Is it really simple to get rich? May 6, 2008Posted by shaferfinancial in Uncategorized.
Tags: getting rich, investing, mutual funds, Retirement, shafer wealth academy, Wealth, wealth coach
One of the interesting phenomenons in the finance world is the ability of Wall Street to get people to hold two opposing but simultaneous opinions. Over the years Wall Street has engendered many articles and even books that tell us that it is simple to get rich. Simply invest monthly into mutual funds and “whala” you are rich. Of course they supply their sales people with charts and statistics that demonstrate this simple fact to you. Then with a sleight of hand they take that simple away from you and tell you to get a “professional” to advice you. So simple you need a stock/mutual fund salesperson to advice you so you stay out of trouble? So simple that they need to tell you all about their money manager’s pedigree? So simple that they tell you to get a “check up” annually so changes can be made? Hmmmm…..is there something in your brain telling you that maybe it isn’t that simple? Can you look around and see all those folks who became rich because of mutual funds? Is there any study of rich folks who document their wealth as a result of investing in mutual funds monthly?
There is an interesting chart in the back of “The Millionaire Next Door,” which documents their study of folks by occupation that are overachievers and underachievers when it comes to building wealth. In other words, have they built more wealth than expected given their income or less. Financial Services Professionals come in as less. Are they not taking their own advice? Or are they? Maybe they are spending to much on trying to impress their clients and not enough on investing? But, the bottom line is if they were so “expert” in investing surely they would do better than the average folks in building wealth, wouldn’t they?
I have documented the results many times before. I have pointed out the faulty assumptions before. I have strongly suggested, if you are concerned about your retirement, that you not only take a look at my website www.shaferwealthacademy.com but you fill in the contact information so we can have a discussion about wealth building. Is your brain telling you it is not so simple as Wall Street has propagandized? Are you willing to admit that you might need a little help? Are you going to continue to do what Wall Street wants you to do? Or are you ready to take control of your destiny? Because it really is more complicated than putting a few hundred dollars a month into a mutual fund!