Wednesday, February 6, 2008

Money Lessons I Learned Growing Up

So, as I've mentionned before I listened to and have been trying out the ideas of Secrets of the Millionaire Mind by T. Harv Eker. One thing he suggests is to write down the ideas about money and wealth that you learned growing up, to become aware of your existing "wealth blueprint."

Despite SAYING that I was going to try and follow his recommendations, I hadn't really planned to do this, until today when I felt I needed a blog topic and didn't have one. So, putting the two thoughts together, I'm blogging today on money lessons I learned growing up.

  1. To get money you get a job. Husbands have to get jobs to support their families. It's expected. Wives may need to get jobs.

  2. If you want more money, you take a second job or maybe look for a 'better job' (which meant one that paid more).

  3. Investment was a way to make your savings accumulate faster. It wasn't realistic to expect to live off your investments unless you were already very rich.

  4. To invest money in any way, real estate, stocks, a business loan and lose it was a very sad experience and therefore you should be careful to avoid that. My mother told me that they had bought a mobile home with money she inherited from her father and they lost almost all that money. Perhaps because the money was associated with her father, this experience left her very sad and she decided to never invest in real estate again.

  5. You should only start a business if you have other money to fall back on, savings, a spouse's income, etc. Because the overwhelming majority of new businesses fail. So odds are you are going to fail.

  6. It was okay to try and earn a little money in addition to your real job, but it was unrealistic to think that you'd be quitting your "day job" any time soon.

Okay well the next step is supposed to be to evaluate how these ideas have effected my life so far. But that's for another day.

See ya!

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