8 Old Wives' Tales That Are Stopping You From Getting Rich

Words have power, and focusing on the wrong ones can keep you from reaching real wealth.

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If words create thoughts, and thinking directs sets choice and action, then most people have been brainwashed into financial mediocrity. At least, that's what Steve Siebold, author of the book "How Rich People Think," argues. He's spent the last 30 years conducting 1,200 interviews with millionaires and billionaires to understand what they know and do that most people don't.

Siebold told DailyFinance that "the masses are programmed from an early age" to think in ways that prevent them from doing better. One of the more pervasive forms, according to him, are folksy sayings that people take to heart when they should also be taking it to head for a rational analysis. Here are eight dangerous platitudes that could be keeping you exactly where you have been.


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barryaclarke

Many of these points I agree with. When we were first married, we had $100 to our name but both of us had jobs. We bought all new high end furniture and a new car which was paid off within one year. Then came our first new home and three homes after that. Working two and three jobs, we were totally debt free in fifteen years. Without a mortgage or credit card debt, we started investing and 20 years later I can smile at our seven digit net worth. If you want something, you must go out and work to earn it because nothing in life is free. If you want to exist off of government handouts, don’t expect me to help you or feel sorry for you because I started with nothing and worked for what I wanted in life……………

June 09 2014 at 12:06 AM Report abuse rate up rate down Reply
1 reply to barryaclarke's comment
Karen

I replied to you separately. you make some good points and really did some good things, I agree.
However you're also ignorant in other ways.

June 14 2014 at 4:26 AM Report abuse rate up rate down Reply
petpetdon

Siebold is a total MORON. Give me a million dollars right now and watch me make more money. Yes. IT DOES take money to make money.

June 08 2014 at 11:34 PM Report abuse -1 rate up rate down Reply
crazy ray

It is easy to make money. All you gotta do is supply a better product than the next guy. And better product can be you, your ideas, your industry, your investments...the you items are limitless. I worked for 33 years and never once asked for a raise, though I always got money for the peopel who worked for me, and I was a better boss to them than anyone else. A good product and treating my peopel right was what I was looking for, believe it or not, not money. As a rresult I only have a few million bucks. But what the hey, it was a crazy ride. and i'm comfortable.

June 08 2014 at 10:32 PM Report abuse +1 rate up rate down Reply
YourFtr

I've got a 50 million net profit idea ( US alone )
that I will sell for 2.75 million + $1.00 for every unit sold. ( I'm cash poor )
There is probably 50 million net profit in each of the EU, Japan, China, Indonesia, India; etc. ......
The buyer will probably have to buy and/or license two companies products and there will probably be some development time....so this will have to be somebody with some douhla....!!

June 08 2014 at 4:16 PM Report abuse rate up rate down Reply
alfredschrader

Someone said the opposite of poverty is justice. No, the opposite of poverty is wisdom.
You can get wisdom from God for free. If you read the Proverbs section of the Bible and do what it says, you will not be poor I guarantee it.

June 08 2014 at 5:34 AM Report abuse +1 rate up rate down Reply
Mike

#4 is a good one....most the people that complain about the 1% would trade places with them in a second. It is ok to make money as long as you are ripping someone else off doing it.

June 07 2014 at 11:10 PM Report abuse -1 rate up rate down Reply
1 reply to Mike's comment
Karen

Mike,where is #4..matter of fact, all I can find is the #1 point. (?)

June 14 2014 at 4:28 AM Report abuse rate up rate down Reply
TitanGirl

I love this article!!!! I wish 7 billion stupid people could read this.

June 07 2014 at 4:43 PM Report abuse -1 rate up rate down Reply
1 reply to TitanGirl's comment
Karen

Oh, I see. So none applies to you? You're emotionally happy healthy physically, have friends love in your life, and plenty of money?

June 14 2014 at 4:30 AM Report abuse rate up rate down Reply
dbear4u2

Money can't buy you happiness or love but it you can rent it for $500 an hour with the right person at the no tell motel.

June 07 2014 at 5:04 AM Report abuse rate up rate down Reply
JIM ISHOO

Most important thing to have and we all know that is health. I think second will be luck.

June 06 2014 at 7:07 PM Report abuse +1 rate up rate down Reply
1 reply to JIM ISHOO's comment
Karen

indeed Jim!

June 14 2014 at 4:31 AM Report abuse rate up rate down Reply
Steve

1) It does take money to make money. If it didn't why are there entrepreneurial investors.
2) Money doesn't grow on trees, even idea trees. If it did everyone's ideas would make them rich. According to the AllBusiness website 97% of patents are money flops. Let's not even consider the ideas that never make it that far.
3) Another day another dollar not right? No one, except a trust fund baby, ever made a fortune without hard work and long hours, linearly or not.
4) Money is the root of all evil. It also can do a lot of good. But if all you're interested in is acquiring money at the expense of everything else you will probably be doing it at the expense of everyone else too.
5) Ben Franklin's advice is as sound today as it was in the 18th century. The idea that people living marginally should put savings at risk echoes number 4.
6) Money can by some things to ameliorate your life. A better attitude to take is wanting what you have in lieu of having what you want. Peace of mind is priceless.
7) Most thought aren't even worth a penny. If they were we'd all be billionaires.
8) Are you suggesting that selfishness is a virtue. No where is a dictionary definition of selflessness did the idea of enforced poverty ever creep in. Selflessness means that other people's needs are valid and sometimes takes precedence. Again see point number 4.

June 06 2014 at 4:42 PM Report abuse +3 rate up rate down Reply