Episode 88 10 Mistakes to Avoid on Your Wealth-Building Journey
If you are in the wealth-building or wealth accumulation stage of your life, then this episode is for you. As you start working towards more than financial stability but actually growing your wealth, you may encounter a few challenges along the way.
Like most of us, you may develop a few habits and mindsets that will hurt you on your financial journey.
Listen as we cover financial 10 mistakes to avoid.
In this episode, I discuss:
- 10 mistakes to avoid on your wealth-building journey
- Low-cost ETFs and index funds to get started as an investor
- Why budgeting is liberating
- Why you should have financial goals
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Dreamers’ Wealth of Wisdom:
- A lot of people believe that they shouldn’t have a budget because a budget is restrictive. But no—a budget, when used properly is liberating.
- The great thing about investing, especially investing in the stock market, is the time value of money. The sooner you start investing the better.
- Then you continue to invest consistently no matter what’s going on—whether the stock market is up, whether the stock market is down, you continue to invest. And that is what is going to pay off over time instead of trying to find the right time to invest.
- We have to make sure that we have the money first before we start spending it.
- An emergency fund is a cushion that you have in case things happen, and things always happen. Honestly, life always happens. There’s always gonna be an expense that you didn’t plan for. They’ll come and throw off your budget.
- Make sure that your investments are aligned not only with your philosophy but also to your comfort level as an investor.
- If you don’t know the goal, then it’s really hard to stay focused. You have to keep your goals close, and that way you can work diligently towards achieving your goals.
- Sometimes, people have high income, and they think that they have this great net worth, but looking at how they are spending their money, their net worth is not what it should be. But once you’re clear on your net worth, then you can start setting goals on what you want your next net worth to be.
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Other Episodes You Might Like:
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- Birthday Episode – A Year in Review: Lessons Learned and Goals for the Next Year
- How to Change Your Money Mindset to Earn More with Natalie Bullen
- Rewriting Your Money Story
- Never Be Broke Again When You Follow These Steps to Build Wealth with Certified Financial Planner Jacqueline Schadeck