Latest / Money Grows on Trees / #208 - 5 Myths About Money Keeping You BROKE

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#208 - 5 Myths About Money Keeping You BROKE · Money Grows on Trees

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  Rich people are selfish and evil. Time is money. It's so
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  wrong. The reality is money doesn't actually grow. In fact, it
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  goes down in value from inflation. It does the opposite of
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  growth. Wealthy people are least selfish because they're giving more
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  value. Money is the root of all evil and money doesn't buy happiness. But
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  I challenge that because if you have the opposite mindset that money doesn't
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  buy happiness, then it'll never help you. The reason they have so many misconceptions around
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  money is because I'm Lloyd James Ross, seven-figure investor and
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  entrepreneur, and I've helped thousands of business owners and professionals turn
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  financial stress into success. If you're stuck in old money
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  habits, overwhelmed by investing, or unsure where to start, this
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  is for you. I'll give you the mindset and strategies to take control,
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  grow your wealth, and achieve financial freedom. It's time to
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  make your money work for you. One of the greatest myths is
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  that working harder creates more money. The reality is we've
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  all heard the saying, work smarter, not harder. But it's a very difficult
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  paradigm to break because if you want something done right, you've got to do
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  it yourself. And that's the paradigm we grow up with to actually, we've got
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  to move ourselves back out of that. And that's the difficult thing to
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  do because you feel compelled to work because you think that's where
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  productivity comes from. But it's actually working less and
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  helping you know, getting help from other people and from
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  systems and from your capital to do the heavy lifting for
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  you. For example, you can delegate certain things and they can do it
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  for you and you can split the profits and also use systems to
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  do repeatable tasks and of course, deploy your capital, buy assets,
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  produce more income while you're sleeping. As the old saying goes, it's better to
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  have 10% of a watermelon than it is to have 100% of
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  a grape. Huge myth around money that people don't
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  understand is that they think money grows. And
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  the reality is money doesn't actually grow. In fact, it goes down
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  in value from inflation. It does the opposite of
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  growth. And so when inflation or price inflation happens in the world, the
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  price of goods and services goes up. So it provides the
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  notion or it creates this phenomenon where the value of money falls.
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  And so when people say, I want to grow my money, what they're really saying is,
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  I want to take my money, buy an asset, let the asset grow,
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  and then eventually sell the asset and take the money back. So if you want to grow
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  your money, a better question to ask yourself is, how can I buy
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  an asset that grows in value with my money? And if you do that,
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  you'll be looking for different ways to actually grow money
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  that's not inherently in the money itself, if that makes sense. Huge myth,
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  time is money. It's so wrong. I used to think that time was money as
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  well. It wasn't until someone taught me, a mentor taught me that
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  time is more valuable than money. And so those who are building wealth
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  always put their time before their money. And someone like Warren Buffett, the
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  greatest investor who's ever lived, he has done this his whole life. Even
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  when he was a small boy, there was a story of where he used to
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  go and collect golf balls from the local golf course. He used to fish them
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  out of the ponds and then go resell them. So it was a little business he
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  discovered at the age of seven. And then he worked out that time was more valuable
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  than money. So he actually got another kid to actually go and fish the balls out.
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  He did the deal with the golf shop and he actually paid the kid a little bit. He took a margin. So
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  he was actually making money without having any effort. So he saved his time.
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  And ever since then, he's always put time in front of money, which is why
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  If you ask him about his calendar, if you ever get the chance to ask Warren Buffett about
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  his calendar, then you'll notice it's very clear. And because
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  he makes money with his mind, he doesn't make it with his time. His
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  time is so valuable. And you want to make your time valuable too because you want to
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  do the things you want to do. And I think that's what really got me out of my
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  job because I was trading my time for money. and I needed to flip it
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  on its head. I needed my time back. And it's always compelled my
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  decisions since then, which has effectively scaled my wealth. You
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  grow up hearing these funny sayings like money doesn't grow on trees, money's
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  the root of all evil, and money doesn't buy happiness. But
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  I challenge that because if you, if you... have the
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  opposite mindset that money doesn't buy happiness, then it'll never
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  help you. Like if you just believe that money doesn't buy happiness,
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  why would you want to get any money? So if you have that block or that program
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  running, the most effective way to overcome it is to just flip it and
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  just accept the fact that money can buy you happiness because
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  it'll buy you choice. It'll buy you Sometimes
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  friendship, it can buy you some love, although it's not going to buy you those things
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  straight away, but it will position you in a place to meet someone who
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  you can fall in love with. It'll give you the money to be able to meet new
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  friends. It'll give you the flexibility to do the things that
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  bring you joy. So inadvertently, money does buy
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  happiness, but it's certainly a better mindset to carry through life
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  than money doesn't buy happiness, because then why would you want to go get money? Just
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  quickly, if you're ready to take control of your finances but feel stuck on
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  where to start, I have a solution. My book, Money Buys Happiness,
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  simplifies investing and wealth building with practical steps to help
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  you achieve financial peace. Get your copy via the
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  link in the show notes, and let's get your money working for you. Now back
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  to the episode. The money myth that rich people are selfish and
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  evil, and this is a... a paradigm that's developed in us through watching
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  films. It's literally the programs we watched as kids where,
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  you know, in the movie or the cartoon, the
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  villain is always rich. And if you ever watch The Simpsons, the number
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  one villain in that movie is Mr. Burns. And of course, he's wealthy, right?
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  And so we get brought up that rich people are evil somehow or
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  they're selfish. Yeah, they're not going to give anything. The reality is it's
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  the opposite. Because to actually become wealthy, you have
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  to give more value than you take in the world. Because money-making
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  is just an exchange of value. So next time you see someone who's wealthy, say, hey,
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  what value did they have to exchange? Or what value did their parents or
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  their parents have to exchange to get the wealth in the first place? So
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  it's actually the opposite. Wealthy people are least selfish because
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  they're giving more value. Whereas people who
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  are poor, they're taking more value than what they're giving. So
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  I'd flip it on its head and I'd say those who don't have money are more selfish and
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  greedy because they can't say no to things. They must take, must
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  take, must take, and it keeps them poor. Whereas someone who's building wealth must
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  give, must give, must give. And so if you look at it, it's actually the opposite of
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  what you've been brought up to learn and to know. Selfishly, It
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  makes me feel good. I've definitely salvaged that in that case.
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  I tell you why, because I really have
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  found it challenging, which is normal, to
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  build a successful life. It's so challenging. You're trying to work life
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  out, you're trying to get ahead, you're trying to build a successful life
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  in multiple areas, and it's so difficult that sometimes you wish that
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  someone had told you something, given you an idea,
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  and the reality is many mentors have done that and helped me.
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  All you want to do is make it easier for someone because you want to see them
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  succeed too and you don't want to see them go through challenge after challenge. I like to,
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  as the old saying goes, push the buttons in the elevator back down to the floor because I
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  relate to how challenging it can be when you're first starting out, building
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  a career, building a relationship. Building wealth so I
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  like to help other people see him win But I think you know if you look at what our
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  most precious Commodity is or what our most precious thing that we have is is
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  that time on earth? So I really felt like looking back the
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  most damaging myth that I thought was time is money.
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  And the reality is that time is more valuable than money. And ever since
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  I've kind of adopted that notion, I've approached things completely differently.
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  It's created so much more time in my day, in my life. I mean, just
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  like yesterday, my wife said to me, hey, it was 10 30 in the morning on a, what
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  day is it? Wednesday, it was a Wednesday. And I was like, yep,
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  let's go. And we just went for a walk mid-morning. And I
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  think it's those things that you just can't put a price on. And that
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  mindset shift allowed me to achieve that. So I think that's the
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  one that does people most damage. Because what's the thing that they say
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  in their deathbed? I wish I had have spent more time with family. I wish I
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  had have done these things. And if you don't put time first, you'll end up
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  looking back on your life and all you'll see is one big commute to work. And
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  I never wanted that. That's why I'm here doing this. The reason they
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  have so many misconceptions around money is because money is
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  a story we tell ourselves. And quite often,
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  we inherit that story from our parents, our teachers, our peers, and
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  the story quite often is not effective. It's an ineffective money
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  program, it's generational, it'll be passed on through generations, and
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  so that's where it emanates from. But what's great about it is if
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  you get told a story or you tell yourself a story about your money, The
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  great thing about that is stories are made up. And so if you're making up an ineffective
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  money story, guess what? You can just make up an effective one starting from
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  today. It's like tell yourself a new story and what will happen in your brain.
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  It's a weird thing. It sounds woo-woo. But when you start telling
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  yourself a better story about wealth, like I am good with money, money
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  is around, money is about it, I can make money. If you start telling yourself
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  those stories, your reticular activating system, which is the
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  component of your brain that picks up on patterns, that allows us to create
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  survival mechanisms, it'll start to spot and
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  identify opportunities where money's come up and it's there. It
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  was always there, but because you're telling yourself a new story, you'll
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  spot it faster. A little bit like when you buy a red
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  Kia Sportage and all of a sudden you see red Kia Sportages everywhere,
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  it's the same with the money story. So you're like, money, money, money. I've
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  got a student of mine, he just came into our program a couple of years ago, he's in his
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  second season and we call him the money magician now because every
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  time he gets onto a call each week, he's like, I've got a new money win, another
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  money win. It's almost like money's falling out of the sky for him because
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  he's picking up on where it is and he's now able to exploit it because he
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  changed his money story. The more money myths you bust,
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  the more money will come into your pocket. So there's some of the biggest money myths
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  that you no longer have to buy into and you can go and build wealth. Let
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  me know if you've got any myths you want to bust. Drop them in the comments below and we'll come and
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  bust them together. Thanks for listening to Money Grows on Trees. If you enjoyed
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  the episode, leave a five-star review on Apple Podcasts and Spotify
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  and subscribe to us on YouTube so you never miss an episode. And
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  if you're serious about building wealth, make sure to check out the links in the show
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  notes and follow me on all social media platforms, at