Why that’s dangerous and what to do about it.
Do you know how much money is in your savings account today? Are you aware of the current interest rate on your mortgage? If not, you are probably financially disempowered and could be in danger of losing it all.
Let me tell you about financial disempowerment. I am the daughter of a billionaire; I was raised in a household of great wealth and luxury. Yet for all of my childhood and much of my adulthood, I was actively discouraged from learning about budgeting or personal finances.
I was always reliant on others to give me the funds I needed and wanted and I wasn’t taught how to understand or use the power of money. Instead, I was raised with the expectation that I would marry someone wealthy and that someone else would continue to take care of my financial needs. Money was not a source of happiness for me – I felt disempowered, devalued and in a regular state of panic.
By the age of 40, I was a newly-divorced mother of two with $2 million in debt and no understanding at all of how financial institutions work.
Money can create greater possibilities for you, but you have to be educated about it; you must be empowered. I learned that the hard way.
My father created immense wealth. He took the money he was given and he invested smartly. Throughout my life, I watched him generate ever-greater wealth and business success to become one of the wealthiest individuals in the USA. My father was a prodigy at making money. He was also a big spender.
I grew up watching my father continuously spend money on himself. He collected rare artifacts and pre-Columbian gold, and he had two huge closets that were outfitted like a fine men’s clothing store. He never refrained from buying something he wanted; he never said “no” to himself.