“Win the lottery!” Someone yelled out.
I was delivering a corporate lunch-and-learn workshop and had just asked: “How does someone on a regular salary manage to retire at 30 or 40, while many struggle to afford retirement at 60?”
The next slide was about lottery winners who declared bankruptcy. The room fell quiet.
See, I had just started a financial education platform to help people take control of their finances. I’d spent a huge amount of time interviewing and working with financial professionals to pull together our Mastering Money program.
Watch: 5 money lessons your parents told you, that you should probably forget... Post continues below.
Today, hundreds of people have transformed their financial lives through the program, and the majority (over 65 per cent) are women. Collectively, we’ve helped our students create over $1 million dollars in personal wealth.
In addition to working with experienced financial professionals to develop the program, I also interviewed several self-made millionaires to understand what they knew about wealth and what helped them achieve financial success.
Here are three powerful insights I learned in the process, which can help you fast-track your financial success too.
1. Don’t just rely on the income from your day job.
Here is how most people think about money: ‘get a job, earn an income, and keep chasing a pay increase’. In other words, the focus is almost entirely on the income you earn.
Now, don’t get me wrong... Getting a pay increase can make a big difference to your financial situation. But it’s still only half the equation.
If simply earning more was the answer to all money problems, how come there are countless examples of millionaires who declared bankruptcy, or high-income earners who live paycheck to paycheck?
There’s a difference between money (income) and wealth (assets). The key to sustainable, long-term financial success lies in converting income into assets.