National best-selling author and wealth coach William R. Patterson provides insights on the seven major reasons that people struggle financially, all of which have nothing to do with money, in part six of an in-depth interview for The Urban Wall Street Project with Earl Christian III.
There are seven major reasons that people struggle financially:
- Not Having Mentor or Coach Who Holds You Accountable
To reach any significant level of success, every individual and business owner should have a wealth coach or business coach to help them limit risk and rapidly improve their financial situation or build their million-dollar business with integrated turnkey solutions.
Financial independence is not a rational decision. If it were a rational decision, more people would take decisive action to do the things that would make them financially free. Financial freedom is about overcoming your emotions — especially fear. Most people do not truly believe they have the power to change the condition of their lives starting from where they are. Despite what one may think, you are never too broke, your credit is never too poor, and it is never too late to begin improving your finances or to build a million-dollar business.A coach can help you think bigger and change your beliefs about what is possible by teaching you the things you don’t know that you don’t know.
- Limited Networks
Those with limited networks are always the last know and the last to be helped. At least 80% of your success will be the result of soft skills—your ability to network, form mentoring relationships, strategic partnerships, and political alliances. Without question, your network is a direct reflection of your net worth; build one and the other will grow. Remember, any situation of lack can be solved through a partnership.
- Using the Wrong Vehicle for Building Wealth
Most people struggle financially because they attempt to build wealth with a linear approach—using one investment strategy, one portfolio, and one stream of income (a job). And for most people, a job is a $50,000 solution to a million-dollar problem. If you have a million-dollar problem, you of course have to use a million-dollar solution. To build significant wealth in a way that brings you greater freedom with each dollar made, you have to learn to manage multiple investment strategies, multiples portfolios, and multiple streams of income.
You also have to leverage the three major wealth building vehicles, the stock market, real estate, and entrepreneurship.