Financial Myth-Busting from a Survivalist
Last night, I received a call from an old friend.
For the sake of his privacy, let's call him Dan.
Back in school, Dan was always the life of the party. His energy always made me feel like the future was bright - it was contagious.
When I heard his voice on the phone, that energy had changed. He tried his best to be cheerful as we caught up, but I could tell he was stressed and nervous.
"Everything OK, Dan?" I asked. Finally, he told me the real reason he was calling.
Dan wanted a financial second opinion.
He said I was the only one he could trust who had any success in business. Of course, I told him I believed that my success had a lot to do with my passion for preparedness. Even so, I promised I would do my best to help in any way possible.
Dan told me that he recently met with a financial advisor. Without getting into all the details, this advisor essentially turned him away because he didn't have enough money.
To be honest, this "money man" sounded like a huge jerk.
I realized that this jerk had put my friend under the spell of one of the most dangerous money myths out there. As Dan put it, "I guess personal finance is only for the rich."
Here's why I'm telling you this: This myth is wrong. Big time.
What I told Dan is worth sharing because it will change the way you look at personal finance. Plus, my advice will boost your personal preparedness plans at the same time.
"Personal finance is only for the rich."
When my friend Dan said those 7 words, it sent alarm bells off in my head. It wasn't the first time I've heard it, but I know in my gut that it's false.
To dig deeper into this, I asked my friend two questions:
1. What do you think "personal finance" is?
2. What do you consider "rich?"
When it comes to personal finance, the truth is, only you can answer these questions. That's why it's called personal finance.
Simple enough, right? Well, even with this knowledge it's easy to fall for the myth. Most people are missing two key points about their personal financial situation.
1.You're wealthier than you think
Unfortunately, I'm not saying you have money hidden away without your knowledge. But the reality is even better: if you're thinking about personal finance, you're already rich.
My friend Dan thought rich folks were driving flashy cars
and pouring millions into the stock market. That's hardly the case. Material wealth and actual wealth are completely different. People who spend their entire six figure incomes are still broke. The more you do to grow and protect what you have - the wealthier you are.
2.Personal Finance Is All About Solving Problems Before They Happen
With almost every financial decision you make, you're planning for the future. Budgeting for gas. Preparing for retirement. Being ready to write a check when the need arises. This sounds stupidly simple - and it is.
Sure, if you have more money to invest in financial instruments, that money could have a bigger impact.
That's why those with limited means need to get more creative with their financial planning. We need to protect ourselves from the highs and lows of the market, from unexpected financial losses like being laid off at work. I know because it wasn't too long ago I once struggled with limited means as well. Starting My Patriot Supply in 2008 was one of my creative solutions. But you don't have to start a business, there's an even simpler strategy.
If you're looking for a new strategy, I suggest you consider building preparedness into your personal financial planning.
At My Patriot Supply, we're committed to the preparedness lifestyle. We know what a tragedy can do to your finances, and we're here to help you build a back-up plan.
All of our emergency food kits are full of hearty, delicious meals and snacks. They'll store for up to 25 years, so you're ready for a crisis now or decades from now, from financial situations to natural disasters.
Remember, financial planning is solving problems before they happen.
Add emergency food to your plan now. Prepare today!
If you're curious to see how you can prepare yourself the uncertainty of tomorrow, take a moment to plan ahead and click here:
Read last week's Survival Scout: DISTURBING THINGS PEOPLE DO WITH THEIR TAX REFUNDS