Why Wealth Creation Seminars Are a Waste of Money

Mulloy O'Higgins Lecturing

There have been a bunch of TV shows on lately about the so called “wealth creationists” who sell the dream of being able to live a luxury lifestyle and all without having a regular 9-5 job.  The key question is, are these people con artists and more importantly should you part with your hard earned money to hear what they have to say?  My answer is no and no and here is why?

Is the Wealth Creation Dream a Con?

The short answer is no, the basic principles of what wealth creationists preach really is based upon very simple financial logic and economic theory with a bit of psychology thrown in.  Here are the principals of the dream so far as I can see:

Invest in Productive Assets – The most fundamental principal appears to be the concept that investing time and money in things that generate an income be it property, stocks and shares or anything else preserves existing wealth generated from a linear income and serves to create passive income in the future.

Passive Income – Wealth creationists advocate the creation of passive rather than linear income streams as firstly this unlocks the ability to earn potentially unlimited amounts of income and secondly results in the ultimate goal of being able to live without having to work.

Focus – Wealth creation seminars are characterised by all the weird happy clappy stuff, group hugs and funny exercises.  It’s not for me but we get the point, if you want to be successful at anything in life focus and positive thinking is a must. However, no hugs for me, I am British a handshake will suffice.

Why You Shouldn’t Part with Your Cash

If the wealth creation dream isn’t a con then why not spend your money on wealth creation seminars? Here are some good reasons:

Information is Free – There are no magic secrets to wealth creation, you probably already understand the basic principles, even if you don’t practise them.  If not, the internet is a wonderful place and free!

Contradiction – Spending money on wealth creation seminars may be seen as a contradiction of the basic principles of what is being taught.  Is spending £500 on a lecture an expense or an investment in an asset?  You could have invested the money you spent on the lecture in a real productive asset rather than learning something you could have probably learned for free.

The Economic Man – In theory, people should spend their working time doing which ever activity is most economically beneficial.  What does this tell us about the wealth creation lecturer?  Simple, they are making more money lecturing than they would have been by practising what they lecture.  This doesn’t mean that what they teach is nonsense but it does indicate that the sale of the concept is more profitable than the practise of the concept.

Final word, I like the wealth creation principals, they seem to be based on good old fashioned capitalist principals and sensible financial logic.  However, you won’t find me lining up to part with £500 a time to attend some lecture though, that’s a payment off a mortgage.