The Truth About Financial Security

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Until recently, I considered financial security to be the apex career goal. If I pick the highest-paying job, work hard for many years, and become a millionaire, I can achieve financial security and retire!

I wasn’t alone. Most people live their entire lives thinking: “Once I make $X, then I’ll be happy, safe, secure, and content.”

But there are two problems with that thought:

1. What happens when the worst happens? What happens if you lose your job or lose everything?

2. Deferring your happiness to an arbitrary date is a sure way to end up miserable.

Let’s break it down.

According to the National Endowment for Financial Education, 70% of lottery winners go bankrupt within a few years.

The sad truth is many lottery winners lack the financial and emotional skills to properly manage their lottery winnings.

In other words, it’s not the amount of wealth that separates the rich from the poor. It’s the ability to manage, invest, and keep that wealth.

The lesson applies to everyone, not just lottery winners…

The goal isn’t to make a lot of money. The goal is to become the type of person that attracts money.

Financial Confidence > Financial Security

This tweet from Kane Kallaway was a lightbulb moment for me.

The real goal shouldn’t be financial security, it should be financial confidence. Confidence that you have the skills, traits, and beliefs to become wealthy over and over and over again.

If I lost my Twitter account today, I’d be able to grow it back in a few months.

If Mr. Beast lost his YouTube channel today, he’d be able to grow a new one to multi-millions in a few weeks (if not days).

It’s not the number on the screen that makes the person. It’s the person that makes the number on the screen.

True financial security is peace of mind

When you have financial confidence, you don’t worry about whether the stock market is up or down this morning or suddenly being laid off from work. You know that if push comes to shove, you’re capable of creating wealth for yourself.

Financial security isn’t about hitting a specific number, it’s about achieving peace of mind.

It’s having the confidence that: “Regardless of what happens, I have the skills needed to become wealthy again.”

How do you achieve financial confidence? By acquiring marketable skills, building businesses, and creating evidence that you are a rainmaker.

We work out to build physical confidence.

We talk to strangers to build social confidence.

We learn skills and create businesses to build financial confidence.

Whether you have a $1M or $50M net worth is irrelevant.

What matters is whether or not you are confident and capable of creating wealth at will.

Build the skills and wealth will follow.

Jay “Skills Pay The Bills” Yang