The Only Time You Will Fail Financially

  1. You have the wrong information. This is the critical first step. Correctness of information would be measured with two things. The first being results. If the information isn’t producing results, then it probably isn’t correct. No matter how many people agree with it, if it doesn’t yield the desired result it cannot be true. Second would be speed. If information is correct, you should be able to act fast with it. I believe to the degree information is false, the longer it will take to apply.
  2. Incorrect application of the information. You can have the right information and apply it wrongly and get no results. I believe this to be a major problem for many Americans. You see, it’s hard enough to get the correct information and once you have it, the next task is to properly implement it. It really isn’t anyone’s fault for doing it incorrectly either. Think about being taught to do something one way all your life and then finding out the information you have (specifically regarding money) is wrong. You probably wouldn’t get it right the first time either. However, correctly applied correct information is the key.
  3. You doubt the information works. Because you haven’t personally experienced financial success, even though you have the right info and you know how to apply it correctly, you go through bouts of self doubt because you don’t truly believe it’s going to work. Btw, this can be a problem in and of itself and it can also be a reinforcement to mistake #1 or #2 above. If you had the wrong info and you didn’t know it, and so you didn’t see results you would begin to doubt it will work and probably quit. Realize, this may be an information thing, an application thing, or a timing thing. The best way to defend against this is to see if it’s working for other people. If it is, it’s only a matter of time before it works for you too.
  4. You teach something different than you believe. This one may seem odd, but I actually struggled with this for a little while. I used to be a Dave Ramsey fan and I began to learn about Grant Cardone instead. All of my friends and family were church goers and Dave Ramsey fans and I was afraid to share my true beliefs about money (poor choice to suppress your beliefs out of fear). I was learning from Grant, but fronting like I was still a Dave guy. This hindered my results. I was split and couldn’t make progress either way. You need to talk the talk and walk the walk.
  5. You don’t course correct to make sure you have the right info. People like to be on auto pilot. They look for comfortable beliefs and routines that they can maintain without putting attention and energy forth. Because of this, most people will not realize when you have the wrong information. The problem is, you don’t usually find out until something bad happens and until then you never realize how much progress you’re losing or not making. It’s important to regularly review the information you operate with financially to make sure it is still on point.
  6. You don’t course correct to make sure you are applying the info correctly. This is no different than point #5. You may have the right info and you were doing it right, but suddenly you tweak something or maybe over time your behavior changes and you’re no longer on track. You don’t realize this until something bad happens or a problem arises and all the sudden you’re behind the ball and trying to figure out why.
  7. The final one is you don’t have strict financial policies in place that prevent you from following the wrong info, applying it wrongly, and getting distracted. The wealthy don’t wait until a problem arises before they do something about it. When it comes to money, they have policies they abide by that allow them to tell when they’re on track and when they’re not. If a policy is violated it is an indicator that they are doing something wrong, distracted, and have misunderstood some information. That’s the bottom line. You need to have things in place that predict ahead of time so that you don’t have to behave reactively with your finances.

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Jerry Fetta is the CEO and Founder of Wealth DynamX. Jerry’s mission in life is to help create millions of financially educated and wealthy families.

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Jerry Fetta

Jerry Fetta

Jerry Fetta is the CEO and Founder of Wealth DynamX. Jerry’s mission in life is to help create millions of financially educated and wealthy families.

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