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8 Money Mistakes That Block Wealth

August 01, 2014 10 Comments

 This is the time when you and those around you could be tempted to take a break.  It reminds me of the great line from the movie Wall Street 2, where Gordon Gekko (Michael Douglas) says, “Money never sleeps.” This is not the time to relax no matter how well you did or didn’t do.  Gordon Gekko was a fictional character. You are living in the real world.  Here is what Gordon  didn’ttell you about money that you have to know moving into next month.

You must understand that in addition to money not sleeping, money never gets tired and it doesn’t celebrate.  Money demands attention and will always move toward and be devoted to those who are most committed and respectful of it. While most people say they want more money and financial success, the reality is, most never achieve it.  Why? The reason is simple. We screw up with money. Before I get into the 8 Money Mistakes, I want you to think about where you are now financially and where you want to go. I'll bet you, like me, have made a few of these mistakes.
  1. Settling, not striving. Comfort is the most dangerous element of finances. The middle class is built on comfort, settling and making ‘just’ enough. The wealthy never get enough wealth and never seek comfort. They  seek freedom and abundance and always strive for more.
  2. Diversification. Wall Street has done a great job of selling the public on  the idea of  diversifying  because it benefits them. As my friend Mark Cuban says, “diversification is for idiots.”  If you want to  create wealth you have to know when to shove all in. Find a vehicle and place your bet Andrew Carnegie said,  “the way to get rich is put all your eggs in one basket and then watch that basket.”
  3. Depending on one income flow. No matter how big the one flow is you should never depend on one flow of income. I knew an executive in 2008 who was earning $350,000 a year (she was in the 1%) and suddenly that income shut down. Create multiple streams of income that continue to drip into your wealth basket. This is not diversifying your wealth it is fortifying it.
  4. Comparing oneself to “The Joneses.”  Seventy-six percent of working Americans are living paycheck to paycheck. Compare your finances to most of America and you appear to be doing well. Never compare your finances to those of another. Wealth is not in the eye of the beholder. You either  have enough wealth or you don’t.
  5. Seduced by the hottest, newest, thing. Avoid investing in any companies that can be displaced by new technological developments. Did you have a Blackberry? Do you still have one? I look what people will always need and invest in things that won’t be wiped out when advancements happen.
  6. Naïve and too trusting. The single biggest mistake of my financial life was naïvely trusting a group of people because I liked them. I neglected to take the time to look for proof that they were actually as they presented. By the time I had figured out something was wrong, I was out millions of dollars. Disregard your feelings and look for solid evidence.
  7. Saving to save. You can go broke saving money.  Money that just sits around will find another place to go. Money gets bored and wants to see action and it wants to be put to work. To  create wealth you must move surplus money into investments that will create more income producing activities.
  8. Being a premature baller.  On the other end of the saver is the spender, the one who is trying to impress others with their cars, clothes and watches.  I didn’t buy my first luxury car until I had millions put away. When I finally made those purchases, it no longer mattered that they were poor investments. The very wealthy --real ballers may appear to be flaunting their money with extravagances but in reality they are not. They own that watch on their wrist, Visa doesn’t.
If you are serious about creating a plan to build wealth, I'm offering a special  "Wealth Creation Kit" that will teach you how to dominate your space, approach success with a specific mindset to reach goals. You have a responsibility to create wealth for your family, your business and in order to make your dreams a reality. I’d love to wish you luck on avoiding the mistakes of  wealth creation, but achieving this will take more than good luck. Mistakes will be made. Learn from them and move on to creating true freedom for yourself. If you are serious about creating a plan to build wealth, I’m going to make it easy for you. I'm offering those that get my weekly email a special price on my Wealth Creation Kit. This program will teach you how to stay hungry, get wealth-focused and wealth-driven. You have a responsibility to create wealth for yourself and your family. Remember the 8 Money mistakes I just gave you? Bet you forgot them already.  That's why you need to listen to my  wealth creation techniques everyday, so that you pay it the right amount of attention.  I never met a wealthy person that didn't attribute their financial freedom to their commitment to learning. It's your time. Let’s do this together. GC

10 Responses

smrtmoves
smrtmoves

November 01, 2016

Thanks Grant for keeping it fresh!

Rob Fraser
Rob Fraser

November 01, 2016

Great info! Must READ AND SHARE!!!

Matt
Matt

November 01, 2016

They are NOT. One is talking about putting all income streams into one basket. The other is talking about creating those multiple streams of income to put into the one basket. Got it?

Moshe Siegel
Moshe Siegel

November 01, 2016

I think the difference between 2 &3 is as follows: 2 means to choose one industry and dominate it. For instance, Grant is a huge power-player in sales. Rule 2 would be broken if say, Grant would get a teaching job on the side as a substitute math teacher. Rule 3 means to have multiple sources of income. So that’s why Grant gets money from sales training, books, audio cds….Same industry, yet multiple sources of income.

Patrick Allmond
Patrick Allmond

November 01, 2016

2 & 3 Seem to contradict each other.

Jaspreet
Jaspreet

November 01, 2016

Wonderful…

Thank you very much for sharing…

All the vest :)

Marty Martinez
Marty Martinez

November 01, 2016

Did you read the last sentence in #3?
2 minsets I preach to my children , family and friends. . . 1. Set yourself for success with everything you do (even having your clothes ready for the morning, double check your work etc.). 2. Are you going to be the solution or the problem?
this question is for you Patrick Almond?

Allen Mowery
Allen Mowery

November 01, 2016

And, charging people $1,000 for a “Wealth Creation Kit” is a perfect example of number three…

Tony Tomlinson
Tony Tomlinson

November 01, 2016

Great read. Thanks Grant.

Pastor T
Pastor T

November 01, 2016

Too many are a slave to money, their master is the dollar. I’m here to tell you all that serving money will get you no where. In order to be successful money must be merely a slave! Most of the rich are lost and searching for meaning. They lack humbleness and modesty, therefore they boast and brag about how rich they are, and how they’ve found the ultimate secret. I’m here to tell you that God exalts the HUMBLE! The only true answer is Jesus Christ! He was the best salesman, the best businessman,the greatest leader, and his principles trump anyone else. Read proverbs (best business advice period.) No wealth creation kit needed.

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