthy spoiled kids end up getting into drugs or partying
their way into object educational failure not to mention becoming ultra
rich will strip you of your privacy look at bill gates for instance everything he
does becomes news including popping at mcdonald's for a burger paparazzis
follow wealthy people everywhere and unless you love attention you're bound
to hate this kind of life so as you can see being rich won't solve all of your
problems you'll still have to deal with sadness health issues and new issues
that you're not experiencing at the moment line number six being rich will
make you less stressed chances are social media diluted you into believing
that rich people live a happy go lucky life and that making enough money is a
trade-off for living a stress-free life unfortunately this is far from the truth
being rich doesn't automatically draw in reduced stress levels actually it may
even increase it the only difference is that rich people and poor people don't
stress over the same things they don't worry about where their next meal will
come from or whether their home will be repossessed due to unpaid mortgages
instead wealthy people fred over things like career advancement stock market
prices and increased taxes they also worry about who will inherit their
estate and how their wealth will be managed on top of that millionaires have
admitted that the race for more wealth never truly ends hitting a particular
milestone only offsets hunger for another one this cycle never ends it
therefore comes as no surprise that most wealthy people have to wake up at the
crack of dawn to start working the pressure to maintain their net worth can
mutate into a work addiction that eventually increases their stress levels
being rich won't make you less stressed it just gives you different things to
worry about lie number seven being rich only comes
down to being lucky lastly you've probably heard countless times that
becoming rich is impossible if your lucky stars are not well aligned well
that's a lie although it's irrefutable that luck plays a part it's not as big
of a factor in becoming wealthy as you may think the wheel fortune won't spin
in your favor when you're sleeping 10 hours every night and making no effort
ok you may end up winning the lottery but the countless stories of lottery
winners who end up dying poor are enough to convince you that luck does not
sustain wealth luck only plays the crucial role of making sure you're on
the right side of the fence when opportune circumstances arise recessions
are the best examples of how a luck can boost your wealth recessions being
unpredictable can impact businesses and job markets either positively or
negatively but over the first few months following the recent pandemic we saw the
wealth of billionaires including jeff fazo shoot upwards probably the shutting
down to malls and the need for social distance boost amazon's online sales
although bezos had no control over the pandemic he got lucky that the
pandemic's impact benefited his net worth luck also plays the role of making
sure you're born into an affluent family if you're lucky enough to have wealthy
parents you can quickly get funding for your business idea on top of that you'll
have accessible mentors to offer navigational advice on how to build a
successful business empire since no one chooses a family they're born into it's
clear that having a solid financial background is a function of luck the
same applies to economic conditions when it comes to health you need to be lucky
enough to enjoy your wealth after building it unfortunately rich people
are not immune to illnesses imagine the pain of sacrificing to pull yourself out
of poverty then dying immediately after creating your fortune how sad is that as
you can see luck only plays the role of making sure you're in the right place at
the right time however it's still possible to make money without all the
advantages i've previously mentioned there are more than enough regs to
riches stories to prove that you can build a fortune from scratch without
wealthy parents are simply getting lucky besides building wealth relies heavily
on making strategic and intelligent financial decisions you don't need luck
to start saving money or to start investing in real estate even if you're
clueless on how to traverse new investment paths you can consult
experienced financial advisors to help hey it looks like youtube thinks this
next video is the one that will change your financial life forever give it a
watch and let's see if they're right