This is the eleventh article in a series of articles revealing the Myths that Keep Your Broke. In these articles, I will uncover the many myths that too many people believe. These myths can prevent you from creating wealth and complete financial choice™. Let’s start destroying them.

Myth #21: Plan for Saturday Night

There is a quote that is attributed to Gloria Steinem, that goes something like this:

“The wealthy plan for generations, and the poor plan for Saturday night.” *

Unfortunately, this myth appears to be real, and not a myth. It does appear that the poor, or those with a scarcity mindset, make very short-range plans.

When I was in my 30s, I was a partner of a pension administration company that created tax qualified retirement plans for closely held businesses. There might be one or two owners, and 10, 20 or 100 or so employees.

I would hold meetings to talk about the options available to employees if the company was going to close out their tax qualified retirement plan and distribute the assets. Unfortunately the owners would transfer their money to another tax deferred retirement vehicle, like an IRA, while the employees wanted their money as soon as they could get it.

Even though this money would be taxed as income, AND include an additional 10% penalty for withdrawing the money early, they still wanted it now. They wanted to buy a new TV set, or pay off credit cards, or make a down payment on a newer car.

It was so sad for me to see 95% of the employees blowing the money that was meant for their retirement. And it was then that I realized, I was seeing the picture of how most people handle money in this country, and probably the world. They are slaves to money, and not the master of it. Instant gratification was how the majority handled money.

However, you don’t have to personally participate in this myth. You have the ability to wake up and look to your future and determine what actions will allow you to have a choice of working or not working when you are in your 50s, 60s, 70s, 80s or later.

What actions will you take to secure your financial future?

* The actual quote I found is this:

“Planning ahead is a measure of class. The rich and even the middle class plan for future generations, but the poor can plan ahead only a few weeks or days.”

Myth #22: I Can’t Be A Philanthropist

In Myth #19, I said many people live with either/or thinking. This idea really goes hand-in-hand with your thinking about what you can, and cannot do in the area of philanthropy.

In Myth #20, I addressed the idea that you might feel like you cannot afford to donate to a charity or charities that might touch your heart. This comes from a scarcity mindset.

In an earlier email, I spoke about being selected to do a TEDx talk, and it is based on philanthropy. To practice, I have been delivering it to various service clubs in the Los Angeles area, like Rotary and Kiwanis. This has been very helpful in supporting me to memorize my 12-minute talk.

In constructing the talk, my daughter reminded me how I have been philanthropic in my actions before I had the money to be philanthropic with dollars. When I was a young parent, struggling to meet our bills, I would take my children to homeless shelters to donate blankets, clothing, or help serve food. She reminded me, how I would go around the neighborhood and pick up trash, paint out graffiti, plus foster and provide basic training to dogs that became service dogs for the blind.

Children are a great reminder of who you were when you were younger, whether good or bad! The point is, that before I had the money to donate large amounts to charity and call myself a philanthropist, I was getting involved with my time, when I barely had any money at all.

I’ve mentioned it often, at one time in my life, I had to collect soda bottles and cans to get the refund money to buy food for my family. I still pick up cans and bottles (plus collect them from our apartment buildings), but give them to our housekeeper as extra money. It’s surprising how this money can add up.

Wherever you are financially, you have the ability to be philanthropic. If not donating dollars, you can donate time and attention to those less fortunate.

Who are the people that touch your heart? Or what animals or causes are important to you? How can you contribute to their mission, besides money?

Then just do it.

To Your Prosperity,

Rennie

Author's Bio: 

Often in the media and in a recent TEDx Talk, Rennie Gabriel supports individuals and business owners to create work as a choice, instead of a requirement, just as he did for himself. Rennie had gone broke twice (two divorces), but using the same concepts published in his book, Rennie created more wealth in each recovery than what he had prior.

As a highly rated instructor at the University of California in Los Angeles (UCLA), Rennie uses his award-winning, best-selling book, Wealth On Any Income, to teach effective money skills from both the emotional/psychological aspects as well as the practical components. His book has been translated into five languages. Rennie is a retired Chartered Life Underwriter (CLU) and Certified Financial Planner® (CFP®) and often adds BFD to his credentials.

His extensive knowledge of real estate and finance is useful not only to those who own or invest in real estate but to anyone striving for a better life by trying to achieve financial freedom.

His clients range from financial professionals, like CPAs, stock brokers, and financial planning firms, to entrepreneurs in the transformational space (coaches, authors, and speakers). He also works with large organizations like the FBI, American National Insurance and Toyota Motors.

After 40 successful years in financial services, Rennie now works to donate 100% of the profits from his speaking fees, wealth programs, books and business coaching to charities, the primary one is www.ShelterToSoldier.org where dogs are rescued, trained and donated as service animals for soldiers with PTSD and TBI (Post Traumatic Stress Disorder and Traumatic Brain Injuries)