My job is to help people achieve goals and make their dreams come true, and I’m very good at it.
Yet, I’ve made a million mistakes along my 26 year self-employed career, especially when it came to accumulating wealth.
I didn’t have rich relatives to mentor me, and whenever I did get to ask a wealthy person for advice, it was always to “work harder!”
Those mistakes took a huge emotional and financial toll, and even though I read dozens of books on the subject of money, I continued to vacillate between feast and famine.
You can learn a lot from books, but hiring coaches and finding mentors is the fastest way to start living life on your terms.
The following are a few of the mistakes I’ve made, and most business owners and entrepreneurs make them as well.
MONEY SABOTAGES!
1. Not pulling the trigger. It’s a common story. “I’ll start seeing clients once I have a few more certifications.” “I’ll launch this funnel as soon as I get it perfect.” “I’ll start my business when I have more time.”
There is no perfect time and you’ll never be 100% ready for whatever comes your way. Life is messy and the only way you can grow is to get in the game. You’ll never learn to swim until you jump in the water and begin splashing around.
If you’re thinking about starting a business, begin on the weekends or while others are watching television at night.
If you’re wanting to launch a new product or funnel, do it! Then get feedback, make corrections, and test your marketing repeatedly until after numerous revisions, you get it right!
2. Pay everyone else first. If you make a dollar, take ten cents and invest it into an annuity or interest bearing account. It doesn’t matter how much money you make, you can start building wealth on any income. My friend, Rennie Gabriel, has an awesome youtube video about this.
Rennie taught me that most focus on paying down debt, rather than building up cash. He says you have a right to own some of the money you work so hard for.
If you have zero debt, can you live the lifestyle you desire? Probably not because paying off debt doesn’t put cash in the bank.
I would pay off debt, focus on earning more money, and then some other situation would occur where I was back in debt.
So I’d work on paying off that debt again and the cycle would repeat itself.
Thus, I stopped putting all my income into paying off debt and focused on paying myself first. Even if there’s nothing left after expenses, you’ll still have 1%, 5%, or 10% in the bank.
Sure, you might have to pay interest on a credit card, but you’ll have money in the bank.
You may have to negotiate a lower monthly payment for medical expenses, but you’ll have more money in an annuity.
Rennie says if it takes you two years to pay off a $6,000 credit card, if you would have made the same payments into an annuity, twenty years later that money could be worth $200k.
Which would you rather have in twenty years? $200k or a $6000 bill paid off?
Watch Rennie’s youtube video and listen to his awesome podcast, Wealth On Any Income! to learn more.
3. Keep doing everything by yourself. Self-made people are NOT self made. They have partners, teams, and coaches that have helped them succeed!
Think of any successful person and there is an army of people behind them.
Steve Jobs did not build Apple computers. Steve Wozniak did.
Although most people have heard of Warren Buffet, he built Berkshire Hathaway with his partner, Charlie Munger.
Batman had Alfred Pennyworth (aka, the butler).
During the free Happiness & Business Success class I hosted the other night, two fellow entrepreneurs asked questions about how to grow their business.
Both had blind spots that they would have wasted a lot more time and money trying to discover.
I saw their blind spots immediately and provided actionable solutions.
This is why you hire coaches, join mastermind groups, and partner with people who have the opposite skill sets as you.
Here’s a bonus mistake…
4) Wait until you have the money to hire a coach. The biggest reason why you don’t have the money is because you haven’t hired a good coach!
Every time I hired a coach, it was because my business had just taken a big hit. I’d be very low on cash, so I’d take the more costly monthly payment plan versus saving money by paying all at once.
I always put it on a credit card as well.
And I ALWAYS made 10x, 100x, or 1000x the money back from investing in my coach!
Struggling entrepreneurs are scared to death of running out of money or spending money on something that doesn’t pan out.
I had those same fears.
Yet, I’ve learned that coaching always pays off!
Even bad coaches, and they are out there, can still teach valuable lessons.
Sir Anthony Hopkins once reported having 7 different coaches to help him excel in life, which he did!
MONEY LESSONS THE WEALTHY UNDERSTAND!
1) Pull the trigger! Take action as fast as possible and make corrections on the fly.
2) Pay yourself first.
3) Partner with others.
4) Hire coaches.
If you’d like me to help jumpstart your success, schedule a free consultation and likes explore options.
https://TimShurr.as.me/Introdu…
If you want to learn more about how to blow up scarcity beliefs about money, take the $27 Master Class I created with the legendary Randy Gage. https://www.survivingtothrivin…
We’ve got a new week ahead of us.
Let’s make it count, so you have more to be grateful for this Thanksgiving!
🙂 Tim