4 Money Myths That Could Cost You

Good morning. We're doing a live session today on four money myths that could be costing you a fortune. And as always, let me know where you're from and let me know you can see me and hear me. Hi there, Peter. So four money myths that could be costing you a fortune is the title for the topic today, and I'd love to know where you're from. So in the chat, or give me a like and a love button, and there's a few money myths that are, I think, hold people back, and I want to know if you have any of the money myths we're going to talk about and then what should we do about it? I want to have this as a dialogue today as opposed to just me talking for the next, you know, few minutes here. So if you can hear me and see me, fine. Give me a like or a love. And what do you think the number one money myth is? What do you think the number one money myth is that people have that holds them back in these crazy, uncertain times? There's a lot of people that have money myths. And how do you like my bright colored workout shirt from this morning, either, Shiris? All right, so your volume. Yeah, my volume is on. On high, Sheeri. So let me know if you can hear me and see me. It says I am quiet. We cannot hear you. Oh, that's interesting. Hold on one second. Can you hear me on Instagram? Some reason they cannot hear me on. On Facebook. All right, not sure why, but can you hear me now? Loud and clear on Instagram. Instagram's working. Facebook is not. Not sure why. Yes, you can hear me. All right, so what's the number one money myth? No sound. No sound. No sound. All right. You can't hear. All right, I'm gonna hop off. I'm gonna hop back on to. To Facebook if we can, and go back on. So, Andrea, just so you know, my audio is not working. No idea why, but we will do that. So for everybody that's on Instagram, what do you think the number one reason is that or what number one money myth is? I'm going to try and do two things, two things at once right now. Let me share with you. Let me see what you got. You have to work hard. That is one of the money myths. And the number one money myth is that you have to have money to make money. That you have to have money to make money. Right. I like, Mary, what you say as well, that you don't have enough money. So the number one myth, it takes money to make Money. How many of you believe that that is true? It takes money to make money. If that's true, here's a question for you. Are there ways to make money without having money? All right. Are there ways to make money without having money? Right. And then I see curve. My curl says money is hard to get. All right, is it possible. All right. That you can make money without money without having money? Right. It possible. And for all of my Instagram friends that are watching right now, what is one example of why you don't have to have money to make money? Still quiet. Okay, so I'm sorry, my Facebook friends, but I'm gonna have to hop off if you can't hear me. There's something wrong with the tech. But I am on Instagram live on my Instagram channel. So if you can hop on there, that'll be great. Sorry. Okay, so I'm going to focus 100% just on the Instagram feed. All right, Sorry. That's. You know, Facebook's not working today, so how can you make money without money? Could you take your furniture that you're not using in your house or art? Could you have a yard sale? Could you have somebody come and pick it up on consignment and have them sell it and give you money? Could you start a business with zero money by offering products or services that somebody else owns? You don't even have to have your own products or services. Could you sell your knowledge, your skills to other people without one penny? So does it take money to make money, or does it take resourcefulness in the absence of resources? Right. N.J. strong says other people's money. Yeah. Could you do research for somebody who wants to invest and they give you a percentage of the revenue? So when people say, well, it takes money to make money, what is the real issue? Is it a belief or is it a lack of resourcefulness? Which one? Which one is it? Is it a belief or a lack of resourcefulness? And Krishna Patel. Yeah, it's lack of resourcefulness. Here is something to consider. When you use your brain and you say, it takes money to make money, let's say you don't have money. Then your brain says, okay, it takes money to make money. Since you don't have money, you can't make anymore. But what if you instead asked a better question and say, how can I make money even though I don't have any to invest or to use? Right. How can I make money even though I may not have money to invest or to use? Do you think by asking a better question, Your trillion dollar biocomputer is going to come up with better answers. Let me prove to you a point. Let's say that all of your money was taken away, all of it. And let's say you didn't have a job, and let's say you didn't have a business, and let's say you only had the clothes that you were wearing. That's it. If you had to make money with zero, only the clothes on your back, could you, if you had to, could you, if you had to, could you make money somehow if you had to? Right. So answer the question. Could you, if you had to, if you had to make money, could you, if you had to, could you help somebody for money? Could you sell something for money? Could you get creative and create something for money? Absolutely. Now, part of the challenge is most people are stuck in this paradigm or mindset with certain beliefs. And do you know what beliefs do in your brain? Can you guess what beliefs do in your brain? Can you guess what beliefs do in your brain? Beliefs are the lens by which you see the outside world. So if you have a belief that is a limiting belief, like it takes money to make money, and let's say you don't have a lot of money, then your brain will delete and distort any opportunity around making money. But if you had to make money, could you? All right. And Marian, I don't suggest robbing a bank to make money. I prefer doing something that is, you know, constructive, that gives back to people. So think about this. What is money? Can anybody tell me what is money? Let's have a little discussion. Can anybody tell me what is money? Like, you know, what is it? You know, we have these coins and paper, but what is money? Right? What is it? Isn't it a means of exchange between people, governments, companies, a means of exchange? Isn't it true that if we go back in time, we would exchange seashells, we would exchange fish for fruit, we would exchange somebody working on our teeth to fix a toothache for some bread, we would exchange chocolate for some straw. Isn't money just a means of exchange? It's an agreement of value. Natalie Matthews, you're right on the money, so to speak, right? So if money is a means of exchange based on value, is it true that the amount of money you make based on the value that you bring to the marketplace in exchange for your product, your service, your knowledge, or your skill in exchanging value, whether you're buying the stock market, whether you're buying real estate, but for that, you do need money. But if money, Right. We're talking about busting myths, is a means of exchange, then every single person, just about not everybody, but 99% of people can make money if they focus their mind, energy, and attention on how do I exchange my knowledge, skills, products, or services or somebody else's for an exchange. Does that make system, and it was the barter system before Krishna Patel. You are correct. Does this make sense? Right. So it takes money to make money. Let's bust that myth, and let's say it takes being resourceful to make money. It takes being creative to make money. It takes adding value into the marketplace for exchange. Okay, that makes money. Does that bust a myth, make sense? Does that busting a myth, number one, make sense? The other myth that I want to share is there's something that somebody mentioned before, and that is, I don't have enough to invest right now. And, George, if you're suicidal, please call the suicide hotline, my friend. All right? Just remember that suicide is a permanent solution for a temporary problem. And so please call the suicide hotline if you are suicidal, George. All right, so let's get back to, you know, investing. I don't have enough or I don't make enough to invest right now. I don't have enough, or I don't make enough to invest right now. Is that a truth or a myth? If you're earning a dollar a day. A dollar a day. Okay. Do you have a little bit that you can invest? Hi, there, Lisa. Everybody follow Lisa Wimberger. She's amazing. She just hopped on here right now. Check her out on Instagram and everywhere else that she is. She is a rock star. So I don't have enough. I don't make enough to invest right now. Right. So ask yourself this question. Is that really the truth, or is that another belief? Okay, is that another limiting belief? All right. That you may be holding onto that's preventing you from taking advantage of one of the greatest laws in the universe is called the law of compounding effect. The compound effect, right? If you take $1 and you invest it, and that dollar makes 5%, and then you keep that money in. In investments, and the $1,5 makes 5% over the course of a month. It's not a lot, but let me ask you a question. Okay? What would you prefer? Okay, pay close attention to this. What would you prefer? Would you prefer a penny today, and then every day it doubles? So one penny today, two tomorrow, four the next day, eight the next day, 16, 32, 64, 128. What? Do you prefer that, or do you prefer a million dollars today? What do you prefer? One penny that every day, the amount doubles all the way through 31 days, or do you prefer $1 million today? Which one? Let me know which one you prefer. Let's bust this myth right now. All right, which one do you prefer? I want to see your comments. So Cindy says a penny, Jenny says a penny. D3L art says a penny. So Natalia or Natalie, excuse me, says a penny. Right? A penny that doubles. Why a penny that doubles? Everyone has seen this chart, right? Why a penny that doubles? It's because I'm on day number, like 29. That penny that doubles every day is about $600,000 and then doubles to over a million. And then you know what happens from there. So when you are investing a little bit every day, every week, every month, and you invest in something that just multiplies, okay, at 15%, you're going to double your money every four years. At 10%, it's every seven years. And so when you put a little bit aside, number one, you're allowing the compounding effect to work in your favor. But there's something else that's even more important. Can anybody guess what that something else is? What's that something else? Signs of change. Thank you. It's my joy. What's that something else? So when you invest a little bit every day or out of every paycheck or every week, what is it that you get that's even more important than what I just discussed? Anybody tell me what it is that you get? Rough? God, no. Not. Not necessarily time. Not necessarily time. The habit. There you go. Custom image prose. The habit. So if you don't have a lot today, but you develop the habit, then when you have a little bit more in. In a month, in three months, in a year, in two years, in three years. The habit is more important than the amount at first. The habit is more important than the amount at first. Why? Habits drive our behaviors. Habits drive our results. Our desires don't drive our results. Our hopes and wishes don't drive our results. Right. Our habits drive our results. And when we have discipline, Lisa. Right. When we're activating that dopamine circuit in our brain, the reward centers in our brain, we feel good. And the more we feel good, the more our brain becomes addicted to that feeling of feeling good. So we get the habit, we get the reward, we get the self esteem, the self worth that comes with having some money that we're putting to work. So there are so many ways. Okay. And so many reasons why you want to develop the habit of investing. I don't care if you're investing a dollar a day or 10 cents a day. The habit is more important than the amount at first. Then you can add more. Does that make sense? Everyone does that make sense? And by the way, if you like some brain based stuff, mark down this date. November 14th. November 14th is our 8th annual Brain A thon where I'll be bringing you some of my wisdom but also have five other brain experts that will be teaching for a whole day. It's free and so just keep looking out for it. Go to, you know, one of my websites and sign up for our newsletter. Has anybody here been on the Brainathon? By the way, Lisa Wimberger, who's on here right now, she was on our Brain A Thon a couple of years ago. She is one of the leading brain experts. Wonderful, wonderful individual. Right? So November 14th, from 9:00am Pacific to about 3:00', clock, all day, free training brain experts. Dr. Sarah MacKay, Dr. Dennis Waitley, Nirka, Dr. Maria Nemeth, Dr. Joan Rosenberg will all be there with me. Yes. Lisa, you are amazing too. So myth number three that I want to bust. Myth number three. Can anybody guess this one's. You know, something that I talk to a lot of people about this thing and so many people don't, don't do this one thing. It's a little bit of a myth, right? But it's more of a belief than a myth. Okay? So I'm gonna, I'm gonna move the line a little bit. And this one is, I don't need a budget. I know how much I spend and. And I know how much I owe. I don't need a budget. I know how much I spend and I know how much I owe. Many years ago, I was taught that if you don't manage the money that you have, the universe doesn't give you more money to manage. If you don't manage the money that you have, the universe doesn't give you more money to manage. It just flows away. So I'm curious, how many of you. Do you have a budget? Do you have a budget? Do you know how much. Whether it's your rent or mortgage, your car, your gas, your electricity, your food, your cable, your restaurant bills. Do you know, do you know how much all of your expenses are? Do you know, do you have a budget where you know, here's how much I earn. Here's how much I spend every month. Here are my averages. Here's how much extra I have. How many do you have a budget? Most people, I would say over 90% of the people I talk to do not have a budget where they know exactly all of their expenses, all of their income, what their investments are doing, and they just hope and pray that it all works out. They don't have a clear idea of exactly how much they owe. They don't have a plan for, for how they're going to pay off their debt. Whether it's, you know, pay off the high interest rates first or the highest amount first. They don't have a plan and a budget. And so when you don't have a budget, how many of you know, my PPP equals PPP equation. PPP equals ppp. All right? PPP means piss poor planning equals piss poor performance. Piss poor planning leads to piss poor performance. If you don't know your numbers, you can't manage your numbers. And so a lot of people say, I don't need a budget. You know, I don't make enough money or I know how much comes in and how much comes out. Right? And so I want to make sure that you bust that disempowering belief, that myth around not needing a budget. Almost every successful person that I know, whether they have a business or they don't has a budget, they may not like what they initially see. But if you cannot see your numbers because you're embarrassed or ashamed or you have a belief that you don't need one, then you can't adjust and tweak and get rid of the things that you don't absolutely need and invest in things that you absolutely do. How many of you believe investing a little bit of how much you earn in personal development and growth? Every high performer that I know invests into their personal development and growth. Are you one of them? I know you're investing your time right now, which is great, right? So that's myth number three. And for the person who asked, what's the date of the brainathon again? It's November 14th at 9:00am Pacific, 12 o', clock, New York. It'll be free. You can come for two hours or come for eight hours and join me. And we'll be sending out more information in the next couple of weeks. Right? So yes, you are. And so this one is a hidden belief, not a myth. So I'm going to give you a little bonus, one that I wrote down around this. What do you think is the number one cause of people not achieving their financial goals? What do you think the number One causes of people not achieving their financial goals. I know there's many, but what do you believe is the number one cause. All right. Of people not achieving their financial goals? Free thy Dom. What's the one thing we need to do to start reprogramming our mind about money? I would suggest you go to my YouTube channel and watch some of my videos around reprogramming your mind about money. So that's what I would do. So Rothkolt says distraction. El says belief. So what do you think the number one. The number one reason? Doubt. All right, so it's steel as what causes doubt? Saeed? Discipline. Everybody's 100% disciplined to their habits. Hold on. I just saw one curve. My curls. Fear. Fear. Fear, Fear. So let's talk about fear for just a moment. All right? Fear. Fear of what? What do you think is the number one fear? Number two? Fear? Number three. Fears that people have that they're either aware of or. Or that they're unaware of. What do you think the number one fear is that people have? What do you think the number one fear that people have? Hey, Thomas. Thomas Bauman. Nice to see you on so ignorance causes doubt. Ignorance does not cause fear. In some cases, it does. Sell and baker and custom custom image pages. Fear of failing. So here's the question for you. If fear is triggered in our subconscious mind and it triggers. Right. The amygdala is the part of the brain that is triggered and manages our emotions. It's the emotional control center of our brain. So if fear of failure is the number one cause of people not taking the inspired action required to achieve their goals and dreams, where did you learn to fear failing? What does failing mean to you? And is it possible? There's three questions. Where did you learn to fear failure? Question number two. Okay. What does failing mean to you? And then question number three. Does failure mean the same thing to everybody? Does failure mean the same thing to every? So where did you learn? Okay, where did you learn this fear of failure? Was it your parents? Was it your teachers? Where did you learn this fear of failing? Right in childhood. So a lot of people. So for some people, failing means first attempt in learning. Well, what if you've done it 10 times and you failed? Fear of failure starts in school. Fear of failure starts at home. One to seven years old. The imprinting years. Correct. Where we learn from our environment. So is it possible that if fear of failure prevents so many people from taking action, it's actually not the failure that they are fearing or that's caused them to stop taking action. Is it possible that the meaning they learned to give failing, what's causing them to not take action? Is it possible that for some people failure means I'm learning, I'm growing, I'm figuring out stuff that doesn't work? And is it possible that for some people, if I fail, then I'm a bad person? If I fail, I'm not worthy. If I fail, I'm not smart. If I fail, I'm not good enough? If I fail, I'm going to be embarrassed. If I fail, I'm going to be judged or ridiculed or disappointment. Is it possible that successful people fail as many or more times as unsuccessful people, but the meaning they have learned to give? Failure means I'm gonna keep going no matter what. And unsuccessful people don't do that yet. They haven't learned how to do that yet. Is it possible that we became, some of us wired, that failure means go and do something else and try something else versus failure means stop because you're going to be embarrassed, ashamed, ridiculed, or judged or disappointed? Is it possible that that line, that distinction is the razor's edge? Is it possible that based on what we've talked about today so far, right, that it takes money to make money is a myth? You need to be resourceful? Is it possible, okay, that regardless of how much you're making, you can start to invest right now and you get so many benefits? Is it possible that you should start budgeting right now so you can manage your money, so you have more money to manage? And is it possible that fear of failure could mean that is the spark to have you try one more time? That is the spark you need in order to to rise instead of fail. Alright, so there is our four money myths for today. Was this worthwhile? Every Tuesday I do a little session on my Facebook fan page. If you like these little sessions, I have a slew of videos that are free on YouTube. You can go there and check them out. I'm also here on Instagram and post a lot of different stuff. Every Tuesday, 9 o' clock New York or 9 o' clock San Diego, 12 o' clock New York. If you like this, hit the share button. Let me know topics that you'd like as well. Hop on to my page and let me know that you enjoy this and then mark November 14th just on your calendar. We'll get the information out the next couple weeks and you'll learn with me and five other brain experts on some really killer stuff to let go of the self image challenges that may be holding you back. Let go of the fears that may be holding you back. Let go of limiting beliefs that may maybe holding you back. And we'll have a little bit of fun. All right, so if you like it, if I can hit the like and love button for every one of you, I would right now. And thanks for following my work. And please share it by the Tosmas. Hey, Thomas Bauman, Nice to have you on Lisa, Michael's coach. Awesome. And Lisa Winberger, if you're still on, big hugs to you. Bye, everyone.