Debunking a lot of Financial Believes in Making Wealth

Hello my friends and welcome to my blog again. In this post, I will be talking about finance and while talking about it, I will be debunking a few believes by a lot of people who have gotten the wrong drive towards financial freedom. Join me as I continue in this post, also do not forget to upvote, reshare and comment below this post, I will be willing to reply to every comment one after the other.

Source

Quit your job and start a Business

A lot of people have been told severally that in other to be a billionaire or millionaire, you have to quit your paid job and start your own business after which you will become a millionaire or billionaire but you see, it is true that a large number of the top twenty richest people in the world own businesses, 4 out of every 5 businesses is liable to fail in the first 5 years of establishment. So this means that the possibility of you becoming a millionaire or billionaire when you quit your job to start your own business is very low rather the possibility of you closing that business is very high. Rather, it is advisable to start a business as a side hustle while you still retain your pay job. When you see that you’re able to fund your business with your pay job and now your business requires 100% of your time, then you can face it fully. By doing this, you played safe even while growing your business.

Invest Your Money and you are going to make an average of 10% annually

The truth is the S&P 500 have been doing well over the years, but that doesn’t guarantee that there is a fixed return on investment. In fact, there is a high chance of losing all that was invested to gaining returns from the money invested (so it is advisable to visit your local investment advisor or financial advisor before investing in anything). The fact that you have invested in a company doesn’t mean that you will make profit on that company, the company could go bankrupt anytime, and the price of stocks could drop due to economic instability or disasters.

Time is money so work overtime for more money

The first phrase “time is money” is correct but the second phrase is where I have a problem. The rich understand the importance of time and are ready to utilize time properly by sharing their duties to as many people that can help them cover the time needed for stipends which will not affect their gains instead of working extra hours to get the money. The time it will take for 10 people to clear a farmland will be ten time faster than the time it will take for 1 person to clear the same farmland even if the person works overtime.

Doing what you love will make you money

This is one of the biggest lies in the world of business and finance. The fact remains that what you like might not be relevant to the people you are about to sell to. What do you think will happen to a person who loves to hunt and sell meat if he lives among vegetarians, he will remain poor and most of his meat will get spoilt without making any sales but if he invest in vegetables of all kind, he is surely going to be making a lot of profit. The fact that you love something doesn’t mean that your customers will love it. You need to be able to sell value which is what will bring in revenue.

Conclusion

You can start your financial life at any level either as an employee or as an employer, the first thing you have to understand is the skill of growing money and making the money work consistently. Do not fall prey to any of the false financial sayings above, making money is a process and should be followed patiently.