Investment

Are Millionaire Myths Keeping You Poor?

If you are not a millionaire, you probably have some preconceived notions about millionaires, or how to become a millionaire. And since you don’t have first hand knowledge, a lot of these beliefs are nothing more than myths. And it might just be that these millionaire myths you believe are keeping you from taking the steps necessary to become a millionaire yourself.

Here is a good video about Millionaire Myths and how believing them might be keeping you poor:

 

 

5 Millionaire Myths

  1. All Millionaires Inherited Their Money
  2. All Millionaires Are Lucky
  3. All Millionaires Make Risky Investments
  4. All Millionaires Take Stupid Risky To Build Their Fortunes Quickly
  5. All Millionaires Graduated From Some Prestigious (Ivy League) College

To break it down, all the Millionaire myths stem from people thinking Millionaires are inherently different from them, they have qualities they don’t have and they do things they would not be able to do.

It just feels like the Millionaires are so different from the “ordinary” person, that reaching that level of wealth is off limits for most people.  And if you believe these Millionaire Myths, you are automatically limiting your wealth accumulation potential.

Here are some thoughts after watching the video…

 

You Don’t Necessarily Need To Become A Millionaire
To Improve Your Financial Situation

The word “millionaire” is a charged and powerful word. Unless you are already extremely wealthy, the idea of becoming a millionaire is exciting. But do you really need to become a millionaire in order to improve your financial situation?

For a lot of us, the answer is “no”.

While it would be nice to reach millionaire status, for most of us it is not really necessary to improve our financial lives. And I feel by making the goal so high, a lot of people talk themselves out of even getting started.

The point is, you do have the power to improve your finances and reach a state of financial security. All it take is a plan and the discipline to put the plan into action.

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Investing Needs To Be Part Of Your Financial Plan

The video goes over a couple myths related to getting lucky with investments or taking big risks when investing in order to become a millionaire. Luck and high risk is not essential to becoming a millionaire.

However, I do think investing is essential.

Wealthy people create, maintain and grow their wealth by putting their money to work for them to make more money. And so should you.

Luckily, I’ve learned how to trade the Forex market with the potential to beat other investment markets and even business powerhouses. This allows me to accumulate wealth faster and create multiple income streams. It takes years to learn how to do this… or you could just do what I do.

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It Boils Down To Belief And Action

In the end, you need to believe you have the power to improve your financial future.  And once you believe, you need to take action.

Belief and systematic action will result in improvements. And over time, you can turn those improvements into potentially life changing profits.

Don’t let preconceived myths keep you from believing. And once you believe, don’t hesitate to take action.

Maybe you will become a millionaire and maybe you won’t. But I truly believe each and every one of us has the power to secure our financial futures. It is not going to happen by accident, so make a plan and put that plan into action.

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Look, I’m not going to lie.  If you are not already on the path to financial security (whatever level of wealth that means for you), then you are going to have to do something.  And wealthy people are doing something you are probably not doing… they put money to work to make more money.

So, do what they do.  Don’t believe for a second that investing is something “out of your league”.

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Edward Lomax

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