It takes money to make money being the most bandied about is the first you should ignore, this said, there’s so much information for young earners floating around out there and it can be hard to know what to take seriously and what to ignore.
Some of the money advice you should absolutely ignore is
You Can’t Be Rich with a Salary Only
The access to other people’s lives and the speed of information has made it easy to see what other people are doing around the world, and how much their salaried jobs pay. This just shows that you can be rich this way too and just going down the path of a starting and succeeding in business.
The reality is that those types of business millionaires are the exceptions rather than the norm. Many people will remain in the salary bracket and this is not a bad thing and it is possible for many people to build wealth this way. All because many salaried jobs like in banking, medicine, accounting, law or engineering do give you the best chance of becoming rich.
Do not be too quick to dismiss the salaried path to wealth.
You Don’t Need a Higher Education
There is probably one person or more than one that you know that has built wealth with no higher education. If not there are the Bill Gates and Mark Zuckerberg’s of this world, and all the other successful people without a degree that have become the richest people in the world today and whom we admire or perhaps envy.
However, that having no higher education doesn’t mean that theses tycoons have not become highly educated in the course of their lives. Having an education and expanding your knowledge is crucial for success. Going through the usual channels is still one of the best ways to gain knowledge and be educated.
Getting an education does increase the chances of making money and getting a degree or diploma or certificate is still relevant.
Trust the Experts
Sometimes it’s not a bad idea to consult an expert when it comes to money. The more information you have the better but, know where the expert’s motivation comes from. Know that most experts do come with an ulterior motive. That motive is usually money as experts too, must make money and many do so via a commission.
These commissions do motivate some of them to push you to put your money into things that that will give them the highest commission rate. So, choose an expert that will advise without keeping an eye on a commission or the “one time” fee models that favour them. Choose someone that is clearly looking out for your needs based on your life stage, risk tolerance, and financial goals.
If you really must or want to meet an expert or attend an event go to one that does not want you to part with money at the onset. Avoid getting pulled into parting with money via maybe a book they have or a once in a life time product going for a fraction of the “normal” price. Also note the book or product may not always fit in with your financial situation, needs or goals. An expert that wants you to spend money immediately should be suspect. Take time to do some research.
