Easy come, easy go! It is true with many things, but definitely true when it comes to money. Many of us would prefer to get “rich” or financially independent in an instant. It is why many of us play the lottery and look for opportunities that will get us to a financial goal as quickly as possible. We fall for the “pay $399 for the secret to unlocking wealth” seminars repeatedly.
The truth is the process of building up your money over time is very necessary. You learn a lot by spending time managing and budgeting smaller amounts before you arrive at financial independence and are handling larger amounts of money. The time spent organizing your finances teaches patience, financial discipline and delayed gratification; all things that are critical to winning with money.
Avoid the desire to get rich quick, it is a myth that will have you jumping at wild opportunities. And if you come into a windfall of cash – seek financial guidance immediately.
If you need a financial coach to help you organize your finances, email me at I also do speaking engagements on personal finance.
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
Are you getting fast money beware easy Come Easy go [Music] What’s up everybody thank you for Stopping by the achieve financial Coaching channel where we believe in Breaking the chains of debt And talking about all things related to Personal finance i am kenny simon your Personal finance coach And today i want to talk a little bit About getting fast money Something that we all think about or Want to do But i was watching the olympic trials And i was thinking about the years and Years of practice and workouts and Eating right and sacrifices That these athletes whether they’re uh Track and field whether they’re swimming Gymnasts or whatever the the sport or The competition may be I was thinking about the years they put Into that discipline Right the mindset they had to have in Order to achieve One of the biggest moments in at least Amateur sports right like Being being an olympian is something Very few people will ever say they Had an opportunity to do well in the Same vein Being a financially independent person
Or someone who has arrived In terms of you now have enough money to Control your bills and make choices About your life is also Um a feat accomplished by very few And so as i was thinking about you know The sacrifice the olympians made I was thinking about how most of us want To get rich quick we don’t want to go Through the process we don’t want to Change the mindset we don’t want to put In that work and make the sacrifices To get there but we want to get there so Imagine if the olympian tried to cut Corners So you take some you know Performance-enhancing drugs or something Like That what happens any work that you put In now is eliminated It’s the same thing getting fast money Is not a good deal Most of the time there are exceptions But most of the time it’s not a good Deal So let’s check out a few reasons why i Think there should be a little bit of a Caution When you are thinking about getting fast Money i just want to talk about five or Six examples today So please subscribe to the channel like The video drop a comment Because it helps with the algorithm and
Gets people to see these videos And share this video with a friend let’s Get started So let’s get this started by talking About uh using an example that Most people think of when they think About people who get rich quick And then um go broke so athletes All right how many athletes go broke Quite a few Actually sports illustrated estimated a Few years ago They did an article and they estimated That 78 percent Of nfl players are either bankrupt or Under financial stress Within two years of retirement and 60 Of nba players are broke within five Years of leaving the sport Why they got the money quick didn’t have The skills to manage it Also probably had some immature views on How to handle money As a result easy come easy go Second lottery winners so how many lot Like lottery winners actually seem lucky Right we’re like wow i Can’t believe they want all that money But you’ve also heard of the curse of The lottery right If you have it google it but according To cnbc Lottery winners are more likely to go Bankrupt within three to five years than
The average american So that doesn’t sound very lucky to me So you’re telling me Someone that wins the lottery has a Higher likelihood Of going bankrupt than the average Person yeah that’s what i said getting All of that money In an influx like that is not good for Most people So some of the reasons is they think They’ve earned enough to stop working Um you know they give a lot of money Away to friends they don’t budget or Prepare For those tax obligations that they’ll Have Right if you’ve never made that much Money you have no idea what you’re Stepping into in terms of Um taxes but all of these are things you Would learn From making money mistakes over a long Period of time And then changing that behavior right If you had just sort of earned this Money over time in a slow way And not just gotten it all in an influx And you weren’t ready for it Third gamblers and casinos I am from biloxi mississippi originally Where we have lots of casinos down there Beautiful down there on the coast Uh but business insider did a study a
While back they did like it was like Four Four to five thousand gamblers and so The results talked about how Of these four to five thousand gamblers 85 to 89 Of those gamblers said they lost more Money than they won And when they talked about the high Roller sort of lose what uh Rate that was closer to 95 All of this in an effort to get fast Though right because it definitely Doesn’t seem like they’re enjoying Themselves and having fun when they’re Losing Listen if the casino lost more than it Won There would be no casino so the house Wins Or they don’t exist so your odds of Winning or getting rich quick Uh there are low and the chances of you Doing something crazy with the money are Pretty high if you do win A lot of money i could also on this Particular chart i could talk about Risky investments too it’s kind of the Same thing You’re investing in things you don’t Understand because you want to get rich Quick We know that like bitcoin at one point Had shot up to 50 or 60
000 can’t remember the price and now It’s sitting somewhere around 29 30 000 so if you bought when it was Pretty high You’re not very happy right now but you Probably didn’t understand Bitcoin anyway so i put that under Sort of gamblers and casinos and then This fourth topic A little bit touchy but children and i’m Talking about Little ones school age children college Age children and adult children I’m talking about all of them so freely Giving your kids You know that blow money um you know and They don’t Earn it it really isn’t helping your kid I think most of us know this Conceptually but we We really don’t exercise the discipline To not give in So i’m working on this with my two kids They both have jobs the The girl the younger one she actually Has two jobs And i make them use their money for all Those unimportant purchases they want to Make And the boy of mine we actually had him Sign a contract he’s paying us back for Some things that he did It’s kind of like his stupid tax right So we actually made him sign a contract
And he’s He’s making payments every time he gets Paid so But if you’re constantly giving them Things whether it’s money whether it’s Gifts Um they don’t really develop an Appreciation for money um Nor the hard work that it takes to earn It They’re not building those muscles and They definitely don’t develop any Behavior Where they think about how they spend Their money they make impulsive Purchases And when their needs roll around they Look to us because they’ve already blown The money Last but certainly not least Inheritances Um well most inheritances are not Huge i read somewhere it was like 80 to 85 percent are actually less than like 20 or 25 000 or something but no matter The amount Um inheriting money sometimes may not be As good of a fortune as we Would imagine so no matter how much The money fights that are generated Because not everyone has a healthy Money mentality can be devastating to Families In some inheritances ruin families and
People’s lives Imagine being a drug drug addict and you Inherit Any amount of money five thousand ten Thousand twenty thousand dollars and you Are a serious You know drug addict or you drink um Excessively Right you could literally kill yourself And so getting all this money fast is Not always a good thing Fast money is usually not good money So that’s it so five examples there Could be many more Um of things that people do in order to Try to get that fast money Um you know and just get there quickly I’m gonna Implore you to trust the process Be patient just keep going in you know Day after day week after week stay at it Stick with it stick with paying the debt Off stick with the budget Stick to your financial goals and over Time you are developing the discipline And you know the mental mindset and all The know-how that you need To manage your money once you reach that Goal you also learn to say no to some Things Along the way it’s very similar to the Process that a caterpillar goes through When it’s struggling to get out of the Cocoon
If it doesn’t struggle it will never Have wings strong enough to carry it in Flight So the same is true with us we have to Go through that struggle we have to You know develop that discipline and That financial muscle that mental muscle To be able to manage our money Remember this you can achieve much Greater things than where you are today If you’re willing to put into work Conceive it believe it and achieve it I’ll see you next time If you enjoyed today’s video please Consider subscribing to the channel Liking the video dropping a comment and Sharing this video with some friends Check out some of the other videos i’ve Created to help you along your financial Journey as well Take care see you next time