How to master the secret psychology of making money and building wealth so you can make enough money and create enough value to spend your life living how you want to live, and with the kind of people you want to live it with.
In this video coaching newsletter, I discuss an email from a viewer from Europe who is twenty-one. He says my work has helped give him the confidence to be himself and follow his passions. He shares some success stories about how he made good money flipping a house as an investment. However, he then got a little too cocky and full of himself to the point that he lost it all and ended up homeless for a short while. He made the mistake of taking his real estate profits and investing them into the stock market thinking he could quickly make a lot more investing. He became fearful and impatient with the market and made bad decisions based upon a scarcity mindset. He talks about what he’s learned and asks my opinion on what he can do to get out of debt so he can start living the good life. My comments are in (bold parenthesis like this below) in the body of his email:
I want to truly thank you for the great work you share with the world. You’re a true inspiration, and you have given me the confidence to be myself and follow my passions.
I’m from Sweden, 21, and currently studying engineering. After high school, I worked two years to save for an apartment where I wanted to study. During this time, I flipped an apartment in my hometown with 30% profit, discovered I had a passion for trading and I also started a company, which I then eventually gave up because of lack of passion and time. (It’s good that you’re doing that, because you’re trying different things and following what you’re passionate about, so you can work at jobs that seem compelling. Look at my article and video, “How To Get Any Job You Want.”) I only needed a bit more money, but at this point, I experienced overconfidence and was a little too full of myself. I figured I would trade the profits, camp in the new city while looking for an apartment, and I temporarily got into a rental. I started losing money in the markets because of impatience. I got into a flat spin and lost it all in the markets, got heavily into debt, was homeless for a week, and had to go back to working almost full time, so I didn’t go to lectures, but studied on my own. A couple of times, I traded my way back to break even. Unfortunately, I was greedy, impatient and figured I could just trade a little bit more before paying off debt, so I continued to trade. Well, I lost it again. (Always know your down side. Know your buy point, your sell point, and what you’re willing to lose max before you put your trade in.)
I’ve since done the appropriate market research that I had put off and managed to get through first year of university. Because I’ve had the pressure to meet my payments every month to save my credit rating, I’ve never had patience to trade correctly and hold on to my profits. (Invest for the long term. If you can’t maintain your emotional self control, you shouldn’t be trading stocks.) Now I’m a couple of days from destroying my credit rating. My end goal is to read a lot, get my degrees in engineering and economics, trade, slowly build wealth, date and have great relationships. (You have to do it in a balanced way. Put your money to work for you.) Eventually I want to give something back and bless other people. What I’ve been doing for most of my life is putting off dating, traveling and socializing, and instead worked excessively to get good finances and a place to live, so once attained, I can start dating and building the lifestyle I really want. (For someone like you, happiness is a moving target. You should always be practicing your social skills and dating.) Now I feel like what stays with you is your memories and knowledge. Now that I’m in debt after all those years, should I not bother paying the debt, live on student loans, start spending time at university, date, take care of my health, focus all my time on market research, trading and studying? (You should speak to an attorney regarding filing bankruptcy. You have to consider your credit score.) Since I already sold all my valuable stuff they can’t take it. Getting debt wiped out is, from what I’ve heard, not easy. Living on living wages is an option. Should I work while studying, (That’s good because you’re getting experience and making contacts so you can be building a professional network in your career), money that will all go to paying debt, try to trade, not spend time at university, not have a social life and perhaps fail my degree? Or should I just delay university and work instead? (Get the degree finished up, but take your time.)
I haven’t shared my situation with anyone because I feel like most people would think I fucked my life up for good, (Dude, you’re only 21. People file bankruptcy all the time. It only takes two or three years to reestablish credit anyway. Utilize the law in your favor), but I feel like money is not real and I’ve seen the power of compound interest. I think if I were allowed to have patience and apply proper money management, trading would be the best opportunity to pay debts in the shortest time. (You’re thinking like a gambler. You’re attached to a time frame. You shouldn’t do that if you’re trading stocks.) However, I have a lot of guilt associated with not working or paying debt. (Get a part-time job. It would help you meet people and improve your social skills. You want to be improving every area in your life over the next couple of years.) I feel like I have to. Should I do what I truly feel like doing and start living? Or have I lost my mind? (Start practicing the things you’re not good at, so you can get some results and experience, and get a part-time job so you have some money coming in.)
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From my heart to yours,
Author, Speaker, Peak Performance Coach, Entrepreneur
“Making money and creating wealth is mostly 80% using the psychology of wealth, that is, believing and acting in ways that are congruent with you being certain that you deserve to be compensated highly for your gifts, skills, time and talents. The other 20% of making money is using the proper mechanics of adding value via a career, job or your own business, and being compensated with money. Money exists for only two reasons or purposes: 1) to be a medium of exchange to facilitate commerce, trade, business, etc., and 2) to be a store of value where you literally translate your gifts, skills, assets, property, time and talents into paper receipts, i.e. money, that you can use now, or in the future, to buy and sell the things you need.” ~ Coach Corey Wayne
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