Is Average 10 Years Old Boy Small Or Medium Size Truth And Lies About Financial Freedom

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Truth And Lies About Financial Freedom

When I decided to become financially free, I didn’t know the first thing about the subject. I was a farm boy from a small town in Louisiana. I have never taken a finance course. Besides, I didn’t even know about investing!

But I had a big advantage. I was aware of a man who had created enormous wealth, a human wealth machine – a man who had achieved financial freedom at a very young age. He became my virtual mentor and taught me everything I know.

In the years since then, my wealth has multiplied many times over thanks to his simple advice. In this article, I want to tell you some of the most important things I learned about wealth creation from Warren Buffett. I won’t tell them all… just a few principles.

Let’s start with some lies about wealth creation. At one time or another, I heard the following so-called “facts”:

The secret to becoming rich is taking big risks.

The average man cannot become rich. You need special knowledge or influential friends.

Demographics determine results. If a man is born poor, he will remain poor.

Do any of these “truths” sound familiar?

If so, then the following list is for you. Here’s what I know – from my own experience of becoming financially free – to be true about wealth creation:

Truth no. 1

You will never become financially free unless you understand the basics of saving, spending and investing. There is nothing in this world that is worth the price of not knowing the basics of money.

Truth no. 2

The most important factor in building wealth is the size of your investment capital. Investment capital is what you have left over each month after taking care of your necessary expenses. These are your seeds. Seeds to plant to earn more dollars. The more seeds you have to plant, the more dollars you will grow.

Truth No. 3

Building wealth is simple. It doesn’t require luck, genius or special connections. As John Bogle wisely said, “The secret is that there are no secrets.” The truth behind how to build wealth is public knowledge, simple to understand and no one should get rich selling it to you.

In fact, it’s so simple that it can be explained in just two sentences…

Make more than you spend and invest the difference wisely.

Develop simple daily habits that result in wealth accumulation.

All that remains is for something to be done… and that’s where the problems arise.

Procrastination is the single biggest wealth killer. You plan to get the hang of it one day. You know what you need to do, but there is always another priority. Children need braces, car repair, kitchen remodeling.

The reason so few people achieve wealth is that they don’t begin to adopt the habits and take the necessary actions that lead to wealth.

Habits are why average people become millionaires, while lottery winners fail.

They don’t earn the most. They are not the smartest. They do not have any special training. They just have good money habits – simple.

The reason good money habits are essential is because money compounds. Small amounts saved and invested over a long period of time can create huge results. It’s an easy road to riches.

The formula for wealth is simple – spend less than you earn and invest the difference wisely.

The only question that remains is whether the person will do what is necessary. Will they seek financial freedom for themselves?

The only thing standing between someone and wealth is the willingness to act.

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