You Are Smarter Than This! image

You Are Smarter Than This!

All TV programs, magazines, products and spokespeople have a certain demographic or type of customer they attract. When it comes to you and your money SO many advisors and experts are all vying for your hard-earned money. The question to ask yourself is, “What do I want to achieve with my money?” and “Who or what information is aligned or resonates with what I want?”

The Rich Woman community attracts women who 1) want to improve (or are not satisfied) their financial lives and 2) are willing to go beyond the basic financial advice to achieve financial independence. When it comes down to it, the women of Rich Woman want freedom, the freedom to enjoy who they really are and do what they really want.

These women also know that a few tips or a new-fangled product will not bring them the independence they want. They understand that their financial lives are an ongoing journey and process. It’s about deciding what you want, getting the knowledge you need to succeed and then taking action on that knowledge.

Many of you have already started on your journey towards financial freedom through the Triple A Triangle™ of Aspire, Acquire and Apply that I talk about in It’s Rising Time! If you are one of these people, I commend you.

Think For Yourself!

Question everything you hear, read and watch from the various financial experts in the media today. That includes me. So often the advice being touted may sound sensible, but when you dig deeper, is their recommendation really going to get you to your goals?

For example, the advice of “live below your means.” It seems to make sense. Most people translate that to mean, spend less than you make. Now for a woman who is a chronic over-spender, that might be good advice, but for a woman who is seeking financial freedom, that advice could work against you and keep you poor.

I’ve said many times, instead of live below your means, why not expand your means? Instead of figuring out how to cut $100 from your expenses, why not task yourself to turn that $100 into $200. Instead of cutting you expenses, why not increase your income. Turning $100 into $200 takes thinking, creativity and above all, action.

That is why the Rich Woman message is not for every woman and why the advice of live below your means, cut up your credit cards and stop drinking mocha lattes is advice that does not resonate with those in the Rich Woman community.

Suze Orman recently announced her new prepaid debt card called “The Approved Card.” There’s been a bit of buzz about this product both positive and negative. From what I’ve learned about this card, there are certainly people who would not benefit from this card primarily because they have more effective and less expensive options available to them.

Again, they are not the target market for Ms. Orman’s products. However, many don’t bother to read the fine print, jump in to products and later discover they were not the right fit. As best I can determine, “The Approved Card” does have a market who would gain from this card. They are individuals who do not have a checking account, specifically those who have such bad credit that they do not qualify to open a checking account.

The second group is made up of people who are very poor and cannot deposit the $1,000 per month to draw upon that less expensive cards require. It’s a narrow market, but nonetheless, there is a market. My guess is you are not part of this market. You just have to know which products, advice and information fit your market - your wants and aspirations.

Think for yourself, question all advice and be cognizant of allowing new information into your mind that truly supports and is aligned to you achieving your financial goals.

Beware Who You Take Advice From

When someone you admire recommends a simple “easy button” product to improve your credit via a special debit card, a friend promises you that her financial planner can take care of your retirement needs, or your favorite celebrity touts a must-have product or service, it can be very enticing to hand your money over and lose control of your finances. First, above all, think for yourself. Question everything.

One important question to ask is, “What’s in it for the person doing the recommending?” Others are: “Does he or she have an agenda?” Do they get a commission, a percentage of the sale or other forms of payment for this “advice?” Do they really have your best interest at heart, or are they just trying to make more money for themselves and their sponsors?

I have no problem with someone making money from products or services. I do have a problem if their driving intent is to make a buck versus giving you sound information based upon your particular wants.

Not to pick on celebrity debit cards, although I don’t think it’s a good fit for most of the women in the Rich Woman community, a recent article in Forbes by Tim Chen, stated that “celebrity prepaid debit cards are both hilarious and horrifying…Horrifying because they prey on the poor and financially illiterate.” You see, the problem isn’t the debit card or the credit card. The problem is educating people so that they don’t keep repeating the habits that keep them poor.

Question the source of the advice and question the motive behind it. Do a little homework, get a bit smarter and then take the action that suits you best.

Financial freedom is not something anyone can give you.

Robert and I write books, develop games, and license training, but that’s not how we became wealthy or famous. After living in our car with nothing for a short period, we increased our financial education and invested in cash flow assets to turn our lives around. It was after we had money and could retire young that Robert wrote his best-selling book, Rich Dad Poor Dad, and became well-known.

At this point, we founded The Rich Dad Company and developed content to help people increase their own financial education. Today, we are financially-free because of our investments in real estate, commodities, and businesses… not through product endorsements.

We don’t give specific investment tips or make promises that can’t be kept. Instead, we provide resources and information so that you can make your own decisions. We offer content, tools and choices so that you can take the learning path best suited to you.

When I was eating cheap tacos years ago just to survive, there was definitely no “easy button”, and there’s not one now. Keep this in mind when you see your favorite celebrities touting their latest product, financial “experts” pushing specific investments, or even a family member trying to take your money for their latest business endeavor.

No matter who they are or how “credible” they may be, no one can give you financial freedom. It’s up to you to do the work and Aspire, Acquire and Apply to enjoy a lifetime of financial freedom.

For additional information on increasing your financial education and obtaining your financial freedom goals, check out our free community here.

Original publish date: February 02, 2012