Little-Known Wealth Myths that can Rob YOU of Your Hard-Earned Retirement Dollars....
Myth #4: The Financial Super Star Myth
This myth is an unspoken myth that has sprung out of Wealth Myth #6 (stay tuned).
This myth implies that you should be a super star in your core career … AND … you should be a super star wealth advisor.
Does that make sense? That you should (or even could) be a super star in two careers?
What a heavy burden this lays on your shoulders.
How many athletes were super stars at two sports? How many are even good at two sports?
I can only think of one who succeeded.
In 1989 and 1990, Bo Jackson accomplished the seemingly impossible. He doubled as one of Major League Baseball's best outfielders and one of the National Football League's best running backs. In the 1989 MLB All-Star Game, he crushed a lead-off home run and won MVP honors. A year later, Jackson was selected to the NFL's Pro Bowl.
And one who didn’t fare so well…
Michael Jordan (called “The greatest basketball player of all time.” by the National Basketball Association and many, many others) tried to parley his superior athleticism and experience into a second career in baseball.
He failed.
To get in the game is one hurdle. To perform at the top of your game is another.
Only 1.6% of college players become professionals in the NFL. Of the 1,696 active players, only 106 players, a mere 6.2%, will be selected to the Pro Bowl each year.7
Even “Pro Bowl” CFO’s, accountants and attorneys are not trained in the specific skills necessary to succeed during the Wealth Living and Wealth Leaving Phases.
Even if you could become a “Pro Bowl” wealth advisor, do you really want to?
THINK about this…
Did you work your entire career or build your business, sacrificing to put in the extra time and effort needed to sharpen your skills and experience so that you could be the best and be paid what you’re worth…
… only to walk out the door into retirement so you could spend your retirement…
… sacrificing to put in the extra time and effort needed to sharpen your skills and experience so that you could be a Pro Bowl Wealth Advisor?
Wealth Myth #5: The DIY or Semi-DIY Myth
Some people show up at one of my Private Briefings or come in for our 22-Point Strategic Wealth Assessment who are acting as their own wealth counsel.
I usually start by asking them, “Is this what you promised yourself during your decades of working… that when you retired, you wanted a second career in designing, implementing and enhancing a comprehensive, integrated wealth plan for success during the Wealth Living and Wealth Leaving Phases of your life?”
Some respond with, “I like it and it doesn’t take that much time.”
“Oh really,” I’ll say. “That’s not my experience or the experience of my team, who are dedicated to delivering ‘Pro Bowl’ advice and experience.”
Then, I’ll ask them another question: “Would a 1 percenter hire you?”
“What do you mean?”
“Would someone with $5 million dollars see you as their best option to preserve, protect and pass on their hard-earned wealth… someone at the top of their game… someone willing to dedicate the time and effort necessary to develop and sharpen their skills? Would they hire you to give ‘Pro Bowl’ advice on tax elimination, lifestyle enhancement, cash flow enrichment, risk defense, investment choreographing, health care protection, and legacy creation?”
Pause. “Probably not.”
“Then why are you trusting in yourself for that advice? What’s it costing you?” I’ll ask.
Then, “Do you have the courage to find out? If so, let me run your plan through our 22-Point Strategic Wealth Assessment and detail your options to decrease taxes, increase your lifestyle, reduce your risk so you can retire with greater peace and freedom.”
If they have enough courage, they take me up on my offer.
