Why a Broken Financial System Leads to Financially Broke People and What to Do About It

As a kid, my dad always told me “If it’s not broken, don’t ‘fix’ it.” Maybe you can relate with a parent or someone in your life abiding by the same rule. But in working with thousands of families, individuals and entrepreneurs to increase their financial understanding and wealth for more than a decade, I’ve learned the opposite is also true.

If something is broken, it needs to be fixed.

Right now, the statistics show that 8 out of 10 Americans live paycheck to paycheck.

Over 60% of Americans have less than $1,000 saved.

Over 70% of pre-retirees don’t think retirement at age 65 is real, while most of them will run out of money at age 65.

And in 2023 alone, it is estimated that the lack of financial training supplied in the United States has cost Americans $388 billion.

The financial system as we know it is broken and nothing is being done to fix it.

How do we know this?

Well to top all of those stats off, the Social Security Administration estimates that only 5% of people aged 65 or older will be financially secure…which means 95% won’t be.

When something doesn’t work 95% of the time, it’s beyond broken.

Broken means the door handle sticks a bit when you try to open it and needs repair, but if you jiggle it just right you can still make it work.

Well, we are far beyond the “jiggle it just right” stage. We left the proverbial door handle broken for so long that there is only a 5% chance that the door is going to open now.

The “handle” doesn’t need to be fixed. It needs to be replaced with a handle that works.

And here is the other problem: Because the financial system is broken, and when I say system, I mean the tools that we’ve been given for things like financial training, saving, investing, etc., most people are aware something isn’t working but they don’t know exactly what it is or exactly what to change. So, they go out looking for new solutions to an old problem and in doing so, they change the things that do work.

I’ll give you an example. Earning income has always worked for those who are trained correctly in how to do it. It’s a skill. But we learn everything other than the skill of earning income in school and the point of school and college is to secure a career, of which the point is earning income. Wouldn’t it make sense that we get taught in school by someone who has made lots of income how to develop that skill? But because we don’t, most people are not trained on how to earn more income and so they come up with unusual solutions such as buying invisible digits on the internet and trading them back and forth with other people who buy invisible digits on the internet in an attempt to get rich. This is a new and unusual solution to an old problem.

I’m not immune to this either. I may not be out there loading up on invisible crypto “tokens” to build my net worth, but I’ve had my share of new and unusual solutions to old problems. And do you know what I’ve found? Virtually every time, the problem exists in the first place because I stopped doing a basic financial fundamental. And if I were to go back to doing what was working instead of looking for a new and unusual solution, the problem would have been solved almost immediately.

One of the most basic fundamentals that every wealthy person will tell you to do is “Pay yourself first”. However, a very small percentage of us actually do this. Then we wonder why we don’t have enough money. Well, how about because you didn’t put any aside?

How do we fix this?

Well, it’s simple really. And the government, banks, and Wall Street aren’t going to help you with this. I will though.

Look back and find the time in your life when you were doing the best financially. Did you find it? Good. What were you doing differently?

If you noticed some things that had been working that you’re not doing anymore or maybe you’re doing but in a different way than before, change them back to exactly what you’d been doing that was working.

Now, if you can’t find a time like this or you can’t find something you were doing that was working, then I want you to find someone you can observe, study or get help from who is doing well with finances. You can even take me for example. Find out what they’re doing in your problem area and just mimic that with your own finances.

I hope that helps!

My mission in life is to help good people build more wealth who make the world a better place and it starts with financial training and understanding.

So, if you’re a good person who wants to help make the world a better place and this article helped you, I want to encourage you to join our free Facebook community, Wealth DynamX Nation.

I want to encourage you to start putting this into practice. And feel free to write to me and let me know how it went. Or if you’re a client of mine and you’d like help leveling up, send an email to my team with “Level Up” in the subject line to [email protected].

If you’re a follower and have not read my book The Blueprint to Financial Freedom yet, that is the place to start. This book covers the specifics for each level in the various chapters and you can grab the book for free as my gift.

Click here to get a copy!

The Blueprint to Financial Freedom by Jerry Fetta

To Purpose, Wealth & Freedom,

Jerry Fetta

Jerry Fetta is the CEO and Founder of Wealth DynamX. He is a nationally recognized financial expert featured in Forbes, Yahoo Finance, Fox, Chicago Weekly News, New York Finance, interviewed on 100+ podcasts with world renowned experts, earning endorsements and affiliations throughout his career with names like Kevin O’Leary, Grant Cardone, Dave Ramsey, and Pamela Yellen.

Jerry’s mission in life is to help create millions of financially educated and solvent families achieving greater financial freedom and sharing the truth about money with those around them.

Learn more at www.WealthDynamX.com

(DISCLAIMER: The information in this content should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Wealth DynamX can and does not provide advice unless/until engaged by you.)