If you take a look at how people are becoming wealthy these days you’ll notice that it’s no longer through the creation or invention of a new product or even a new, revolutionary way of solving a problem. These days, wealth is created through taking ownership of the process of money exchanging hands, whether directly or indirectly. An institutionalised example of this is when a bank charges you service fees for the services they offer you and many other clients as well as the charges on the transactions themselves.
That’s basically how the big guys continue to make a lot of money these days, building up considerable wealth in this way. For those who want to be in on the action but don’t quite have the means or connections to start their own financial services operations, the next best thing is skimming money indirectly. These people create an environment for money to change hands and then indirectly charge a fee for sharing the information which leads to that money changing hands and it’s becoming big, big business. I’m talking about mentors, coaches and so-called expert authorities. “Guru” is perhaps really bad word to use, but that’s not far from what a lot of these people are.
Look, for as long as there will be people seeking to make some extra money and perhaps lift themselves into a better financial situation, there will always be a market for this sort of thing. Consumers should always approach these types of offers with great caution though because if I must be honest, I don’t know a single person who attended a wealth-creation seminar, mastermind, crash-course or anything of that sort and actually came away from it with some solid, tangible actionable information they’ve actually used to generate wealth. If anyone does go on to make money, it’s usually through selling the exact same information or course they themselves went through and the cycle just goes on and on.
To put it quite bluntly, the guy trying to sell you some wealth creation “system,” programme or course is likely not using the very techniques they sell and teach to make their money. They’re likely making all their money through the sales of that material. It’s big business today and often these people cover themselves from any backlash by stating that the systems they’re teaching aren’t guaranteed to necessarily work for everybody, every time.
Pretty much the same applies to motivational speakers and other expert authorities, although with motivational speakers it’s at least a case of knowing exactly what you’re paying for upfront, motivation. Motivational speakers however often then try to get you to buy some further material from them or from their affiliated partners, with a famous example of this being the proclamation that you need a mentor if you’re serious about your entrepreneurial endeavours.
So the message I guess is just to be careful. Don’t pin your hopes on attending some wealth creation seminar being the answer to all your financial dreams you’ve been waiting for.
Katie is a finance specialist with one of the biggest firms in London. From savings to investments, there’s nothing she can’t advise on and she’s here to help spread the word and help you on your way to financial freedom.