Episode Details

Are you having money problems?

Are you where you hoped to be financially at this stage of your life?

Well…if you want to be in a better financial situation, then this week's show is for you because I'm going to debunk 15 Myths that could be killing your wealth potential.

You see…money doesn't discriminate; it doesn't care who you are or where you come from.

No matter what you did yesterday, today begins anew and you have the same rights and opportunities as everyone else to become wealthy.

Yet the sad reality is that the majority of Australians will never achieve financial freedom.

So, join me in today's show as I explore the common myths about money that hold many people back from achieving their financial goals.

Myth # 1: It takes money to make money

Despite what some people believe, it doesn't really take a lot of money to make money.

Many Australians have untapped equity in their homes that they can use as seed capital for investments, while others will have to learn the discipline of saving to get some start up capital.

Then all they need to do is invest in high growth investments such as residential real estate and use the magic of compounding, leverage and time to grow their asset base.

Myth # 2: I don't make enough money.

Almost everyone makes enough money to become an investor.

The truth is most people don't have an income problem, they have a spending problem.

Look at your current wage and ask yourself; how much am I likely to earn over my lifetime? For most of us, the answer will probably be over a couple of million dollars.

The problem is most of us spend as much as we earn. You've got to start living within your means, paying yourself first, saving a deposit for a property and investing in order to break your current pattern.

Myth # 3: My job and superannuation will take care of my financial future.

If you accept my definition of financial freedom as having enough passive income to finance the lifestyle you desire, without having to work; you will never achieve this through your job or superannuation.

Instead you will need to take control of your financial future by investing. You just can't save your way to wealth

Myth # 4: I'm not smart enough.

In our country everybody has the ability and opportunity to become rich. Successful people come from different backgrounds and while some have university degrees, others never finished high school.

To reassure you that an education doesn't equal a financial fortune, here are a few multi millionaires who never graduated from college: Bill Gates (Microsoft), Michael Dell (Dell Computers) and Steve Jobs (Apple).

The truth is you can do whatever you want; not being smart enough is just another excuse.

Myth # 5: Investing is complicated.

Developing your own financial freedom is only as complicated as you make it.

Sure gaining the knowledge to become financially independent is challenging, but many new things seem more difficult than they are until you develop an understanding of them.

Investing is no different.

It's easier than ever before to learn the fundamentals of wealth creation, with limitless tools available in today's high tech, info-laden world.

The key is to learn from the right people – those who've already achieved what you want to achieve.

Myth # 6: Investing is risky.

The dictionary definition of "invest" is: "To commit (money or capital) in order to gain a financial return."

The word "risk" doesn't even get a look in.

However, many people speculate when they think they are investing – they buy a property in a secondary location or off the plan "hoping" it will increase in value. Speculation is risky.

On the other hand, finding a property with an element of scarcity so it will always be in strong demand, in an area that has always