fbpx
U

Are You On the Road to Wealth and Independence?

July 13, 2007

I’m a straight talker, so please don’t hate me for a harsh, but true statement: when people are falling short of their financial goals, it’s almost always because of their own actions and decisions.

Examples:

  • Putting off investing in your Roth IRA or maximizing your 401k at work (“I need the extra money to fake success for my friends and family”)
  • Hating your boss and job, but doing nothing to change your situation (“I’m scared to try something new and the interviewing process for a new job is stressful”)
  • Putting off the dream of being self employed (“Where will I get clients from and how do I get started?”)
  • Renting your life and not having an ownership mentality (“I really like my low rent payments and driving a flashy car”)
  • Taking foolish risks (“They’ll figure out Social Security’s problems by the time I retire”)

THE SECRET TO SUCCESS IS THROUGH DEFERRED GRATIFICATION AND TAKING THE ROAD LESS TRAVELED

Who are the affluent? (from THE MILLIONAIRE NEXT DOOR; Stanley & Danko)

  • The majority of wealthy families are business owners including self-employed professionals
  • 20% of affluent households are retirees ** Of the remaining 80% more than 2/3 are headed by self-employed owners of businesses
  • In the US only about 18% of households are headed by a business owner, but the business owner is four times more likely to be a millionaire than the families that work for others.
Before you Quit your job know the Risk:
  • According to the US Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years.
  • Small business owners work on average 52 hours a week vs. 34.2 of the average American production employee according to a 2000 study by New York marketing firm Willard & Shullman.
  • Before you make the jump make sure you check out the following resource from the United States Small Business Administration: Are you ready?

As a side note are you curious to know what the wealthy tell their children to become?

Willy and Waylon had it right with “Mammas, Don’t Let Your Babies Grow Up to Be Cowboys” Let them be doctors, lawyers and such!

According to The Millionaire Next Door millionaires advise their children to become self-employed professionals.

  • Physicians, attorneys, engineers, architects, accountants, and dentists.
  • Wealthy families are five times more likely to send their children to medical school and four times more likely to send them to law school over other parents in the US.
FILED UNDER: Podcasts

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...