30 Aug Bitter Or Better?
As a financial planner, I am used to saying things which some might construe as being offensive.
We are talking about people’s money which I appreciate is a very emotional topic. And we also live in a society which is very easily outraged.
But here is the thing, as your financial planner it is my job to tell you the truth, no matter how offensive or “politically incorrect” it may be.
What I say is what I believe will enable you to build long-term wealth so you can live the life you want to live, not the life your budget says you can live. But to do that, you need to make some changes.
One of the things as your financial planner I focus on is increasing your income.
Firstly you build the income you receive from an employer (active income) then you build your income you receive from your investments (passive income). Once your passive income exceeds your active income, you can “retire”. It is a universally accepted common sense that the higher your income is, the easier it is to build true wealth.
While it is common sense, it also is the most controversial as well!
I follow a few other financial planning companies on social media (got to keep an eye on my competitors!) One of these companies, who also have a focus on helping Gen X and Gen Y with their finances, put up a post saying that to “qualify” for their services you need to be earning a minimum of $90,000 pa.
The response was ridiculous!
- Wow, so you are helping the rich get even richer, are you?
- Why don’t you help poor people who need help?
- I don’t know anyone who earns $90,000 pa!!!
I see what this company was trying to do. They offer “premium services” with membership costs of $550 pm for singles and $800 pm for couples ($6,600pa for singles and $9,600 pa for couples). They are (rightfully) saying that if you don’t earn a minimum $90,000 pa, it is not financially beneficial for you to utilise their services.
But I couldn’t help but laugh at the “Facebook outrage” this post was getting. $90,000 pa is a good income but is certainly not a great income.
But according to some of these comments, you would think you would have to be a corporate CEO or a soccer star to be earning $90,000 pa. I was very tempted to tell the woman who put up that “I don’t know anyone who earns $90,000 pa” that she needed new friends, but I resisted temptation.
It is amazing how many people have a “victim mentality” when it comes to their income. A victim mentality I define as someone who believes they are not in control of a particular situation, in this case, their income.
- My boss won’t give me a pay rise
- A union agreement binds me
- My job doesn’t pay much income
- I don’t have time
- I’m not smart enough
- I have kids
- I have a dog
The excuses keep rolling out.
Here Is The Blunt Truth
There is only one person who is responsible for your income – YOU!
There is only one person who can increase your (active) income – YOU!
There is only one person who can change your income – YOU!
I assume you have already watched my video series on “The Five Things You Should Focus On To Build Your Wealth”. If you haven’t yet, you can sign up on the homepage.
But the first thing you should be focusing on to build your wealth is to build your income.
I deliberately put this first for two reasons.
Firstly, it is the most important.
Secondly, because that video will make you bitter or it will make you better.
The two responses you will have from that video is:
This guy doesn’t know my situation; he is such a prick
This guy is 100% right; I need to focus on my income
If you think I am a prick, feel free to unsubscribe and have a nice life. But don’t complain when you are unable to afford to go on that holiday, send your kids to a nice school and have to keep working until you are 70 on a bare-bones aged pension.
But if you are open to being challenged and open to growing, then I hope you become a member of Master Your Money Now. It shows that you are teachable and are willing to learn. If you carry that attitude across all areas of life, you are going to become very wealthy, not just financially but also in every facet of life. You need guidance (which we provide) and to do the work required to live you want to live.
My team and I do not have time to work with people who are bitter and negative. Neither do our clients. And neither should you.
It is a cliche but “You can make excuses, or you can make money, but you can’t do both.”
If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30 minute strategy session.
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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.
Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523