Top Money Mistakes of the Middle Class
In this Show
Grant wrote an article for Entrepreneur.com on the 8 Money Mistakes to Avoid on Your Way to Wealth. He goes over each, may he’s made himself over the years and explains why these mistakes hold people back. He begins the show saying that there’s a common worldwide theme. People have agreements about money that forbid them to have it. People are also given bad money advice that they listen to and it creates a trap of comfort.
Grant explains that people do not have the right thinking when it comes to money. People are taught to save but not to earn. He explains that money gets restless and will go where it gets attention. If you don’t put attention on money it will find another place to go. Grant offers these 7 money mistakes and one bonus one.
1. Settling. Grant explains that every time he got comfortable he would be punished for it. He advises people to always be on offense.
2. Diversification. It’s a scam that serves the stock market.
3. Depending on one income flow. Anyone who is wealthy has multiple streams of income.
4. Comparing yourself to others.
5. Investing in trends.
6. Trusting without proof.
7. Saving just to save. Grant spends time on this point because people are taught to save but as he says “clipping coupons won’t make you rich.” The point of saving is to invest.
8. Pretender spender. “If you only car is a Lamborghini, then you’re a pretender.”