Yahoo Finance The 9-question ‘Are you a money dummy?’ test
How do you shake someone out of their fear, complacency, or ignorance when it comes to money?
If you have debt, you can either beat your debt problems – or use debt to get richer. The thought came to me that everyone from the earliest age possible would love to have a debt or money mentor, who taught us how to use money to build wealth, to enrich our own lives and the lives of the people we love and want to help.
It then was obvious to say that if you haven’t got someone like that in your life, my book Join the Rich Club and others like it could easily fill that void.
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The business best-selling author, Jim Collins, who wrote Good to Great, admitted when he was young that he’d read the books of the legends of business and would mentally put them on his virtual board of advisers. He’d ask the question: what would Peter Drucker advise me to do? And because he had read Drucker’s books, he knew what he’d say.
In trying to get those who need money help to be objective about their money situation, I’ve created the Money Dummy Test and wonder if you’d be brave enough to sit it.
The ‘Money Dummy’ test
Try answering the following:
Do you really, deep down want to be richer?
Do you have a plan to get richer?
Do you know how to find money to use to invest to get richer?
Do you have the cheapest loan and credit card?
Do you have the best savings account?
Do you know what the cheapest and best performing super funds are?
Do you know how to easily invest in the stock market to make 10 per cent per annum over a 10-year period?
Do you know how to invest in property where the taxman helps you make it cheaper?
And finally, do you need help?
If you answered “No” to all or most of these questions (except the first), then you should read Join the Rich Club.
If you answered “No” to most of these questions and don’t buy Join the Rich Club, then it’s possible you’re a money dummy!
What makes someone rich?
The history of successful people is that they have made a commitment to being a success. On ABC Radio 702, the afternoon host James Valentine asked me: what do people need to do to improve their money management and wealth-building?
I told him my favourite inspirational quote from the great tennis player, Chrissy Evert, who had the best winning rate of any pro-tennis player at one time of nearly 90 per cent.
She once said: “There were times when I wanted to win so badly I could actually will it to happen. I think most of my career was based on desire.”
James wondered whether quotes from famous people really work on normal people, so I quoted him another which said: “Peter and I talked money for years on ABC radio. If only I’d listened to what he was saying, I’d be rich!”
This was a quote from James himself.
The irony is that James is a great listener and that’s why he’s great at radio, but listening and taking actions are two entirely different things.
You must make a commitment to change your current money ways that in all likelihood won’t make you richer.
Remember, if nothing changes, nothing changes.
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