There’s a lot of bad financial advice that you can hear and watch every day!
It comes to the point that he’s totally pissed whenever he heard terrible financial advice on the TV. Actually, how many of these advisors do you think is really rich in real life? Do you think you should really listen to them giving advice?
Well, you know, when it comes giving advice about money, the most important thing you should know is figuring out where the source is coming from. Is this financial advisor are rich? Is he successful in his life? What could be his business? His yearly income?
Usually, some of this bad financial advice is coming from people who work for mutual funds companies, and their target is to put your money into mutual funds. Actually, if you just think it logically, they don’t have an agenda for your best interest, they’re just after the funds that will only work the best for them.
Below is the most common bad Tax Accounting & Business Advisory you’ll hear on the TV, radio, and from other people, so watch out!
1.“Always Find Ways to Save Money”
This business advisory services or advice is the most popular the most common of them all. Basically, you always hear this tips on how to save money. You can hear this on the news, on the radio, and you can also read this on the web.
I give you an example, “Make your own coffee instead of going to Starbucks everyday morning” or “Bike to work instead of driving”. You know, the reason why it falls under the category of bad financial advice is that it only focuses on how to save money and not on how to make more money.
So let’s say you believe on that advice, you actually stop buying a coffee every morning, so you save $100 per month. And then what? $100 won’t make you rich! If you think logically, you’ll only save $1000 per year. These savings can’t make you help to buy your own house, your own car, and etc. It’s not enough, it’s not significant.
Remember, a penny saved is just a penny in the end. Then, if you’re busy counting your pennies, you’ll only have pennies! You don’t have a problem with saving money, you just have an income problem. So, starting to learn high-income skills are the solution to your problems.
- “Put Your Money into Mutual Funds”
You know, putting your money into mutual funds won’t get you rich!
Let me explain this to you if you put your money into the mutual fund every month for 10, 20, or even 30 years, what do you think will happen? When you retire you’ll get that money, but do you think you’ll be comfortable in your whole life when you’re already old? After getting the money from the mutual funds will make you okay, just okay, and not even comfortable.
Why? Because of the inflation, you won’t be rich. Let me give you an example of future scenarios, if the market doesn’t crash by the time you retire, you can have the little bit of money and help you to live off. However, if the market does crash, your entire life savings will just evaporate!
That’s why mutual funds companies want you to believe that putting your money into mutual funds can make you rich after several years. Why? Because they just want to keep your money as much as possible, and because they make money from your money.
This is the last bad financial advice you should avoid. Hustling won’t make you rich, it can only make you tired.
If you develop high-income skills, it can help you to earn good amount of money without working on the usual working hours. To do side hustle may generate extra income, however, don’t think that hustling around the clock can get you rich.
Make sure you choose your financial partners wisely and avoid these financial Tax Accounting & Business Advisory.