Warning! Bad Financial Advice that Can Make You Poor

September 4, 2019
BasilZaff
Wealth

It’s no surprise that the world is filled with more bad financial advice than good.

Why?

Because there are more poor people out there than rich ones.

But I want to ask you:

Do you really want to take financial advice from someone who isn’t rich?

Why would you?

Trust me: the only way that you’re going to get rich is if you follow the same tactics others have used to get wealthy.

This means that you’re never going to get rich listening to the “wisdom” of a broke old man.

Unfortunately, we’re surrounded by bad financial advice. From TV commercials to trash online e-books, people are everywhere trying to make a penny by selling you bad advice.

I’m not here to do that.

I’ve already got my money—that’s why I can tell you how to get yours.

Let’s take a look at some of the worst financial advice that you can hear. I guarantee that you’ve heard them all before, but trust me: don’t listen to any of it.

1. You’ll Get Rich as Long as You Save

This is the most-commonly-believed lie in the world.

If you want to get rich, all you have to do is save your money. No matter what, if you can do this, you’re going to die a rich man.

How many have heard that before?

All of you, right?

Well, let me tell you, it couldn’t be further from the truth.

Don’t get me wrong. I’m not saying that you shouldn’t save money or that you should spend recklessly.

But if you’re at an income level where saving your money means not eating out every once in a while, you’re not at the level you need to be financially to begin with.

So what if you can save a few hundred dollars a month?

In the long term, that’s never going to make you rich.
Why?

Because you didn’t have the skills or the income for it to begin with.

Instead, you want a high income where you can start making the right investments. It won’t matter how much you’re spending as long as you’re getting great returns.

So stop seeing getting rich as something you can do from saving.

It’s not.

2. Work Nonstop

All too often, I see people encouraging others to just work without stopping.

Work day and night, then you’ll get rich.

Again, this isn’t true—at least not for most people.

If you’re working yourself to the bone doing low-paying work, it’s still just low-paying work.

And instead of making you rich, it’s just going to make you burnt out.

Instead, your efforts would be better concentrated on developing a high-income skill that can get you started making more money than you ever thought possible.