The Subtle Money Advice to Avoid | 533

There are a lot of misconceptions around money that many people are not aware of. For instance, many people believe that if you make a lot of money, you are wealthy. The truth is, you can make a lot of money and have no assets, and that’s the case with many people.

In this episode, I will be tackling some of the subtle misconceptions when it comes to money. I firmly believe that no matter how much money you are making, you should always have a part of your money working for you.

Do you remember last year when Covid hit, and the government decided to make us close everything? Many people were negatively affected financially, and the only safe people were those who had their money-making more for them consistently.

If you want to have financial freedom, you need to have multiple channels of passive income. Such that if one channel closes, you’ll still have some money coming in. There is a shocking statistic that shows that 98-99% of Americans do not have passive income. Also, some of the millionaires we have do not have enough passive income.

Listen to this episode and learn more about subtle deception when it comes to money.

Key Talking Points from the Episode:

[02:04] Making a lot of money equate to more wealth

[04:44] Making passive income a priority

Standout Quotes from the Episode:

“If you do not have passive income, especially multiple streams of passive income coming in you are in danger.”

“Your goal should not just be building that business; your goal should be creating enough passive income to where you work because you want to not because you have to.”

Do you have some money somewhere that’s just sitting and not making you more? Feel free to reach out to me, and I will guide you on what you can do.