Check out Stephen’s thought-provoking take on this often overlooked idea and see how you could save thousands (…and years) through a simple yet different understanding of financing.

Transcript:

Hi everyone –  it is Stephen Libman and i’m here for another session with you guys we’re going to be talking about money shattering illusions about money and having you challenge your relationship with money so that you can have more of it also as a reminder you can always leave your comments and you can visit me at my website stevenlibman.com we’re just getting that kind of up and running we’re building that out right now but feel free uh you put yourself on a list if you want to get some more information from me feel free whatever you feel like that’s great and uh what else you can look at my instagram i’ve got a lot of cool stuff that’s on there right now uh feel free to join me on linkedin and you can just punch in my name steven libman and you are going to find me pretty much all over the place so what i want to talk about today are some of the cliches some of the um myths you know and and i hear all these i’m going to share a bunch of them we do like a little series on these but the first one i want to talk about is this this saying that a penny saved is a penny earned um i have one word for that [ __ ] i mean really i don’t understand why people say that when a penny saved is worth a heck of a lot more than a penny earned so how do i mean that well if you earn 500 000 you’re left with 250 000 after taxes if you’re lucky now if you save 500 000 it’s the same as earning a million dollars before taxes so here’s the funny part right saved money is not subject to tax not at least in north america earned money is subject to tax but not saved money but wait um you can’t save your way to wealth so if you can’t save your way to wealth i mean it’s it’s you know gone are the days where you just put your money in the bank at 12 14 and compound interest and double your money every six seven years it just doesn’t work like that so you can’t save your way to well so what is it that we have to do instead and here’s something that you might have an aha moment which is have you ever thought about borrowing your way to wealth that’s right borrowing your way to wealth or partnering with people who have more money than you or who have the ability to borrow their cells to wealth either way you’re using other people’s money to get where you want to go and at the end of the day that’s all that’s really important is you have a vision of where you are you have a vision of where you’d like to be you have this gap in between and your goal is to get there as quickly as possible and close that gap so whether you have the money or you have some money but not enough money to get you there or whether somebody else has the money whether it be a funding institution or a private person or a joint venture partner it’s time to learn more about stuff like that so i’m going to talk more about that in depth i just wanted to excite a beat up on that a penny saved as a penny earn nonsense and get moving until i see you next time all the very best