The 3 Biggest Myths About Wealth

Posted on April 25, 2016 by Adrian Cahill, One of Thousands of Executive Coaches on Noomii.

Why do some people achieve financial freedom and have great lives while others struggle?
Today we are going to address the 3 biggest misconceptions or myths about wealth.

1st Myth: Wealth Comes from Passive Income

MYTH:
You can get wealthy by going into debt to buy assets that will give you passive income so you no longer have to work for a living.

TRUTH:
All income needs to be managed, which means you need to know how to manage a team and experts who can manage your portfolio of assets.

A critical part of creating or building your wealth is building assets that make up cash flow. With the aspiration that they can provide continues passive income, a lot of people stretched their resources to purchase a property or any other assets and eventually encountered a loss. Then they would just discover that the value of these assets fall which causes a negative cash flow as well as the messing up of their credit ratings.

But these things didn’t happen to the wealthiest people, do you know why? It is because these wealthy people understand that their assets (whether the business or properties) need to be handled appropriately, and there is practically nothing passive regarding it.

I know this because I’ve bought a variety of properties, stocks, and even did some Joint Ventures. The only one that were passive, where passive for a short period of time.

2nd Myth: Wealth Comes from Multiple Streams of Income

MYTH:
The more income streams you can start, the wealthier you will become.

TRUTH:
Starting many streams at the same time is like trying to push many balls up a hill at the same time: You may get started, but you end up losing your focus and your time. Success comes from successfully creating at least 1 stream, and can come from many, however most people struggle with their first stream so even if your talented, suggest you ensure your first stream is going fantastically well before diverting attention to others.

When you’re just getting started, this myth just might be among the most dreadful ones. However, it’s risky at each point. In the event that everybody around you is uncertain what your major concentration and focus actually is, where you stand and what your spot on the field is – you will likely persistently run after that ball instead of letting it get kicked to you.

Myth #3: Wealth Comes from your Exit Strategy

MYTH:
Wealth comes when you sell out: Plan an exit strategy where you can work hard now and earn the money later.

TRUTH:
Keep working, because you love what you do. Don’t strive to bake a pie so you can sell it; own the bakery so you can bake as many pies as you want, sell some, and keep the rest.

Instead of an exit strategy which is leaving the game, change it with a success strategy or staying on top of the game. Remaining engaged in what they do is what makes the wealthiest people on earth who they are, because it doesn’t feel like working hard when you do what you love. Any kind of exit strategies are useless when moving up on the wealth ladder.

Many of us are connected to one another through the market. The FACTS above are actually a better way in which building assets is changed by creating flow. In this flow everything is interconnected, so when you become a part of its enhancing, nurturing and expanding, it surrounds you. It makes aiming to work out different ways of making money and staying in the game that much more essential.

Your greatest asset will be your time and effort. What matters most is to invest it properly. Maintain a success strategy in something which you are certain you love doing, wihout expecting any payment in return. Once you create so much value, so much love in your product, what ever it is, monetization is then a simple strategy away.

I love helping people master their wealth and life. First step to wealth mastery is self mastery. I Adrian Cahill only help those that are serious about wealth creation and succcess.