The Top 6 Things I Learned From The Eben Pagan Self Made Wealth Course
The Eben Pagan Self Made Wealth course shows what it takes to separate yourself from the 95% of people who end up at age 65 dead broke and dependent on someone else to take care of them.
So after sifting through my notes, I’ve hunkered down and boiled down what I believe to be the top 6 things you could learn from this seminar…
1. We are wired for a time that doesn’t exist anymore
- This leads us to consume money immediately and with credit cards we consume things we don’t even have
- Money is a recent invention
- The concept of wealth is a brand new invention evolutionary speaking
- Planning for the long term is a recent invention too
- When we moved from hunter gathers to using agriculture to feed ourselves we were more in touch with wealth such as an accumulation of a harvest but nowadays we are disconnected. Now we work for a big company and money is in banks/credit cards so we don’t get a feel for how much things are worth. We have stepped back from reality.
- We are not naturally designed very well to deal with money
2. We have unhealthy emotional relationship with money
- Most people who have not amassed wealth have two competing relationships inside of them when it comes to money- Love/hate
- They love money as it will give them what they want
- They hate money because they feel they are slaves to it
- They look at successful people and see faults with them and they are bad people
- Until we deal with internal conflict we cannot be wealthy. (see more of what Eben Pagan has to say about this here)
- Most of us spend money the same way we eat food – emotionally
We don’t do it intelligently with long term in mind. In the book “Paradox of Choice”, 93% of high school aged girls said their most pleasurable experience is shopping.
3. We have bad cultural and societal programming for money
- Money allows a quick transfer of commodities
The problem is that it has become the main aspect of transferring value and we now confuse money with value.
- We believe that money is valuable on a 1 to 1 basis
This isn’t true. A $100 bill costs a couple of cents to print
- Money doesn’t have any intrinsic value
Because that’s where we think the value is, that’s the thing we go after. We don’t say we are going to trade equity for a vacation. We have become convinced that money is the value.
- The value is in the asset
- If you focus on chasing money you will never build wealth.
Eben Pagan has found that wealthy people don’t have their wealth in money. They go out to acquire assets they can convert to money anytime they want. Bankers understand this. The experts keep their money in assets which grow in value. They know you don’t get wealthy by focusing on money.
4. Money isn’t real so we screw up when we get it and screw up when we spend it
In life what you focus on expands.
If you focus on your health and relationships they expand. This doesn’t apply to money.
This is because money isn’t the real thing.
Money grows when we focus on creating value. By learning how to create value for someone, they will give you money all day long.
Most people who come into money lose it all. They don’t learn the lesson of creating value and building assets. And credit cards multiply this problem one hundred fold.
5. We have bad financial and wealth role models
Can you remember conflicts in your home when growing up that were about money?
What did you hear about money when you were growing up? More likely than not our programming doesn’t help us at all and our models of the world keep us poor.
We need new programming and models.
6. We have poor habits with money
- We deplete our assets
- We use cash unconsciously
- We don’t translate it to how much it will cost us in the bigger picture
- We spend it like it goes out of fashion
- We make spending decisions in the moment
Waiting until you are in the shopping mall to spend your money rather than make them in advance and dwelling on the decision will keep you in the poor house and rob you from your future.
- We spend credit like we spend cash – even more dangerous as it doesn’t feel like it’s even money
We need to make rules in advance and dwell on the implications of that purchase
So there you have it, my top 6 lessons you could learn from the Eben Pagan Self Made Wealth Course.
Have fun taking action on what you’ve learned here,