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.
Most blue- and white-collar workers spend decades looking forward to retirement, ostensibly so they can stop working and start living. But financial coach and Right Riches for You facilitator, Curry Glassell, has a vital secret she wants to share. “Wealthy people don’t retire”, she confides.
And why would they?
If the statistics are to be believed, it seems that retiring may be bad for your health. In fact, one British study found that, after an initial period of greater health and well-being, retirement can increase your risk of illness (physical or mental) by as much as 60%.
“To truly understand the effects of retirement on our psyche, it pays to research what the word really means. Most people look forward to retirement as a time of freedom and enjoyment. But the word retire, from French retirer, actually means to withdraw”, Glassell explains.
.Being financially disempowered is sadly becoming more common in the modern age, as our debts far outweigh our incoming. But how do we reverse course?
Q: How does a billionaire child end up $2 million dollars in debt at the age of 40?
A: By being completely financially disempowered.
Curry Glassell was raised in a billionaire home but was actively discouraged as a child from learning about budgeting or personal finances. At age 40, she ended up a newly-divorced mother of two, with $2 million in debt and no understanding at all of how financial institutions work.
“I was surrounded by wealth but I was always reliant on others to give me the funds I needed and wanted. I wasn’t taught how to understand or use the power of money,” she explains.
For many people trying to create greater wealth, a lottery win would be a dream come true. There is a common point of view that if you are given a large sum of money, you will continue to generate wealth forevermore. However, the sad truth is that 70% of lottery winners lose all their money within five years. Instead of using wealth to create more wealth, most people end up squandering their money and creating poverty.
I often say that it doesn’t matter whether you have been raised in prosperity or poverty – with a healthy approach to money, anybody can create wealth. As the lottery statistics show, an abundance of money is not the answer to wealth creation. Instead, I believe, prosperity comes when you have an abundance of...
Ask people what’s stopping them from having financial freedom and many will probably offer a completely logical response. They may tell you about their lack of income, incompetent financial advisors or slow property markets, the rising cost of living, stiff business competition, or stifling government policies.
The only trouble with this is that creating wealth has nothing to do with logic. Think about it; if logic was the answer to our financial well-being, wouldn’t we have created solutions to all our money problems by now?
No, the realm of wealth creation is not logical. In fact, creating the right riches for you can often feel as fantastical as a trip into the Land of Oz...
The advice most experts give is that if you work hard for long hours then you will make a certain amount of money. What if this is not the only way to do it? What if there was a more fun and easier way to make even more money?
Asking questions opens you up to more ideas and different possibilities. When you ask a question and answer it, you have one idea and one possibility. When you leave the question open-ended and are really curious about a solution, you open up your mind allow yourself to become aware of unlimited ideas.
Here are 5 questions you can ask to open up your creativity and ideas to money flows.
I often say it doesn’t matter who your parents were or how you were raised; wealth is always possible to create. That is because the ability to prosper has nothing to do with how much money you have but, rather, what your relationship is with the money you have.
Sadly, the vast majority of us have an unhealthy relationship with money. That’s why 70% of lottery winners lose all their money within five years. That’s why I, the daughter of a billionaire, spent most of my early adulthood living in a panic over how I would survive. And it is why millions of people born into poverty can work incredibly hard and never seem to accumulate more wealth.
We are taught to believe that wealth comes from having access to lots of money. But experience has shown me that this is not true. I was raised in a billionaire household and yet lived most of my early adulthood in deep anxiety about my personal finances. At the age of forty, I was a single mother with $2 million of debt and no idea of how financial systems work.
Living a life of prosperity – creating the right riches for you – has nothing to do with how much money you have around you. It is about having a healthy mindset and a willingness to create.
Of course, wealth creation is easiest if you have the right tools, so here are some that I believe are key to financial freedom. Most exciting, every single one of them is within your reach, right now!..
One of the most important things we can understand about our relationship with money is that most of our attitudes, habits, and beliefs around wealth are ingrained in us before we even understand the true concept of money. It is widely accepted that the way we see the world, and our place within it, is largely developed by the age of six or seven. Unless we confront and change these patterns later in life, we will continue to adopt the same behaviors and therefore create a financial reality for ourselves that is based on what we already believe we deserve.