More About Herds...
Herd mentality originates in our educational systems. We have all heard the old adage,
"Go to school, get good grades, get a high-paying job, buy a house, save, diversify, invest for the long-term, retire in the golden years."
Sounds like great advice ... if one was still in the industrial age. It worked very well then. It doesn't anymore. Most of us here can see this, but most people "out there" are still living it and delivering it ...including our schools!
Think about this...
Why are we the way we are? Why do we believe all debt is bad?
Our schools are completely composed of employees. They are run by employee-minded folks who comprise the 95%. Our schools are designed to create new educated consumers and employees.
- Failing means being dumb or stupid
- Dreaming is for children (which must be taught to stop doing that)
- Most of the curricula centers around employment and becoming professionals
- Finances are generally not taught about in schools
- Ditto on the above advice. It's still actively taught even today!
Our schools are not our only teachers...we also have the mass media which teaches a very contradictory element...
I see the answer as very simple. Learn the skills here at WA--learn to sell (I don't care what any one says -to make big money you have to know how to sell) Don't be lazy go to work and learn your trade. Make a boat load of money and once the money starts coming in --do it again and again.
I know for a fact from my clients say that Kiosaki's realstate education doesn't work as it is sold in his books. "YOU NEED MONEY TO MAKE IT WORK" I service clients who own hundreds of homes and apartments and they laugh at the advice given.
Put all your efforts here make a ton of money and the rest will fall into place.
IT'S ABOUT REASONS AND RESULTS AND THE FIRTS ONE DOESN'T COUNT"
STAY FOCUSED!
I am involved with The Palm Beach Letter's Wealth Builder's Club and they have a program about infinite banking which was written about by R Nelson Nash. His book "Becoming Your Own Banker" is a great read on this. I've also read "Financial Independence in the 21st Century" by Dwayne and Suzanne Burnell.
It's based on Whole Life Insurance. I know, I know, Life Insurance?? That is why it is so amazing. You set up the policy to minimize the death benefit and maximize the savings benefit. As your money builds you loan it to yourself and pay yourself interest. Soon you have enough to invest in income properties, new businesses, or other things to build the account even higher. When you get to retirement you can continue to borrow from the policy to fund your life tax-free (it is a loan and the government doesn't yet tax loans). It's a total win-win way to live.
And it is a way to create generational wealth since you can set up accounts on your children, pass ownership to them when you are older, and teach them how to do it also so they can pass it to their children. Also you can set up policies on your grandchildren as soon as you have some.
I'm just getting things set up but this is one of the things I plan to write about.
Tim
This was a long read but way too true. There is really only one thing I can add and that is to become your own banker. If you borrow money from yourself then you pay the interest to yourself. However you need to pay yourself the same rate you get from traditional banks. It takes awhile to set up but it is worth it. It's something that I am working on now.
Tim