If much of what you have been told about building wealth was wrong—when would you want to know? Hopefully, the sooner the better!
I used to be a typical financial planner. I began my career working in a bank, then moved into “typical” financial planning. Several years later, as I describe in Financial Planning Has Failed, I came to understand I was leading clients down the wrong path—or at least, a flawed path.
Typical financial planning can give investors false hope and very little control over their own money. And by the time people realize they are going to owe their brokerage, money managers and Uncle Sam a hefty cut of every dollar they receive in retirement, it’s too late to change course.
For decades, typical financial planning has sold itself on the myth that its methods are the best for wealth-building. But truly prosperous individuals don’t follow typical financial planning. They know that most mainstream money advice is not intended to make you wealthy; it is intended to keep you from being poor. Big difference! And like any advice for the masses, it is geared toward the lowest common denominator.
Of course, financial planning is also a business designed to make financial corporations money! Have you ever wondered how THAT impacts the advice you are given?
The Book that Busts the Financial Planning Lies
Today, we are highlighting one of my first books, Busting the Financial Planning Lies. It represents a financial paradigm that I coined “Prosperity Economics.” The ideas in the book come from observing what the rich actually do—versus what the big banks and brokerages tell YOU to do! I encourage you to read it as it just might cause you to re-think popular financial advice and choose a different course.
I began my own firm, Partners for Prosperity, to provide an alternative. We are dedicated to the strategies and principles of Prosperity Economics. And if you wonder what that is and how it is different… Busting the Financial Planning Lies explains. (You’ll also find a short explanation of Prosperity Economics here.)
The book strips away the myths surrounding money and charts a course toward true prosperity. Among other things, this book challenges several popular money mantras:
- Put as much money into your 401(k) as possible.
- Always defer taxes to a later date.
- The stock market will make you rich.
- Your home is your best investment.
- Make extra payments toward your mortgage.
- Life insurance is something only beneficial in the event of your death.
Busting the Financial Planning Lies tackles how we’ve been led astray by a financial planning industry that benefits when we purchase its products – even when it’s not in our best interest. As I state in the book, it’s not a conspiracy—it’s capitalism! We have allowed the industry that sells stocks, bonds and mutual funds to educate us (through financial gurus and TV personalities) about investing. Not surprisingly, they recommend what they sell!
But the book doesn’t just bust the myths. It also reveals the atypical ways prosperity-minded people make their money work for them! As our friend Garrett Gunderson, author of What Would the Rockefellers Do? says, “This book doesn’t merely point out what is wrong. It gives you a simple way to identify limiting beliefs and will unveil in detail the options you have in order to choose prosperity.”
The 7 Principles of Prosperity™
A few of my books mention the 7 Principles of Prosperity™, each with a slightly different view of the principles. Here, the focus is on what financial planners tell us versus what the 7 principles (and the financial habits of wealthy people) show us about building wealth.
The 7 Principles provide a different view of your finances as well as investments. They help you look from the “30,000 foot” level, which provides a different perspective!
I also explain and illustrate the Prosperity Ladder in the book. Financial professionals are quick to sell you a mutual fund—but is that really the secret of wealth?
As I demonstrate in the book, many wealth people got that way through:
- Business ownership (which provides important tax reduction benefits!)
- Ownership of other assets, including physical property, such as real estate, and intellectual property. (This provides greater control.)
- Smart protection strategies (protecting assets as well as people!)
- Solid financial habits—yes, even the wealthy save… and keep saving!
You will learn what separates the poor, the middle class, the “comfortable,” and the truly affluent! (And it’s not money alone… it is how people think about money and the strategies they use!)
Financial Planning Versus Prosperity Economics
Busting the Financial Planning Lies also covers a number of topics, contrasting “popular advice” with the Prosperity Economics perspective. It discusses:
- Mutual funds
- Homes and mortgages
- Unsecured debt
- Qualified retirement plans
- Life insurance (this section is a paradigm changer!)
- Retirement income, and
- Estate Planning.
In each topic, we contrast the typical advice or understanding you might hear from a financial planner with what we believe is a better approach!
There are some stories and metaphors woven through the book as well. It does not offer “technical” investment strategies so much as a new way to look at your money. It also includes many charts, illustrations, and screenshots from Truth Concepts financial software. (My brilliant husband, Todd Langford, developed the calculators.)
Busting the Financial Planning Lies—Updated and On Sale!
To encourage you to read or revisit this book, we have put the kindle ebook on sale for only $2.99, now through Tuesday, August 11. There is also a paperback edition available from Amazon for $14.95. We have also updated it to reflect changes in the tax code as well as our current branding.
Some book review and recommendations:
“Here’s the uncommonsense guide to creating wealth in the 21st century. The Prosperity Economics Movement offers something in this book that many seek and few deliver: a bona fide paradigm shift.” (Jon LoDuca, The Wisdom Link)
“I appreciate your use of story and fable to simplify parts of your message. Your book has been an eye-opening experience for me, and is clearly meant for those among us who are truly serious about making informed financial decisions to achieve prosperity.” (Joe Pena JoePenaProductions.com)
“Kim D.H. Butler delivers again with sound financial advice that you do not find anywhere else. She really knows her business and gives you a peek into how the truly prosperous get and keep their money.” (Robert King)
“Brilliant and succinct! If you really want to understand how to safely and privately store and grow your money, read this book. It will help you understand how typical financial planners are not necessarily giving you the most accurate advice for your benefit- it’s not necessarily deliberate. It’s how they are trained.” (Verified Amazon purchaser)
Busting the Financial Planning Lies is not for everyone. It is for open-minded learners who are willing to reconsider the course they are on. It is also for those who accept there may be multiple paths up the prosperity mountain. Even within Prosperity Economics, there are many potential strategies! Some people may love investing in real estate. Others may own businesses. Some may invest in a number of ventures. But all will share a certain entrepreneurial mindset.
If you are most comfortable doing what the “experts” tell you to do, you might not appreciate this boo! But if you want to understand how others have built wealth—above and beyond the world of stocks and bonds—this is for you. This book is for anyone who senses there is a greater truth than what you hear on the typical cable TV money show or financial talk radio program… those who want to zig when others zag.
I hope you decide to read or revisit Busting the Financial Planning Lies. A lot of time went into the book and we have received much positive response over the years. Reviews are much appreciated and you are even invited to post your “aha’s” in the comments below!
Visit Partners for Prosperity’s contact page to book an appointment with Kim to discuss your finances or even to simply email us a question. We look forward to serving you!