158: Quit Believing Stupid Lies about Money and Wealth [Podcast]

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Stupid lies about money are certainly prevalent. Like weight loss, everyone has advice about how to make money and grow wealth. The problem is  – most of that advice comes from people who do not have any money. Kinda like taking weight loss advice from a fat person. 

OK – to be transparent I am not fat. Oh – you really do not care about that, do you. 

Maybe you care more about this. I have zero debt (including real estate) and I am a multimillionaire with multiple streams of income and I generally love what I do. – even the parts when I am working with idiots. You can hear about that on Podcast 157: Finding Joy on the Job Even When You Work for an Idiot. 

But I am certainly blessed. I do not claim to be wise in all things money – but I do constantly learn from others who know a lot – and little – about growing wealth. There are definitely many lies we believe. 

Before we look at those lies, there are simple, but important truths about growing wealth that we overlook. Today let’s look at a few of those. 

Quit Believing Stupid Lies about Money and Wealth (Podcast Outline)

Truths about Money

1. Money is tied to people (link to soft skills)
   • Money comes from people. 
   • Companies, governments, or individuals. 
   • Every time money changes hands – it is a relationship
2. Money changes hands in exchange for something. Listen to my What does it mean to be a Company of One Podcast. 
   • Goods – you buy something or someone buys from you
   • Service – you are paid to do something. Your job, clean the house, coach someone in a sport, take photos, etc
3. Winning with money is about paying yourself first. Read this great book: The Richest Man in Babylon.
4. You tend to behave (with money) like those you hang around – hear more in Podcast 095, Who You Spend Time With Is Who You Become. 
5. The Bible teaches a lot about money and wealth. A great in-depth look at this truth in Podcast 132: How Being a Christian Has Made Me Wealthy. 

Lies About Money

1. I do not want to be rich, because rich people are greedy. 
2. Time is money.
3. I can get passive income and do nothing. Listen in on Podcast 041: Passive Income From Information Products the Lies and The Truth. 
4. College is a way to wealth. You really want to read  Rich Dad Poor Dad. 

Mindset is Key to Being Broke or Being Rich

From Rich Dad Poor Dad

Poor dad: “I’ll never be rich.”

Rich dad: “There is a difference between being poor and being broke. Broke is temporary and poor is eternal.”

• The story of Bob has enough and lives rich while living on little.
• The story of Rick (business owner) does not ever have enough. Looks rich but is really broke.

Reading assignment

1. I Will Teach You to be Rich 
2. Rich Dad Poor Dad 

Click here to listen now.

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Links mentioned in this episode:

• Podcast 157: Finding Joy on the Job Even When You Work for an Idiot
• What does it mean to be a Company of One Podcast
• The Richest Man in Babylon
• Podcast 095, Who You Spend Time With Is Who You Become
• Podcast 132: How Being a Christian Has Made Me Wealthy
• Podcast 041: Passive Income From Information Products the Lies and The Truth
• Rich Dad Poor Dad
• I Will Teach You to be Rich
• Master of Engineering Management in Information Engineering and Management