There’s a simple wealth management mistake that the majority of people fall prey to.
I’ve worked with thousands of people from all around the world and one of the greatest financial challenges I encounter is lazy assets.
At first glance, having lazy assets might not appear to be a financial problem because “having assets and investments is a good thing, right?”
That’s what most people have been taught to believe. If you save your money for a rain day and live a moderate lifestyle, everything will be ok when you retire. I don’t believe in retirement. I believe in making educated financial decisions that allow you to live your life and generate lasting wealth.
Years ago it was relatively safe to invest money in mutual funds and to rely on pensions, but that is no longer the case. The markets are fickle and your entire life savings can be whipped out by unruly behavior from corporations and CEO’s.
Furthermore, financial advisors have been treated as experts and most people blindly hand over their life savings to these advisors and trust them to call the proper shots. I call this the park-and-pray method because you’re simply parking your money in someone’s lot and praying for a positive return. In my opinion, giving your money to an “expert” to manage without playing an active role in what is actually being done with your money is a huge mistake. I can think of nothing riskier.
To generate true wealth, you have to play an active role in your wealth management. Rather than focusing on the money you don’t have (and the debt you’ve accumulated), it’s time to start focusing on the money you do have.
When you learn to manage the assets and wealth that you currently have, your wealth will begin to multiply in ways you never imagined.
You can learn more about my wealth cycle at www.LiveOutLoud.com
To Your Success,
Loral Langemeier
