8 Common Money Mistakes
Recently Grant Cardone sends out an email listing out 8 common money mistakes. When you look them over they also become warning signs on the road to wealth. Being rich is one level. Being Wealthy is the next level. Anyone can get rich. It’s the wealthy who not only keep it, but put the money to work for them.
The game should be about shifting the scales from you working for money to money working for you. The following list are 8 ways to totally screw that up.
What we’ll do in this exercise is list off all 8 common money mistakes, identify if we’re making them now and then I’ll challenge and encourage you to start finding a better way.
8 Common Money Mistakes:
#1 Settling. Thinking you have enough when you don’t. Has this already happened to you? Think of a time where you felt secure only to realize your freedom was limited due to your present financial situation. In what ways did you “make sense” of it? How are you doing this right now?
#2 Diversification. Benefits Wall Street, not you. No way we’re going to win this argument in one sitting. Go do the research. Look at how the major players are diversified. It is not even close to how the middle class is diversified.
#3 Depending on one income flow. Dangerous. Speaking of diversification. How many flows do you have? If you’re an employee, how many flows can you create in your present situation before you start getting all side tracked with “side hustles” and stuff?
#4 Comparing yourself to others. Brings false confidence. Compare yourself to you and your potential. Additionally, do not look down on others to justify why you’re doing “OK.” Rether look up and see what else you are capable of.
#5 Investing in trends. Fastest way to go broke. Warren Buffet’s number one rule is don’t lose money. So let’s start there. Bitcoin anyone? Is there a time where investing in trends (gambling) might make sense? Sure. AFTER you have established a level of cash flow that is indestructible.
#6 Trusting without proof. Show me, don’t tell me. ‘Neff said.
#7 Saving just to save. Government devalues your currency. Save only to invest. Invest in assets that produce monthly cash flow.
#8 Pretender spender. You’re not a baller just because you have a Lambo. Sorry.
Any of these 8 common money mistakes hitting right between the eyes? What kind of adjustments will you make as a result?
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