In recent years there has been an explosion of books, videos, seminars, board games, financial systems promising to help working-class individuals become financially free and live a life of luxury. Before you mindlessly submit yourself and hand over hard-earned cash, ask yourself these questions:
1. Did you have to pay more than $20 to gain this education?
2. Did you have to continue to pay for other books, seminars, DVDs, or purchase subscriptions to continue getting educated?
3. Have you made money from this education? (Cash flow positive)
4. Finally, how did your Wealth Coach become wealthy in the first place? Was it from another business or from coaching which then allowed him/her to purchase real estate investments and other income producing assets?
As hypocritical and douchey as it sounds, I have also entered the market of wealth education and recently published a book (“The Millionaire Employee: Simple Steps to Freedom“), which sells for $5.99 USD on Amazon, iBooks, Barnes&Noble, etc. My main motivation for writing and sharing this book was to spread the word. Unfortunately, Amazon only allows reviews for customers who pays $5.99 or more.
Yes, I have been through it. And yes, I have built a life of financial freedom from working hard at a job and investing wisely. Here’s why I wrote the book…
Back in the 90’s my brother and I wanted so badly to become wealthy. Our family was living in poverty. The government housing we were given as immigrants was roach infested and our meals came from whatever my parents could scrape together from working 2 jobs each. We were teenagers at the time and all our basketball teammates had Nike’s and Reebok’s while we sported K-Mart generic brands. Our clothes were from the Salvation Army and our hair was cut in the basement of the home. We enjoyed sitcoms and talk shows and when it got late those really convincing infomercials came on. Anthony Robbins was motivating and passionate. He spoke from the heart and we really felt his sincerity come through. So with all the money we could round up from summer jobs we purchased the 12-cassette box set. Taking turns listening, absorbing, learning and worshipping every single word for months – nothing changed; our lives remained the same. My brother even bought several other wealth education box sets from other infomercials – nothing came out of those either.
Many years later, I managed to secure an office job and then promoted to an Executive position. After being restructured several times and being disenchanted by corporate life, I found myself in need of salvation once again. Turning back to the wealth education/self-help books I began to investigate to find out if there was a better way to produce income. Read dozens of books, attended dozens of seminars, purchased DVDs, watched videos, you name it – I was a believer. One particular seminar was so convincing I had dropped $5,000 on DVDs and signed my wife up for a 12-month full-time training course thereafter and invested another $10,000 on their subscription platform. Nothing came out of those 12-months and $15,000 but frustration and crushed hope.
I am not here to debate which education system works or doesn’t. But look behind the curtains and see how the story developed and ask:
“If the coach/educator’s main income stream comes from selling books, games, subscriptions, seminars – then what is their real motivation?”
We turn to these gurus because we are vulnerable, suffered setbacks, or have strong desire to succeed. We are motivated and will trust anyone with a great story, commercially successful book titles and Oprah’s book club endorsements. I am not suggesting that these coaches are evil as they are providing a service that is in demand – the blame is on us. There is a wealth of knowledge that is either free or cheap. Do your homework, get free books from the library, learn the basic concepts and expand your knowledge with practice. No amount of coaching, no amount of seminars, no amount of subscriptions will ever replace real-life practice. Go talk to real people that have done what you desire to do. Most successful people will share their knowledge for free if you ask nicely and be sensitive to their time.
My advice is to carry out your plan without investing your life savings.
Neo B. Concio, Author: “The Millionaire Employee: Simple Steps to Freedom”
Image: Designed by Dooder – Freepik