When it comes to financial planning, there are a number of myths and misconceptions as well as sources of of information and advice that are both reliable and dubious. Common mistakes one can make include believing that a having high income equates financial stability or failing to recognize the significance of tax asset placement while making investment decisions.
The majority of people think that just having a well-paying job, owning a home and a side hustle, earning more money online are keys to being wealthy. While having a substantial monthly income makes it easier to save money, you also need to make sure you are consistently spending significantly less than your earnings to increase your net worth. To escape the spending trap, you need to comprehend the distinction between income and long-term wealth. Although income is undoubtedly a factor in achieving financial freedom, it is not the sole one.
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