Wealth building is a journey that requires patience and consistency. That’s not the popular opinion in social media land but it is the only time-tested way to build sustainable wealth.

In this week’s episode, I am going to debunk 3 common wealth-building myths that are popular online but are problematic for anyone looking to start building wealth for their families.

I’m going into three wealth-building myths that you may have heard and why as wealth creators we should be aware of the implications.

  1. Life Insurance as a Wealth-Building Strategy
  2. Overleveraging Debt
  3. Building Wealth Overnight

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Dreamers’ Wealth of Wisdom
  • You should have life insurance, but investing in other products beyond term when you don’t have wealth is not the best use of your dollar.
  • Overleveraging debt is just too dangerous and is not the best way for you to build wealth unless you’re willing to lose everything.
  • Invest in things that grow in value.
  • Just because something is a tax write-off doesn’t mean that you should go for it because sometimes it makes sense to pay that tax and save the difference.
  • You can earn a lot of money fast, but that doesn’t mean that you build wealth because wealth comes with habits.
  • You have to invest in your education, learn, and apply so that you can continuously invest.
  • Don’t just believe someone because you like them, do your research, whatever you hear, don’t believe it until you can double-check that for yourself.
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