Stop Asking for Permission

One of the biggest limitations I see when I'm working with clients is that they are always looking for outside validation when they make decisions.  They want to make sure that the choices they make are going to be accepted and approved by those in their social circle. They believe this makes them "right" and it feels safe.

The reality is that only doing the things everyone approves of is a self made prision!

You or your business will never stand out. Your results - whether its financial, social, health, etc - will never take a quantum leap. Your life and your performance will be average at best, and possibly worse.

So how do you avoid the "Average Trap"?

How do you avoid feeling helpless or like a carbon copy of everyone else?

Simple. Stop asking for permission.

In other words, you need to learn to trust yourself to make the decisions that are best for you and those who depend on you.  That means sometimes people won't agree with you.  It's ok. 

If you actually knew what everyone around you believed, you wouldn't find a SINGLE PERSON who agrees with you on everything. So stop pretending. 

It's ok to be different. 

In fact, the world NEEDS you to be different. It's how you create unique value in the world and why people love you!

If you're a business owner, you've done this before. You had a dream and you trusted yourself enough to make it happen.  However, once isn't enough.

That one decision likely changed the trajectory of your life, but just one powerful moment isn't all that you're capable of creating. You can do it on a daily basis and in all areas of your life if you choose to...

You don't need to eat the same crap as everyone around you if it doesn't suit you.  Decide what aligns with your goals, and eat accordingly!

You don't need to go to the social engagements that bore you to death. Instead begin planning your own social activities and invite the people YOU want to hang out with...

If you're not saving enough money or creating the financial results you want, then stop doing what everyone else is doing.  Think for yourself. Learn about new options and THEN decide what is right for you!

Nearly all of my clients have had the "buck the system" to create the financial rewards they want... that's why we work together. They've decided that the 'status quo' isn't enough for them, and that the system they were handed isn't a fit. So they've made the choice to do what IS a fit for what they want in their life!

So stop asking for permission to be successful, fit, rich, happy, and free!  Decide what YOU want and then begin cutting your own path! It may not sound easy, but compared with the alternatives it's totally worth it.

Choosing your own path truly is the key to success. It's what has created the best parts of your life, so don't be afraid of it.  

Sometimes your decisions don't work out, so what. At least you made your own choices, and you can continue to learn from them as you grow. It's not about being 'perfect' or 'right', it's about being YOU!

And when your decisions DO work out for you, people will call you "lucky" and ask how you did it.  At that point, you'll know that you're on the right path and you can share what ACTUALLY works.

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Before You Invest, Do This...

I don’t need to tell you that you are constantly being bombarded by advertisers. Each of them trying to get you to believe their product, service, or cause is worthy of your hard earned pennies.

As they try to influence you, many advertisers strategically attack your mind’s natural tendencies.  They tell you that you NEED to look a certain way, take particular action, or join a particular group in order to be happier and more successful.  Most of us know these images and false promises are garbage, but it doesn’t mean that we aren’t susceptible to the ideas advertisers are putting in our heads.

I could talk all day about the false ideas that are being pushed in the media and how they are making people less happy and more frustrated, but that’s a topic for a different day and a different post…

However, I believe that one of the most harmful ideas being perpetuated in the market place today is that you need to invest as much of your money as possible – and you need to do it as soon as possible – or you are missing out.  Of course, the advertiser’s motivation is for you to invest with them so they can get paid and have access to your money to make even more profits for themselves. So their message serves THEIR interests, but is it truly in YOUR best interest?

The short answer is NO.

Investing has its place, but it should NOT be the first thing you do when you begin earning money (This is especially important for young people who are newly out of school and developing their financial habits). 

What should you do FIRST?

You need to learn to systematically save money. Because if you can’t ever save any money, how will you ever be able to do any meaningful investing?

I know that isn’t a sexy thing to say, but it is absolutely essential.

Having money in a savings account will actually be worth more to you than any other investment you make.  How is that possible?  Its because having money saved works for you in many unseen ways and here are 3 of the most important:

1)     Having money saved gives you peace of mind and confidence.  Both of these allow you to sleep better at night, be a better spouse / parent / friend, and be powerful in your career or business. Your state of mind is your #1 asset because when you are confident and abundant you are far more effective than when you are operating out of a fearful or scarcity mindset. The importance of mindset cannot be over stated. It is often the difference between a successful business or marriage and a failed business or divorce caused by financial stress.  Financial peace and confidence is absolutely vital!

2)     Money in your account helps you save on interest. Savings helps you to avoid taking loans all together, but also allows you to get better interest rates on the loans you do take.  Whether its having money for a down payment on your car or showing the bank that you have money saved when you get a mortgage – having money set aside will help you save on unnecessarily high loan rates.

3)     Most importantly, your savings account will allow you to minimize losses incurred in difficult financial times and maximize your opportunities when they come along.  If you have money invested but no savings you may be forced to cash out of your investments as the wrong time leading to surrender fees or losses because you needed the money for an emergency.  Conversely, a strong savings account will allow you to jump on the right opportunities when they present themselves.

NOTE: Saving money into a 401k or IRA does NOT have these advantages.  Accessing “qualified money” can be difficult and almost always comes with penalties or fees. So stop to consider how much you’ll potentially miss out on by having your money tied up until you are 59 ½ years old. I’ve seen many people unable to start their own business or capitalize on a great opportunity because they couldn’t access their money.

Through the years I’ve worked with enough people to know that most of us get a few “curve balls” in life and a few key “home run” opportunities.  Being in the financial position to deal with the curve balls without losing everything and the ability to take advantage of those home run opportunities can often be the difference between living prosperously and barely getting by.

So before your rush into investing your money, take the necessary time to build a financial foundation first. To begin, you should strive to have at least 3-6 months worth of expenses set aside in a savings account.  After that, I believe Cash Value Life Insurance is the best place to continue growing your emergency / opportunity fund because of its higher rates of return, tax advantages, and security.

Learning to systematically save will set you up to maximize your future investments, and even more importantly, it will increase your quality of life through better sleep, increased confidence, and helping your be a better human for those you love!

To learn more about how to effectively save, schedule a complimentary consultation with one of our experienced Wealth Strategists here…

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Lesson’s Learned from Bitcoin and other “Too Good To Be True” Investments

We’ve all heard the story of the guy who invested a few bucks in some kind of investment and then watched the value of his returns rival a Space X launch into the stratosphere!  These kinds of stories are the stuff of legend, and might even make you willing to take a little higher risk in hopes of gravity defying hopes.  But before you get TOO excited, let’s talk about the “other side” of these stories.

Here’s the reality…

For every person who cashes in on millions, there are LOTS of others who had to lose. All that money had to come from somewhere, right? 

It could be that others were the “greater fool” willing to pay more than necessary in hopes that your investment’s value would continue to rise even further.  Or it could have been that they “bet” on something happening while you bet on a different result.  However, if you don’t have incredibly high levels of research or knowledge backing your decisions, you are taking tremendous risk that you won't be so lucky next time. So let's call it what it is... you are legally gambling with your money.  Period.

In the case of Bitcoin’s meteoric rise and subsequent pull back, there have been some big winners, but also a bunch of losers.  Of course, the big winners publicize their wins (and probably use them to get you to buy their advise, programs, etc.) and the losers hide their losses so you rarely hear about them.  But when you hear do the real stories behind the “losers”, you begin to see why this sort of high stakes gambling is so devastating.

For example, I recently spoke with a client who was making ridiculous returns in one of her “investments”.  She’d been making nearly 1% A DAY for the past 6 months and had systematically dumped her entire 401(k) into funding this incredible money machine.  She knew it wouldn’t last forever, but she just couldn’t stop - the money was just too good.  She’d built up to where she was making thousands of dollars a day, and she could see how staying in “just a few more months” would set her up for life.

Then I got her text…

Last week all of her funds were frozen and she was told that her investment was undergoing an audit.  She doesn’t know for sure, but it’s possible that she won’t get ANY of her money back.

This is a single parent with 2 kids starting college in the next 2 years and no way to help them pay for it.  She’d been building up that money for nearly a DECADE, and it might be wiped out in one blow.

I could tell you dozens of stories like this one. Circa 2010 they were as easy to find as fallen leaves in September.  We all remember those stories of divorce, bankruptcy, and even suicide.  It can be ugly (ask me how I know).

I’m sharing this with you because I see the kind of mania that preceded the crushing fall of 2008 happening right now.  People are overpaying for investments, real estate, crypto currency, etc. because they’ve forgotten and that markets don’t always go up, or they are afraid of being left behind.

I get it, it’s human nature. But the big banks and financial institutions have used this emotional leverage throughout history to become so profitable.  They know exactly how to take advantage of the situation because they’ve done it dozens of times before. They win big while most of the “little guys” get smashed.

I don’t want that to be you…

The good news is there’s a better way to build wealth.  A way that doesn’t involve the Wall Street Casinos, Bitcoin (or other crypto currencies) going up forever, or all of the other risk that comes with investments outside of your control.

Its time to be smart with your money. If you aren’t, you may end up with a financial “crash landing” in your future.  Trust me, those are no fun.

If you’d like to look at alternative strategies that don’t involve taking unnecessary risk while creating solid, predictable returns on your money - we can help.  Simply set up a complimentary assessment session (click here) now, and we’ll be happy to show you which lifetime income strategies might fit for you!

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A Savings Strategy that Works...

Everyone knows that saving money is important. We all understand that it is the basis of creating financial stability and a prerequisite to having money to invest. Yet, the vast majority of people in the U.S. aren’t saving anything!

In fact, according to CNBC, a staggering 78% of full time workers said they are living paycheck to paycheck.  In case you don’t speak “financial jargon” I’ll translate: they aren’t saving.

I’m sure they WANT to save, but they just can’t seem to do make it happen.

It’s seems understandable because we all have car repairs, home maintenance, activities for the kids, and everyone NEEDS a 75 inch TV, right? At some point you’ve probably felt like every time your are about to get ahead, something comes up and you are back where you started.

Sound familiar?

If you are part of the 78% (or even if you aren’t) then its time to listen up because this simple skill of ‘saving’ is literally the difference between people who become financially independent, and the other 78%.

Now, before you say anything, I’m going to tell you something you don’t want to hear. The difference between financial success and a double digit bank account is NOT about how much money you make.

Seriously. It’s not.

How much money you make DOES matter, but it’s not the MOST important factor once you get above the poverty line.

I’ve worked with a LOT of people that make over $500,000 a year that are BROKE.  Yep, they are living paycheck to paycheck just like everyone else.  That may seem impossible, but its true.

In every single case I encountered, it is because they NEVER LEARNED HOW TO SAVE.

The reality is, if you never learn to save, then you are “learning” to spend every dollar you make. Its that simple.  As you make more, you spend more.  Its very easy to spend an extra $10, 20, 50k a year by simply having a slight nicer house, car, vacation, and eating out a little more often.  

So, by the time you are making $40k a month you have a really nice house, kids in private school, some great trips in your photo albums, and 2 beautiful cars in the garage - but ALMOST NOTHING in the bank.  

Simply put, saving needs to be a first priority and a conscious effort or it rarely works.

That doesn’t mean it needs to be grueling or difficult, it just needs to be planned and intentional.

Here’s the simplest way to begin saving right away:

From here forward, immediately set aside 20% of every dollar into a savings account. (If you can’t do 20% right away, then start with 10%) Don’t wait till the end of the month, instead transfer the money as soon as you get paid.  You may of heard the phrase “pay yourself first”, this is what it means.

Most people make the mistake of trying to cut back spending all month and save whatever is left. If you’ve ever tried this you know IT DOESN’T WORK. I’ve personally talked with 1000’s of people who’ve tried it, and the answer is always the same, “There is never any left”.  

Bottom line: you have to SAVE FIRST and learn to live on the rest.

Even if you are barely making ends meet, begin putting the money in the savings account. If you save first, you’ll begin to strengthen your ‘saving muscles’. You can always pull the money back out of savings for an emergency, so don’t let fear keep you from learning to save.

Soon enough you’ll begin to see the money build up in your savings account and you’ll be on your way!

The best part is that seeing your savings account grow gets REALLY EXCITING!  It takes time, but watching the balance go up each month will reconfirm that you are doing the right thing and help you stay on track.

If you do this, then as you make more, you save more.  More importantly, it becomes a habit that will serve you the rest of your life!

Having money in the bank means you get better loans and interest rates, you don’t have to put emergency expenses on credit cards, and you won’t ever get backed into a bad situation because you have a “safety net” in your savings account.

So if you aren’t saving 20% of what you earn now, its time to start.  In fact, if you can automate your savings by having your bank set up an automatic transfer or a sweep - that’s even better!  Once you get started you’ll be amazed at how fast things change!

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What No “Financial Advisor” Will Ever Tell You

I’ve been in the world of finance, investing, and wealth creation for since 1999 and I’ve seen a LOT of financial strategies and theories. However, what is most mind blowing to me isn’t what financial planners are saying… its what they are NOT saying!

Honestly, in most cases I don’t think that financial advisory types are misleading clients on purpose, its just they are so ignorant about how wealth creations really works that they leave out the most important concept of all… What am I talking about? Its called opportunity cost.

So what is opportunity cost anyway? You make have heard the term, but if you don’t know what it means, it could be costing you BIG TIME!

Simply put, opportunity cost starts with the idea that if you use your resources (in this case your “Dollars”) for opportunity A, you can no longer use them somewhere else (opportunity B). This acknowledges that you “missed out” on whatever opportunity B had to offer because your money had already being allocated. So there is a “cost” associated in whatever you might have done.

So why does this matter to you?

Because if you don’t consider the opportunity cost of how you grow and invest your money, you are likely costing yourself without even knowing it.

Let me give you some easy examples that I see all of the time…

Let’s say you are contributing money into a retirement plan but you also have balances on high(er) interest credit cards. All you see is that are are investing money (which sounds pretty sexy and savvy). What you are NOT seeing is how much you are “missing out on” by having to pay interest to your credit card company.

To go even deeper, let’s say you are earning 6% in your retirement plan but your credit card is at a 16% interest rate. In this case your opportunity cost is 10% (it is actually much higher if you account for fees & taxes) because they are “missing out” on saving the interest they could have “never paid”.

[The difference between the earnings of 6% and the loss of 16% = 10%]

The reason this is so incredibly damaging is that not acknowledging the opportunity cost would let you think you were earning 6% on your money when you are actually LOSING 10% on your money. In other words you are being completely deceived that you are doing the “right” thing when you are actually losing boat loads of money.

But that’s not the end of your losses… it gets worse!

Once you have missed out on the money you could have saved/made, you no longer have that money to reinvest for more gains. This means that every dollar you “missed” is more than a dollar, it is the amount that dollar could have earned if reinvested and grown throughout the rest of your lifetime…

The tragic part of all of this is that you DON’T EVEN KNOW ITS HAPPENING!

While you blissfully continue down the road of thinking you are a ‘savvy investor’ you are actually losing DOUBLE DIGITS on your money – year after year. It’s no wonder it seems so tough to get ahead.

So why don’t most advisors tell you about this?

Honestly, most of them don’t even know this concept exists, so they can’t share it with you. Beyond that, most of them won’t tell you because once you realize the REAL cost of tying up your money until retirement, you’ll probably never buy one of their products again.

This is a concept that you’ll never hear from Suzy Orman or Dave Ramsay – so what else is traditional financial planning not telling you? Find out by scheduling a time to talk with one of our wealth strategists and learning how wealth is REALLY created…

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