I’m reading a book right now called “Killing Sacred Cows – Overcoming The Financial Myths That Are Destroying Your Prosperity” and immediately upon finishing the Introduction to this book, I could tell that it was worth every cent I paid for it and more. In this book, Garrett B. Gunderson breaks down many financial myths that are spread throughout our society and furthered by our schools, financial advisors, and our families and friends that cause us to believe that thinking outside the myths is “too good to be true” or at worse “risky.” Gunderson lays out 9 common financial myths and destroys all of them. The crazy thing is, these are pretty common sense, but you would likely never think of them yourself. That is why we all need to read this book.
During my reading I thought, “EVERYONE needs to know this stuff!” So I decided to highlight a few notes from the book and portions I highlighted to share with everyone, but these are only SOME highlights I made. Before going any further, place your trust in me and order this book. It is absolutely incredible and game-changing. I have taken the steps to make it easier for you and included a link directly to it right below. I cannot say enough about how amazing it really is.:
The Introduction: Gunderson states that the dictionary defines a “sacred cow” as an individual, organization, institution, teaching, or belief often considered exempt from criticism or questioning. He then relates it to the financial world claiming that its sacred cows “are the myths and traditions that distort our thinking about money, wealth, success, and prosperity.”
Throughout the introduction he poses many thought provoking questions including this one, “If only a minority of people are wealthy, why do we follow what the majority of people do financially?” When I read that, all I could think was “WOW! That’s a great question.” You always hear the majority of people putting their money in 401(k)s, putting it in a CD, some high yield savings account, etc. None of the people I know that do that are wealthy or seem to be on the track to becoming so. In fact, the people I know that are wealthy don’t do any of that. This question began to create a mind-shift for me.
This book, and particularly this section of it, is riddled with spectacular quotes. He helps the reader to see what true prosperity is and the cost of following a myth rather than our passion. He quotes John F. Kennedy saying, “There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.” My favorite quote by far in this section is from Steve Farber, “Do what you love in the service of people who love what you do.”
Gunderson challenges us to find our Soul Purpose, which is our way of adding value to the world and states that “if our new goal is to create value in the world, not simply build our net worth, then how we go about becoming prosperous changes forever.”
“Try not to become a man of success, but rather try to become a man of value.” – Albert Einstein
Near the end of the Introduction to this book, Gunderson lays out some of the things you will learn by reading it including:
- How the scarcity paradigm, which is at the root of so much common financial advice, limits our financial success
- How the “accumulation theory” of wealth that most of us subscribe to destroys our potential
- Why “investing” in the stock market for most people is little better than buying lottery tickets – and how you can create real wealth instead
- How most people are in a security dilemma caused by avoiding things they fear, which actually decreases their security – and how to find true security yourself
- Why money doesn’t equal power
- Why the most lucrative investments are by nature the lowest risk
- Why the best way to reduce the cost of insurance is to buy the most you possibly can
- How false beliefs about “getting out of debt” may keep you from financial freedom
- Why value is infinitely more important than price.
His underlying questions for all of us, as he asks in the beginning of his Introduction, are “What if everything you thought to be true about money and finances was actually completely false? How soon would you want to find out, and what would you do about it?”
My goal is to lay out my notations on each of the 9 myths not only to help educate people that may have the same or a worse mindset than me, but also to journal so that I can learn through repetition. This is truly one of the most incredible and thought provoking books I’ve ever read. Do yourself a great service and purchase it today and read it as soon as possible. It’ll change the way you think of money, your worth, and how you live your life.
Check out my reviews of each Myth:
- Myth #1: The Finite Pie
- Myth #2: You’re in It for the Long Haul
Disclosure of Material Connection: Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”