8 Wealth Defeating Prophecies


We are the captains of self-defeating prophecies. We see ourselves failing even before we make attempts. I know for myself it is sometimes a reference bias and I am holding myself to a much higher standard than most of society, but when it comes to money I think everyone has experienced some self-defeating practice throughout their debt acquiring or wealth building lives. Often while everybody around us would be clapping their hands at our brave initiatives or outstanding accomplishments, we believe our outcomes are below standard; we assess our initiatives to be misdirected and ineffective.

About a year ago, I had a colleague during my time with Teach For America. She impressed me with her leading strengths and self-confidence. When I was busy working out how I can budget for podiatry school, save for retirement, she just said to me, “money is not much concern. I strongly believe I’ll be very rich someday. I’m open-handed when it comes to giving, and it always comes back to me.”

She has over 280 thousand dollars in student loans and as well has enough in the stock market such that she earns a few thousand dollars in stock dividend yearly. She displays strength and confidence. I have no doubt that she’ll be very wealthy one day. She’s the perfect antithesis of wealth-defeating prophecies.

1I will never become wealthy

You can be wealthy or broke. It’s completely a choice to make, notwithstanding your career or line of work. I evaluate one’s financial intelligence based on their net worth to income ratio.

For instance, a custodian with a net worth of about a million dollars with an income of 38k annually definitely has greater financial intelligence than a lawyer with a net worth of a million and an income of 200k a year. It all depends on how much you make and how much you save; suffice it to say that the latter is more important.

2I can never pay off my big student loans

Sure, you will and can pay it off in 2-5 years of completing your career training. It is very possible and it all boils down to priorities. For myself I intend on living like a student for a few years after I complete my surgical residency following podiatry school. This way all my additional earnings will go towards knocking out those high interest loans. Even better I will do my best to minimize this debt. One trick will be to carry as much of my debt as I can on 0% credit card deals.

3I labor for cash

No, that’s not completely true. Everybody needs money for daily survival, and we all want to prosper and satiate the desires of our hearts. Working for money is a harsh and cruel way of living. We work for experience, service, and fulfillment, and with such intentions, money is imminent. However, I will not deny that there is significant research that states money does matter for happiness if someone is struggling to put food on the table. Nevertheless, after that I think many people are experiencing situational poverty and misspending their money. I firmly believe money spent on experiences is better than money spent on things.

4I am confused on how to put my money to work, so it isn’t meant to be.

It is true in some cases that we sometimes measure or evaluate others with our own yardstick, but it is not out of place to be rational about that most times. Monetary matters are unthinkingly simple compared to many other careers even though the financial industries are all-out to make it appear gloomy and complicated. I hope my future podiatrist colleagues do not assume that an average financial professional went to college for 8 years and completed 3 years of training comprising of 80-hour work weeks to be able to manage wealth. That is what an average physician does to manage their patient’s health.

The only requirement to invest other people’s money is the series 6 exam which can be studied for a few hours a night for a couple of weeks. Even an upper-level designation like the CFP only necessitates around 200 hours of studying.

Start with an investment book or article today. Go through it! You’ll be astonished how easy it can be.

5I am very deficient when it comes to money

You are deficient because of bad choices and a lack of desire to learn. You hardly take time – say 3 hours – to read an article or a book on investment, but rather you tend to allow someone else to manage your money. The compounding effect of asset under management fees is ridiculous.

6Money matters are just too complex

For a second time, this is complete nonsense

7Money matters are too monotonous and uninteresting

Get over this and learn a little. If it still becomes wearisome and uninteresting, the race has been won 90% already. Now that you have an idea of what to do then just automate everything. Set it up for success with passive, unemotional, habitual accumulation of assets. Set it up once appropriately, re-asses and re-balance once a year. Set up automated bill pay and automatic withdrawals from you check into your investment accounts and don’t give it more attention then it needs.

8My time is more valuable than money

Yes, I agree that time is more valuable than money, but if one isn’t careful with this mindset then trouble can occur. Love my time and hope to one day work very little and spend my time working focused on the things I am passionate about. However, no one is too busy to let their money work for them. Imagine the time and freedom that you can enjoy with your friends, family and loved ones the moment you reach financial independence (the state or condition of having sufficient personal wealth to live, without necessarily working actively for your necessities). Be sure to save and invest so compound interest can work in your favor.

Switch up your mindset and check out some wealth fulfilling prophecies.


  1. Financial freedom begins with a mindset. You have highlighted some of the exact thoughts that fill the majority of people’s heads when it comes to their finances. Before I became financially literate, my problem personally was the very first point you highlighted. “I will never become wealthy.”

    Immediately after I sucked it up and read my first investing book and understood how compound interest works, I know longer had this trepidation. After I understood the math behind compound interest, I then knew that it is actually quite simple/easy to become wealthy.

    Good insights!

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