The Myths that Keep You Broke – 27 & 28

This is the fourteenth (and second from last) article in a series of articles revealing the Myths that Keep Your Broke. In these articles, I will uncover the many myths that too many people believe. These myths can prevent you from creating wealth and complete financial choice™.

Let’s start destroying them.

Myth #27: Only You Can Do It Right

Many of us, and me included, often feel that if we want something done right we have to do it our self.

I see my wife struggling trying to create a resource list for her networking group for the first time using Microsoft Word that looks like an Excel spreadsheet. Things did not line up, extra unwanted spaces were created, people’s names flowed onto an extra page, and more.

But, she felt she had to do it herself. I suggested there are people in her office that already know the program. Just give it to them to complete the form. Her reply, “No, I know what I want and I have to do it.”

A word of advice, never coach your spouse. It just does not work if you want to maintain harmony in the home.
One of my favorite quotes is from J. Paul Getty. I have said it before, and it is worth being reminded of. He said he would rather have 1% of the efforts of others than 100% of his own efforts.

Not only is this contrary to the idea of doing it yourself, but the idea of doing it yourself suggests that you are the expert in all areas, from marketing, technology, to sales and support.

It was suggested that I update my website, and I came to the realization that was good advice. And this time rather than determining the home page, writing the text, and learning what would produce the best conversion, I took my own advice and allowed a team to support me.

The result: The new web pages and the text are even better than what I would have designed or written on my own.

Where should you give up doing something yourself and give it to someone who can do it better, faster and maybe cheaper?

Myth #28: You Have Plenty of Time Revisited

Most young people think they have plenty of time before they have to think about setting aside money for retirement.

I don’t like to talk about retirement and in another email, I will talk about the difference between retirement and Complete Financial Choice™. For now, just understand there is a difference.

While a young person might think they have plenty of time, if they want to take advantage of the power of compound earnings, more time produces greater returns.

Someone who starts at age 25 only needs to invest $300 per month at 12% to create a $1.2 million portfolio by age 65. Someone who starts at age 45 has to invest about $2000 per month to produce a similar result.

You may have plenty of time, but would you rather invest $300 per month or $2000 per month?

I started over from broke at age 50, so I had to take risks and massive action. If you are young, or want to counsel someone who is young, then let them know just because they think they have plenty of time, they shouldn’t waste it. Instead, they should have it work to their advantage.

Who do you know with whom you should discuss this?

To Your Prosperity,

Rennie