7 Personal Finance Myths Preventing You From Being Rich

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.

Small-cap winners galore

The big stock market winners share one common attribute: Near the beginning of the ascent of their shares, the companies offer revolutionary products or services, are market leaders in their respective industries, or both. Some big stock market winners that possessed the attributes outlined above are Netflix (NFLX), which we recommended to investors in October 2002; Intuitive Surgical (ISRG), which we bought and recommended in July 2004; Baidu.com (BIDU), which we bought and recommended in August 2006; and MercadoLibre (MELI), which we recommended to investors in October 2010. Get up-to-date small-cap stock picks from David Frazier, editor of Small-Cap Profit Confidential.
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Smarter cryptocurrency investments

The stock market crash of 2008 was the catalyst for his journey into alternatives. And interestingly, it was the impetus behind the creation of Bitcoin and the blockchain technology behind it. Keene Little wasn’t ready to risk his money yet but he was very curious, so he began charting Bitcoin’s technical patterns. What finally convinced him to dip a toe into digital currencies was seeing that they followed familiar price patterns that could be analyzed and successfully acted on. Now he shares those insights with subscribers to the Crypto Wealth Protocol.
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