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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 had never taken an economics course. Plus, I didn’t know the first thing 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 achieved financial freedom at a very young age. He became my virtual mentor and taught me everything I know.
In the years since, my wealth has increased many times over following his simple advice. In this article, I’d like to share with you some of the most important things I’ve learned about wealth building from Warren Buffett. I won’t tell them all… just a few principles.
Let’s start with some myths about wealth creation. Once, I heard the following so-called “truths”:
The secret to getting rich is to take big risks.
The average person cannot become rich. You need special knowledge or influential friends.
Demographics determine the results. If a person is born poor, he will remain poor.
Does anyone recognize these “facts”?
If so, then the next list is for you. What I know – from my own experience of becoming financially free – is true about wealth creation:
Fact number 1
You will never be financially free until you understand the basics about saving, spending and investing. There is nothing in this world worth not knowing the basics of money.
Fact number 2
The single most important factor in building wealth is the size of your investment capital. Investment capital is what you have left over each month after you have covered your necessary expenses. These are your seeds. Seeds that are planted to earn more dollars. The more seeds you plant, the more dollars you will grow.
Fact number 3
Building wealth is easy. It does not require luck, skill, or special connections. As John Bogle wisely said, “The secret is that there are no secrets”. The truth behind how to build wealth is common knowledge, easy to understand, and no one can get rich by selling you.
In fact, it is so simple that it can be explained in just two sentences…
Spend more than you should and invest the difference wisely.
Simple daily habits developed as a result of accumulating wealth.
All that’s left is to take action… and that’s where the problems arise.
Procrastination is the single biggest killer of wealth. You plan to travel around it one day. You know what you have to do but there is always another priority. The kids need supplies, the car needs repair, the kitchen needs renovation.
The reason why so few people achieve wealth is because they don’t start adopting their own habits and taking the necessary precautions that lead to wealth.
Habits are the reason average people become millionaires while lottery winners fail.
They don’t earn much. They are not the smartest. They have no special education. It’s just good money habits – simple.
The reason good money habits are important is because money gets messy. Small amounts saved and invested over long periods of time can create massive results. It’s an easy way to get rich.
The formula for wealth is simple – spend less than you have and invest the difference wisely.
The only question that remains is whether or not people will do what it takes. Will they want financial freedom for themselves?
The only thing that stands between a person and wealth is the willingness to take action.
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