Sun May 19 2024, by Tyler Gardner
Overcoming Money Myths: How to Become a Millionaire Before Your Friends
If you want to become a millionaire before your friends do, you've got to stop believing in the three biggest money myths out there.
Myth #1: You're Too Poor to Invest
Believing that investing is only for rich people is akin to saying exercise is only for healthy individuals. How do you think they got fit? The same way people get rich—by starting today, no matter how little, and staying consistent. Remember, you won't get immediate results, but the long-term benefits are worth it.
Myth #2: You're Too Stupid to Invest
If you think you're not smart enough to invest, congratulations! You're letting all the finance professionals win. It's easier now than ever to control and manage your own money. If you devote just 20 to 30 minutes learning about concepts like Roth IRAs, index funds, and dollar-cost averaging, you will know more than 99% of people in the world about investing.
Myth #3: You're Too Old to Start Investing
Many believe that age is a barrier to starting an investment journey. Consider this: in 10 years, you'll be even older. Would you rather have that decade filled with compound growth on your investments? It's never too late to start!
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