International best-selling author and wealth coach William R. Patterson provides insights on the "Seven Major Reasons that People Struggle Financially" in part six of an in-depth interview for The Urban Wall Street Project with Earl Christian III.
There are seven major reasons that people struggle financially:
Not Having Mentor or Coach Who Holds You Accountable
To reach any significant level of success, every individual and business owner should have a
wealth coach or
to help them limit risk and rapidly improve their financial situation or build their million-dollar
business with integrated turnkey solutions.
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Financial independence is not a rational decision. If it were a rational decision, more people would take decisive action to do the things that would make them financially free. Financial freedom is about overcoming your emotions — especially fear. Most people do not truly believe they have the power to change the condition of their lives starting from where they are. Despite what one may think, you are never too broke, your credit is never too poor, and it is never too late to begin improving your finances or to build a million-dollar business.
A coach can help you think bigger and change your beliefs about what is possible by teaching you the things you don't know that you don't know.
Related Resource:The Baron Son is one of the most effective ways
to develop the self-confidence and proper mindset needed to begin building significant wealth.
Those with limited networks are always the last know and the last to be helped. At least 80% of your success will be the result of soft skills—your ability to network, form mentoring relationships, strategic partnerships,
and political alliances. Without question, your network is a direct reflection of your net worth; build one and the other will grow. Remember, any situation of lack can be solved through a partnership.
Related Resource: BARON friend and master networker George C. Fraser's new book "CLICK" will help you learn the secrets to building extraordinary relationships. Over the last 25 years, George has helped over 5,000 people to find just the right job and over $500 million in new business.
Using the Wrong Vehicle for Building Wealth
Most people struggle financially because they attempt to build wealth with a linear approach—using one investment strategy, one portfolio,
and one stream of income (a job). And for most people, a job is a $50,000 solution to a million-dollar problem. If you have a million-dollar problem, you of course have to use a million-dollar solution. To build significant wealth in a way that brings you greater freedom with each dollar made, you have to learn to manage multiple investment strategies, multiples portfolios, and multiple streams of income.
You also have to leverage the three major wealth building vehicles, the stock market, real estate, and entrepreneurship.
The average person spends tens-of-thousands of dollars and twelve-to-twenty years in school learning how to be an employee or at best self-employed. They struggle because they have never invested one-tenth of the time or money that they have spent in school also learning sound strategies for investing, financial management, and entrepreneurship. It is this lack of knowledge that creates a paralyzing fear and lack of confidence in one's own ability.
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Using the Wrong Tools
Imagine your life if you didn't know airplanes, cars, computers, telephones or email existed. How much time and money would you waste using inefficient tools and methods? How many opportunities would you miss? This is the reality for tens-of-millions of Americans using outdated models, tools, and strategies for financial success.
Related Resource:THE BARON SOLUTION™ Teleseminars help you develop the knowledge, skills, experience, and learn to use the tools that can dramatically accelerate your path to financial and business mastery.
Not Doing the Most Important Thing Every Day that Will Change the Condition of Your Life or Business
Most people are not doing the most important thing every day that will change the condition of their life.
They do the small things to feel as though they have accomplished something, but not the highest impact activity.
If you want to build a million-dollar business, that means going after million-dollar clients, not $5 and $50 clients.
If you are going after $5 and $50 clients, you have to do it at a scale that can get you to a million dollars. The CEOs of Fortune 500 companies have shareholders and a board of directors to hold them accountable for achieving higher profits in the most efficient manner. If chief executives fail to perform, they will be promptly removed from leadership.
The average individual or small business owner has no external driver to push him or her to generate more income or to use the most efficient processes, methods and tools. It is this lack accountability that causes most individuals and entrepreneurs to procrastinate, make poor financial decisions, and to take on unnecessary risk.
Related Resource: One of the great secrets to financial success that nearly all individuals fail to capitalize on is the idea of accountability. Learn to accelerate your path to success by using THE BARON SOLUTION Wealth and Business Coaching Programs to help you plan, make wiser decisions, and to hold you accountable for taking the most important actions everyday that will have the greatest impact on your financial condition or business.
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