The 16 biggest lies you’ve been told about money.
1/ Buy a home. Don't rent.
This is a lie peddled by the people incentivized by your home purchase.
A owner-occupied home is not an investment. Period.
If you have $60k for a downpayment & you invest it and let it compound for 30 years, it will be worth more than the house.
This is a lie peddled by the people incentivized by your home purchase.
A owner-occupied home is not an investment. Period.
If you have $60k for a downpayment & you invest it and let it compound for 30 years, it will be worth more than the house.
2/ Buy in Cash
If you can borrow money at 3% and invest money at 8%, DO NOT SPEND THE CASH.
Invest the cash. Borrow the money.
If you can borrow money at 3% and invest money at 8%, DO NOT SPEND THE CASH.
Invest the cash. Borrow the money.
3/ Increase Passive Income
When starting out many people tell you to focus on getting more passive income.
Wrong.
Focus on active income in the beginning of your career.
Passive $ can come later.
When starting out many people tell you to focus on getting more passive income.
Wrong.
Focus on active income in the beginning of your career.
Passive $ can come later.
4/ Save More Money
Regardless of what you hear, most people don't save their way to riches.
They earn their way to riches.
Focus on earning more money, not on skipping $7 lattes.
If you think $7 lattes are keeping you from being wealthy, you're NGMI.
Regardless of what you hear, most people don't save their way to riches.
They earn their way to riches.
Focus on earning more money, not on skipping $7 lattes.
If you think $7 lattes are keeping you from being wealthy, you're NGMI.
5/ Money Doesn’t Buy Happiness
Money buys peace of mind and freedom.
And you won't meet many people with the freedom to do what they want and peace of mind who aren't happy.
Money buys peace of mind and freedom.
And you won't meet many people with the freedom to do what they want and peace of mind who aren't happy.
6/ Your 401k is the Way to Save A Lot
If you're stuffing a ton of your disposable income into your 401k, you will never have the money to chase a big opportunity.
401ks are a form of golden handcuffs that keep employees right where they are.
h/t @joecassandra
If you're stuffing a ton of your disposable income into your 401k, you will never have the money to chase a big opportunity.
401ks are a form of golden handcuffs that keep employees right where they are.
h/t @joecassandra
7/ Stay Away From Credit Cards
This honestly isn't that hard.
Pay for your expenses on a credit card. Pay your balance every month. Get all the points.
It costs you nothing but now you have points for free plane tickets and hotels.
This honestly isn't that hard.
Pay for your expenses on a credit card. Pay your balance every month. Get all the points.
It costs you nothing but now you have points for free plane tickets and hotels.
8/ Work Harder to Earn More
The only people who work harder to earn more are hourly.
And if you want to earn a lot more, you'll have to work smarter.
We all know people who work extremely hard that just make ends meet.
Work Smarter.
The only people who work harder to earn more are hourly.
And if you want to earn a lot more, you'll have to work smarter.
We all know people who work extremely hard that just make ends meet.
Work Smarter.
9/ Look for Salary Increases at Work
Making a higher salary is great.
But if you really want to max out on your income, find a career/opportunity that allows you to earn based on outcomes.
A salary is at the discretion of your employer.
Find a way to eat what you kill.
Making a higher salary is great.
But if you really want to max out on your income, find a career/opportunity that allows you to earn based on outcomes.
A salary is at the discretion of your employer.
Find a way to eat what you kill.
10/ Move to Texas..There's No Income tax...
Let's face it. Most people don't earn enough to be that concerned with taxes.
And those who earn a ton can live wherever they want anyway.
Live where you want to live. Earners are everywhere.
Let's face it. Most people don't earn enough to be that concerned with taxes.
And those who earn a ton can live wherever they want anyway.
Live where you want to live. Earners are everywhere.
11/ Time is Money
Time is not money. Don't trade money for time unless you can eat what you kill (#9)
Your time is more valuable than money.
No one would trade places with Warren Buffet if they had to be 90 years old.
h/t @joe_portsmouth
Time is not money. Don't trade money for time unless you can eat what you kill (#9)
Your time is more valuable than money.
No one would trade places with Warren Buffet if they had to be 90 years old.
h/t @joe_portsmouth
12/ Tithe 10%
I'm not getting all up in your religion.
But the same reason we don't have a flat tax rate, you shouldn't blindly give any %.
If you have significant disposable $, consider tithing more.
If you have no disposable $, focus on earning until you can give more.
I'm not getting all up in your religion.
But the same reason we don't have a flat tax rate, you shouldn't blindly give any %.
If you have significant disposable $, consider tithing more.
If you have no disposable $, focus on earning until you can give more.
13/ Choose the 15 Year Mortgage
Do NOT choose the 15 year mortgage.
If you want to pay your mortgage off early, choose the 30 year and make extra payments.
If you ever get in a tough situation, you can stop making the extra payments.
Do NOT choose the 15 year mortgage.
If you want to pay your mortgage off early, choose the 30 year and make extra payments.
If you ever get in a tough situation, you can stop making the extra payments.
14/ Buy an Investment Property Early
Real estate is the best way to build wealth. Bar none.
But it is not the best way to generate cash flow.
If your cash flow is tight, focus on starting a business or side hustle to earn more.
Then dump it into real estate.
Real estate is the best way to build wealth. Bar none.
But it is not the best way to generate cash flow.
If your cash flow is tight, focus on starting a business or side hustle to earn more.
Then dump it into real estate.
15/ Finance is Zero Sum
Money is not a zero sum game.
The world economy is big enough for everyone to have a slice of the pie.
Treat life with a mindset of abundance.
Not a mindset of scarcity.
Money is not a zero sum game.
The world economy is big enough for everyone to have a slice of the pie.
Treat life with a mindset of abundance.
Not a mindset of scarcity.
16/ Compete on Price
Never compete on price. I learned this in one of my businesses.
Do you want to stay in a hotel that competes on price?
Probably not.
Compete on value.
Bring so much value to the table that there's no other choice than to pay you.
Never compete on price. I learned this in one of my businesses.
Do you want to stay in a hotel that competes on price?
Probably not.
Compete on value.
Bring so much value to the table that there's no other choice than to pay you.
I worked in finance most of my career and have come to hold these views over time.
I'm an open thinker and therefore open to changing my mind based on new viewpoints/facts.
It took that mindset to come to some of these conclusions in the first place.
I welcome a good debate.
I'm an open thinker and therefore open to changing my mind based on new viewpoints/facts.
It took that mindset to come to some of these conclusions in the first place.
I welcome a good debate.
If you enjoyed anything here, it would be great if you could share with more of the Twitter community.
Just retweet the first tweet:
Just retweet the first tweet:
https://twitter.com/chrisxmunn/status/1484907219481100289?s=21
I'm Chris.
I send my community 2-3 threads a week similar to these.
Come along for the ride.
👉 @chrisxmunn 👈
I send my community 2-3 threads a week similar to these.
Come along for the ride.
👉 @chrisxmunn 👈
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