7 Money Myths That Keep People Broke

What if you believe something were true about money and about becoming a millionaire, but it was actually false? Could that hinder you? Not only could it hinder you, it absolutely will hinder you. On this video, Millionaire Money myths, seven myths people believe about becoming a millionaire. I am going to dispel seven myths that have probably kept you stuck like Chuck in a pickup truck attempting to climb millionaire mountain. So let's get into these one by one, and why these myths have stopped you from making millions of dollars. So, one, they believe that you have to be dishonest to be a millionaire. And I know there are people who believe that you can only make millions of dollars if you're dishonest, because that's what the cultural, hypnotic, societal mechanism has programmed us to believe. Now, have you ever thought about, like, where did that idea come from? Like, it had to start somewhere, right? The whole concept that if you're going to make millions of dollars, you got to be dishonest. That idea had to start somewhere. Is it possible? I'm not saying this is where it started, but I'm asking the question, is it possible that it started with somebody.

Who wanted to find something to blame other than themselves not becoming the person or doing the thing? So they came to the conclusion, well, I've worked really, really hard for a really, really long time in the same field and blah, blah, blah, blah, blah, blah. And I'm not rich, therefore, and I'm a very honest person. Therefore, in order for people to make millions, they have to be dishonest. Is that a possibility? Well, we have to admit that it is at least a possibility. But the reality is.

There are people who've made millions of dollars because they're dishonest. There are people who, who've made billions of dollars because they're dishonest. But I submit to you that that is the exception rather than the rule. The rule in my mind is if you don't treat people good over a long period of time, you're gonna develop so much bad will in the marketplace that make millions of dollars. You'll be doing well if you can make thousands. If you don't treat people well, if you're not honest, if you don't have integrity, if you don't keep your word, you're gonna have a hard time making hundreds of dollars or thousands of dollars, let alone making millions of dollars. And if you're not honest now, honesty is the best policy.

And Jordan Peterson, in his book 12 Rules for Life, one of the chapters is called Always Tell the Truth. At least don't lie. I love that. Never speak with the intent to deceive someone. And so if you believe that you have to be dishonest in order to make millions of dollars, how can that hurt you? Well, it can hurt you, because if you see yourself as an honest person, then you will resist and avoid any opportunity to create wealth, because we will never work hard to become something that we despise. So you have to, like, you have to take an inventory of your feelings. If you're serious, not just curious about creating wealth. You have to take an inventory of your feelings to see how you feel. Like how you feel about the subject of money, how you feel about the subject of a lot of money, how you feel about the concept of being a millionaire. I was in my car one day, I was riding with somebody who's very close to me, and I was telling him how good business was going. And then kind of in a condescending way, he said, myron, how much money do you want to make?

I said, well, as much as I can. And then he said, surely you can't mean that. I said, surely I do. I said, now, if you said it, you might not mean it, but if I say it, oh, you can take it to the bank. I want to make as much money as I possibly can. Now, what I find fascinating is. And then I asked him, I said, why, how much do you want to make? He said, not that much. I'm not that greedy. Oh, oh, so you believe if somebody wants to make more money, that means they're greedy? Well, more money than what? Well, clearly the only answer is more money than you're making because there are a lot of people out there to whom you would be rich. Right. And so my question, when people say, well, I don't want to make that much. I just want to make enough to be comfortable. Okay, cool. Let me ask you another question. How long do you want to live? Not that long. Just long enough to be comfortable. Nobody says that. How healthy do you want to be? Nah, I'm not really that interested in health. Just healthy enough to be comfortable. Okay. How smart would you like your children to be? Just, you know, smart enough to be comfortable.

And the reason I'm bringing this to your attention is because the only area where we intentionally restrict ourselves from maxing out is in the area of money. Isn't that fascinating? It is, but we've all heard people. Even if we've not said it, we've all heard people say it, right? Not that much. Just enough to be comfortable. Not that much. I'm not that greedy. I don't want too much. There might not be enough leftover for anybody else. It's like me walking around holding my breath.

And somebody says, myron, what are you doing? I say, I'm holding my breath. Why are you holding your breath? I don't want to breathe too much air. There might not be enough left for everybody else.

And you're laughing because it's insane. But money's like oxygen. There's more than enough for everybody to have more than enough. And there'd still be more than enough left over.

So this whole idea that somehow restricting yourself from maxing out your financial potential helps other people is lunacy.

It's insanical, Myron. What's insanical? It's when insane and maniacal get together and have offspring. It's insanical. It doesn't make any sense for you to believe that. It doesn't help anybody. It doesn't help your family. It doesn't help you. It doesn't help you help anybody. So you want to make enough to be comfortable. You say you want to make enough for you to be comfortable, or are you enough for you and your spouse to be comfortable? Are you enough for you and your spouse and your children to be comfortable? Are you and your spouse and your children and your parents to be comfortable? Are you and your spouse and your children and your parents and their parents to be comfortable? Like, when you say just enough to be comfortable, whose comfort are we talking about?

Because I think, like, even from a scriptural perspective, we're commanded to entertain strangers, to support the weak, to feed the hungry, to give to the poor. So if all I have is enough for me to be comfortable, I've already missed the point.

It's a myth.

And that myth has kept people from making millions of dollars. Now, that's not the only one.

See, I just thought of another one. It's not even on my list. I guess I'm going to have to do another one of these down the road. Okay.

That you can save your way to becoming a millionaire.

Save. So here we go. Let's do. Let's do a test.

In fact, I'm going to go do this test on the board because we need to apply some math. Okay, let's say you're going to save your way to a million dollars.

How much money are you going to have to save? Well, let's say if you can save.

Let'S say you can. Let's say let's don't even talk about how much you can save. Let's talk about how much you're saving right now. So let's say right now you're saving.

$100 a month. Okay. How long is it going to take you? I want you to throw out a real number just to guess. How long is it going to take you to save a million dollars if you're saving $100 a month, I want you to guess. Start talking. 40 years. 40 years. Okay. Somebody else. It's a guess. It's not a test. You're already failing. They got folks here watching on YouTube. You're not saying anything. 50 years. Thank you. Somebody else, say something. 100 years. Thank you. It's only going to take you 833 years.

833 years at $100 a month to save a million dollars. So that's probably not the answer. How old will you be in 833 years? I will be 897. Now let's say I lived 897.

Will I have enough energy in my body to enjoy that million dollars I saved? Okay. So.

Either this, that's not the number. So let's raise it. Let's raise it to $1,000 a month. So if I'm saving $1,000 a month now, it's only going to take me 83.3 years. That's better. Is that better? That's better. But how many people do you know who are saving $1,000 a month? Very few. But you think you're going to save your way to millions? Well, 83.3 years. How old are you going to be? I'm going to be 147 years old, so. No, not 147. Yeah, 147. I'm going to be 147 years old now even I'm not going to be as tired as I am if I'm 897. Right? But I'm going to be pretty tired at 147. I'm probably not going to want to do a whole lot of stuff. I'm not going to be playing golf every day, Right. I'm not going to be working out every day. I might work out every couple of days, but not every day. I'm 147. Give a guy a break, right? So maybe $1,000 a month ain't it? Okay, so let's say we're going to save 10,000amonth. Okay. Now that's more doable. Ten thousand a month. Okay. Now it's only going to take you 8.3 years. 8.33 years. Okay, 8.33 years if you're saving 10,000amonth. Now, how many people do you know who even have the ability to think about saving $10,000 a month? Very few. So maybe that ain't it. Maybe saving your way to millions is not the answer. But there has to be an answer. Other people have become millionaires. Oh, by the way, there's never been a time in human history where it's been easier for average people to create wealth and make millions of dollars than right now. Never. Never been a time in human history, okay? So saving is not it. Okay? Which brings us to the next point. Millionaire myth number three. People believe there's only one kind of millionaire. There's one kind of millionaire. What kind of millionaire is that? That's the kind of millionaire who is a liquid millionaire. Okay, so you have a liquid millionaire.

That means they have a million dollars liquid, which means they could write a check for a million dollars and the check would clear the bank. So one of the reasons, okay, now everybody imagine your bank account right now, the biggest one. You can combine all them together. Everybody imagine, imagine, imagine, imagine, imagine, imagine. Imagine you're done. Okay? Got it?

How long have you been working on accumulating that account?

So you take the amount in that account, you divide it by a million.

When you think about it, that's how long you think it's going to take you to become a millionaire. So you think, because you think that a liquid millionaire is the only kind of millionaire there is, becoming a millionaire feels impossible to you. It doesn't feel hard. It feels impossible. Is what I'm saying making sense? Okay, so a liquid millionaire can't be the only kind. Okay, so let's go to the next one. Yeah, C comes after a Myron, a cash flow millionaire, Right? And this is a person who has a business that does a million dollars in revenue or a person who has a job where they have a million dollars a year in income. So that's a different kind of millionaire. That's a cash flow millionaire. So you have a liquid millionaire. They have a million dollars liquid. You have a cash flow millionaire. That's a person who generates a million dollars a year in revenue in their business or a million dollars a year in salary. Then you have c.

You have an asset millionaire. That's somebody who owns.

Owns over a million dollars in. In equity. In their property. In their real property. You've got real estate, and you have millions of dollars worth of real estate. Let's say you have $10 million worth of real estate. But in that $10 million worth of real estate that you own, because you don't own all of it, right? The bank owns.

You have a million dollars in equity. Like a million dollars of your $10 million belongs to you. The rest of it actually belongs to the bank until your tenants are done paying it off. So that's an asset millionaire. But here. Now, how long is it going to take you to accumulate $10 million worth of real estate so that you can have a million dollars worth of equity? This is why most people have a hard time conceiving that they themselves can become a millionaire because they never broke it down. Now, I'm going to tell you something. This is the. I'm going to tell you the fastest path to millionaire, if you're ready. Who's ready? Ready. Okay. It's called.

D. A virtual millionaire. Now, what's a virtual millionaire? A virtual millionaire. Before I tell you what it is, I'm going to tell you a mathematical formula that I learned in elementary school. You ready? I'm not going to write this down. You can write it down. Two things. How many things? Talk to me, everybody. How many things? Two things that are equal to the same thing are also what? Equal to each other. Two things that are equal to the same thing are also equal to each other. How many? Remember learning that in elementary school? Right. Okay. Two things are equal to the same thing are also equal to each other. Okay, so let's say you have somehow inherited or accumulated your million dollars. If you accumulate a million dollars and you've got a million dollars liquid, are you a millionaire? Yes or yes? Yes, you're a millionaire. Now, if you spend $1, are you still a millionaire? No. You're a 999,000, 999. An error. And that takes way too long to say. So when you get your million dollars, you don't want to spend it. What do you want to do instead? You invest it. So let's say you can get 6%.

On that million dollars. Okay? You get 6% on that million dollars.$ What's 6% of a million dollars? $60,000 a year. So you get $60,000 a year. If you divide that by 12 months, how much money are you making per month? 5,000. $5,000 a month?

I don't know if anybody's heart is palpitating right now, but mine is. You say mine is palpitating? No, not when it's doing it like this. When it's doing it this fast. It's palpitating. You have to add an I. So. So.

$5,000 a month. If you had a million dollars liquid. If you had a million dollars liquid, it would give you $5,000 a month in cash flow. Do you remember the formula we learned at elementary school? What was it? Two things that are equal to the same thing are also equal to each other. What does that mean? That means anything that I do, anything that I build, anything that I create that pays me for $5,000 a month is the equivalent to having a million dollars invested at 6%.

Congratulations. You're a virtual millionaire. And I decided on my path to become a millionaire. I'm going to become a virtual millionaire first. So I became a virtual billionaire first. I became a cash flow millionaire second. I became a liquid millionaire third. I became an asset millionaire fourth.

Game changer. It changes the game forever. And see, so many people are tempted to get to the liquid millions or to the cash flow millions or to the asset millions. And they skip the easiest one to get to because there are so many ways you can get to $5,000 a month. Shall I share some of them with you or. You don't want to know. Okay, so let's say you start a membership site or a school community let's say you start a school community on Skool or a membership site that. Where people pay $100 a month. Do you realize at $100 a month, you only need.

500? I put that in the wrong place. You only need 500 members to make 50,000amonth. Because when you're multiplying two numbers that end in zero, you multiply the two whole numbers five times one is five. Then you count the zeros. 1, 2, 3, 4, 1, 2, 2, 3, 4. $50,000 a month. If they're paying $100 a month, you got 500 members. You literally are a virtual millionaire. That membership site for you, that school community for you is like.

Is like, oh, I put 50,000. Oh, I don't need 50,000. I don't need 500 members. That's even better. I only need 50 members. Wow. I only need 50 members because I'm not. I'm not going. See, my brain is so used to thinking these larger numbers. Okay, I got a little excited there, y', all, and nobody even stopped me. That's great. Okay.

$100 a month. I mean, 50 people at $100 a month gives you $5,000 a month. So now you literally 50 people. Do you know how many. 50 people. That's one a week. For a year and you're going to have a two week vacation. You're a virtual millionaire. But how do you get 50 people? You haven't even created the membership site yet.

Like, it's amazing how our brain starts talking us out of our opportunities before we even put our hat in the ring. Well, guess what? That's so doable. Like you get 500 people at $10 a month. Same thing.

Guess what, what happens when you get 100 people at $100? Now you're at $10 a month. Now you're a virtual multimillionaire. It's the equivalent of having $2 million invested at 6%. Now for me, because when I first figured this out, my, my monthly expenses were like $3,500 a month. And I did this and I had $5,000 a month coming in just automatically. Oh, you know what else you could do? You could do an automated webinar or an on demand webinar. You do an automated webinar, you sell a hundred dollar offer. No, I'm. Yeah, no, don't even sell a hundred dollar offer. Do an automated webinar. Sell $1,000 offer, make five sales a month. Five sales. Five sales. Five, five. It's automated. You run some traffic to it. It's automated. Like I'm. This book right here, this book right here makes me between, I don't know, eighteen thousand and seventy thousand a month. I wrote this book. I wrote this book four years ago.

This is part of my virtual millionaire plan. I've got, I don't know, let me see, 20, 105.

That's crazy. That's amazing. So I have about.

500 a week, is 2000amonth. 2000amonth times 50. I have like 50 something people paying me $2000 a month.

That's not 5000amonth. That's not 10,000. That's 100,000amonth.

I have three clients who pay me 20,000amonth. That's another 60,000amonth. Why am I telling you that? Not to impress you, but to impress upon you. If you, if there are people out there who are willing to pay me 20,000amonth and $510 a week, which turns into $2,040 a month. There are people out there who pay you $100 a month. That's my point. Okay? This is the first step in my mind on the path to becoming a millionaire. Become a virtual millionaire. See, nobody ever told me about virtual millionaire. I just figured it out. I was sitting there thinking one day, well, if I had a million dollars and I invested, I wouldn't want to spend it, I'd invest it. What would that give me if I had 6%? Well, if I had 6%, it would give me $60,000 a year. That's $5,000 a month. So anytime I got $5,000 a month coming in, that's the equ. A million dollars. Sign me up for that program. Okay, cool. We're on the same page now.

Okay, I'm going to go sit down now because I got myself all worked up or either I did or y' all did. So. Because. And you say, myron, why are you sharing this with us? I'm sharing it with you because. Okay, can I share a very.

Self interested but not selfish motive that I have? If I help you make more money here on YouTube with my community service content, I know that some of you, not all of you, because some of you ain't that interested, but some of you will spend some of that money buying stuff from me so I can help you make money without charging you money at first. Then some of that money that you make that I helped you make, you're going to come spend it with me.

I'm not like, it's not rocket science. It just like, you cannot outsow the farm. Okay, you're tracking. So that was number three out of seven. Okay. Number four, you have to work hard to become a millionaire. I submit to you that you work harder than most millionaires.

Now, I work hard when I'm working and I work hard on what I'm working. I just don't let it last too long.

Right? Like some days it lasts all day, but we don't like to have more than like four or five days a month where it lasts all day. The hard work lasts all day, right? Usually it lasts for a couple hours, a couple of days a week. But I'm 60 something. I'm not retired. But I don't need to retire because I've built my life in a way where I've got seasons, I've got seasons of focus and seasons of balance every week and every day and every month and every year. So I don't need to retire. Retire for what? I'm already doing everything. There's not some day in the future that I hope I get to and I hope I have enough money when I get there so I can start enjoying my life. I started enjoying my life a long time ago. Okay? So you have to have to work too hard. I'm gonna tell you something.

It does not require Any harder work than you're currently doing for you to become a millionaire? It just requires a different kind of work to provide a different kind of value for a different kind of person. And it requires a different perspective on your part. It doesn't require harder work.

I know what hard work feels like. I worked on a farm for a whole day, and I lived through it. And I promise God that day, Lord, if you deliver me from this day, I promise you I will not tempt you by coming back here tomorrow.

You think I'm joking, too? I was. Bet. Let me live through this. It was July in Lowell, Indiana, pulling sorghum. I had nightmares about sorghum for I don't even know how long. So sorghum is like. It looks like corn, but there's no corn on it. And it's what they use to make molasses. And for $8 an hour. And, I mean, I was sore everywhere. Oh, no, sir, we ain't. I helped my next door neighbor who had a roofing company put a rubber roof on one of the buildings in Steelton, Pennsylvania. One of those old steel mil mill buildings. The last two days. The last two days of that project, it was a whole week project. All of it was fun until we got to the last two days. Like, the day before the last day, two dump trucks came and dumped gravel out on the ground. Hey, Steve, what are we doing with that gravel? Oh, we're putting it up on the roof. How we getting it up there? Those buckets. That ladder and y'. All.

Okay. And so we were shoveling rocks into a bucket, carrying the rocks up a ladder, walking the rocks across the. To the other side of the building, dumping them out, spreading them out. Go get another bucket. For two days.

You know why I don't think anything I do now is hard? Because I've done hard stuff, and this ain't that. Oh, but, Marin, it's so hard to talk to people. You know what? You haven't done anything hard. But, Maren, it's so hard to learn how to build. You haven't done anything. But I don't know how to use a computer.

You think learning how to do this is hard?

I'm not the one that's confused, baby. Okay?

Okay. They think that you must have a college degree from a grade from.

Like, an Ivy League school. You don't have to have a college degree from an Ivy League school in order to become a millionaire. In fact, you don't need a college degree. In fact, you didn't even need to get good Grades in high school. I love what Robert Kiyosaki says. He said that A students work for C students and B students work for the government.

You don't need a college degree. What you need is you need a way, an idea that you've come up with or tapped into that gives you the ability to create value for a large pool of people with a big problem and deep enough pockets to pay to solve that problem. That's all you need. I know I keep saying the same thing over and over, but eventually you're going to hear me. Okay? And then they think, this is another myth. You gotta be lucky if you want to be a millionaire.

I'm not sure exactly what that means, but did you know.

That the first.

Woman millionaire in the United States and the first black millionaire in the United states was Madam C.J. walker?

She wasn't lucky.

She figured out a solution for a large pool of people.

They didn't even have deep pockets, but they had a big problem. She solved their problem. Oh, and it was in the beauty industry.

You need an idea, a way to serve people that gives you a unique story that a lot of people can relate to that will resonate with a lot of people that they can remember and then they can recite to other people. And that's how your ideas and that's how your business goes viral.

And then the last one are. The last one R. Yeah, I used to talk. Now I just read about it. The last one is you believe you are either too old or you believe you're too young.

Really? Colonel Sanders.

Was 60 something years old. And the way I heard the story was that he had a chicken recipe and he decided he got his first Social Security check. He said, this ain't gonna be my life. And he started going to restaurants offering them his chicken recipe in exchange for a royalty on all the chicken they sold.

He went to a thousand restaurants before one said yes. The 1,001st restaurant said yes.

And now KFC.

A business an old man started. There was no Internet. There was no artificial intelligence. There was no email and text message and cell phones and connectivity. You know what? We have it so easy. Everything feels hard. I've seen children who've built YouTube channels that get millions and millions of views, and they make millions and millions of dollars from those millions and millions of views. But you think you're too young. I remember in 2015, I joined this mastermind, and I had already been rich, but I wasn't rich when I joined this mastermind. I was broke as a joke. And Ready to joke. And I remember being in this room.

Where these young people in their 20s were making 200,000amonth and 400,000amonth. And my best month ever at that point was 400,000. And they're like making 2 and 400,000amonth on the regular. Like, it's nothing to it. I'm thinking to myself, I've got shoes older than you, bro. T shirts.

But guess What? In their 20s, they were making millions. So this whole idea that you're too young or you're too old or it's too hard, don't buy into any of these myths. Decide. Hopefully.

I always say all transformation begins with awareness. Hopefully I've made you aware one of some myths you've been believing that have been holding you back. Hopefully. Hopefully that's one thing I made you aware of today. Hopefully I made you aware of a new way of thinking about becoming a millionaire by focusing on becoming a virtual millionaire and getting to $5,000 a month passive cash flow, which is the same, which gives you the same result as having a million dollars invested at 6%. And see the beautiful thing about becoming a virtual millionaire and having $5,000 a month in passive cash flow coming in. The beautiful thing about that is it frees up your time. You can take a part of that time and use it for thinking. And thinking is the hardest work most people never do. So hopefully I gave you some different ways to think about it. And hopefully we've just debunked and demystified this whole idea of becoming a millionaire and removed all of the internal.

Resistance that you have based on your misaligned perceptions or the myths you believed about what it takes to become a millionaire. And by the way, for those of you who are tired of hearing me talk about how to become a millionaire, probably it would be a good idea for you to watch somebody else's channel because I'm going to keep talking about it until y' all start doing it and start getting paid. In the meantime, in between time, I hope this video blesses you. Stay blessed by the best, and we'll see you in the next video. Bye for now.