Today, at TRB Lounge, we are hosting author Donnie Masters, author of Start Winning With Money: Your Guide to Personal Finance, Small Business Growth, and Building Wealth.
Presenting Donnie Masters…
The 4 Biggest Financial Lies Being Taught To Americans Right Now
I love living in America. I really do. There are so many opportunities available to people that live in this great country. But when it comes to the public education system, and specifically the way we are teaching the current generation of students about finances, we are really screwing it up.
I am sorry for being so brutally honest, but I was a child of the public education system. The things that some of my teachers taught me about life and money were simply wrong. Sadly, we are still teaching some of the same things to today’s children.
Before I go on any further, let me say that I do not have any resentment towards my teachers. I don’t believe for a single moment that any of my teachers were intentionally trying to steer me down the wrong road, I just don’t think they knew any better.
It has taken me a lot of years, and some big financial mistakes, to finally overcome some of the beliefs that I was taught regarding money and finance. My financial education, or rather lack thereof, truly placed a mental road block that I had to free myself from before I could find success.
I specifically cover all four of these financial lies in my book, Start Winning With Money. While each of these financial myths appears to be sound financial advice on the surface, I specifically break each one down with factual evidence as to why they are not necessarily your best financial move.So without further delay, here are the 4 biggest financial lies that I was taught and are still being taught to our children today.
Lie #1 – You Must Get A College Education
The fact that we continue to expect each and every student to go to college is just plain hypocrisy. Statistically, we now know that the ever increasing amount of debt that is taken on to afford college does not offer you any better opportunity in life. Yes, a college education is required for some specific jobs. However, unless there is a huge difference in salary, the amount of debt that you must pay back over time does not warrant taking the risk for a lot of degree programs.
Lie #2 – You Must Buy A House
Your personal residence is not an appreciating asset, nor is it a good debt. Yes, there is an argument to be made about the tax savings of owning a residence versus renting, but the reality is that your personal residence does not appreciate in value any faster than overall inflation.
Lie #3 – You Must Save A Lot Of Money For Retirement
By now it is fairly common knowledge that you cannot out save inflation. But did you know that you probably cannot save enough for your retirement either? A good 401(k) plan, and aggressively saving your money will put you in a better position than most,but the only way to thrive in your retirement is to begin building streams of passive income during your working years.
Lie #4 – You Must Avoid ALL Debt
Avoiding bad debt during your lifetime will afford you opportunities that others can only dream of. However, avoiding all debt completely, could actually cost you money in the long term. For example, if I offered to to pay you $900 for $600 on the first of every month would you take it? Of course you would, and why wouldn’t you?
Not knowing the difference between good debts and bad debts is really the bigger issue at hand. Any savvy real estate investor would take the $900 for $600 deal all day long. In fact, most highly profitable businesses run on far smaller profit margins than the 50% profit margin that we just used in our example. Knowing how to make money and when to use debt properly will change your financial future for the better.
About the author:
Donnie Masters is the current owner and president of Masters Investment Group. He is an accountant for a small private business, as well as an American book author. Donnie was born and raised in Martinsburg, West Virginia.
In 2015, after having spent more than 15 years as a restaurant manager and retail store manager, Donnie began working on his first book. was published in June 2016.
Mattress Buying 101 is a how-to book on properly buying a mattress. The book was written as a guide to help the average consumer purchase the best mattress for their budget. Donnie’s inspiration for writing the book was based on his career at Sleepy’s, where he rose from salesperson to district manager in just 3 years time.
After his first book’s success in the small niche genre of mattresses, Donnie decided to write again on a couple more subjects he knew about, business and money. Start Winning With Money was started in September of 2016.
In early 2017, Donnie founded the Masters Investment Group and began focusing his energy on financial education. He continues to actively work as an accountant and write full time.
About the book:
If you are looking to make millions of dollars while sitting in your pajamas, then this book is not for you!
Start Winning With Money is financial book that offers high impact, real world solutions for life’s many money questions.
Want to better your personal finances?
Want to open your own successful business?
Would you like some real clarity on the cost of higher education?
Want to address the issue of debt in your life?
All of that and more is available to you.
Start Winning With Money will teach you:
Why your current income has nothing to do with obtaining wealth
Challenge the popular belief that all debt is bad
Address the issues with public education and why you were taught to fail with money
Define a proper budget
Why good debt can help you grow wealthy
Explain the importance of money in achieving financial freedom
Redefine true wealth
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