A 2019 survey conducted by the investment app “Stash” found that about 40 percent of respondents, (including 59 percent of millennials) think that winning the lottery could be a good way to fund retirement.
This is shocking because this tells me theres a mistake people make with how money, retirement and investing works.
If I was able to ask those 59% of millennials “If you did win the lottery, how would that help your retirement?”
I can only guess the answers would be something like:
1) I would invest it in the stock market (or some mutual or index fund)
2) I would invest it in [insert crypto coin flavor of the month]
3) I would pay off credit card or student loan debt so my monthly income can go toward my 401k.
Answers like these are why people will have to work until the day they dire (no retirement for you!)
Many people mistakenly believe that an investment vehicle (like stocks or crypto) is the key to wealth, but they never think to learn how to actually think, act and move like an investor.
Unfortunately, how to think, act and move like an investor wasn’t not fed to you in school or at your job…and why would it?
(Ponder on that for a while)
In reality, investment vehicles are a way to get you to a new financial place…
Too bad most people don’t have the license to drive the vehicle!
So what happens when you put an inexperienced driver behind the wheel of a powerful vehicle?
They either can’t get it started or they crash the vehicle and vow to keep taking the bus since that’s “safer”
This mindset is why most of us never get anywhere financially, even after years of driving.
This also explains why people think being gifted money will solve their issues.
So, let me break this down in a way that painfully hit me in the face.
Specialized knowledge and skills make you rich, not money.
there are many specialized skills that can make you money…
But in general I like 3 particular skills I will briefly list below.
Once you start to understand and master these skills, getting your “driver’s license” to control these powerful vehicles will be a breeze.
the specialized skills I’m referring to are:
1) how to spot a lucrative investment for yourself (and before others do), and not relying on a broker or a buddy’s “hot stock tip” or “next buddy’s crypto coin”
2) how to acquire valuable assets for bargain basement prices, so your money is not sitting in a your checking account losing value to inflation, but out there working for you as you sleep.
3) How to turn those valuable assets into liquid cash when you need it to help you do whatever the fuck you want with your life, on your terms.
This mindset is different than how most people view their money and investment portfolio.
Many leave it up to others, where I hope you take control of this yourself.
I know this sounds complicated, but I assure you it doesn’t have to be
With any skill you choose to learn, there will be a learning curve.
Think about this, if you would have gotten started wit this learning earlier this year, I’d bet your plans for 2022 would look very different wouldn’t it?
Its never too late to start learning these skills…I like to practice this in low cost real estate, but these principles applies in many industries.
If you want to learn more about what I do, give me a shot out in the comments (comment “investor” ) and I will reach out to you.