Myth #3: “I Have a High-Paying Job, So I Will Get Rich Eventually”
A high-paying job does not necessarily guarantee long-term wealth. There are people with six-figure salaries who struggle to save a few thousand dollars every year. Ultimately, it depends on your lifestyle and financial discipline. If you spend more than you earn, the amount of money you make is irrelevant. You should save up a certain amount of money every month (proportionate to your income) and invest it prudently. You can attain financial independence only when you have assets that generate passive income. It helps to have a home and a car that is free and clear too. You could then invest in income-producing assets, such as rental properties, index funds, bonds and debentures, annuities, and tax lien certificates to build a variety of passive income streams for yourself.
