Myths and prejudices about money and investments (Part II) 0
Wealth is not the same as income. If one does a very good income each year and spends it all, you are not becoming richer. You are simply living a high standard of living. Wealth is what you accumulate, not what you spend.
MYTH ONE: INCOME vs. WEALTH. Therefore, to demystify first aspect of the rich is the bond that is usually done between income and wealth. They are two completely different concepts and it is very important that we see it that way.
How did the millionaires to become rich? Probably be thinking that the main source of wealth is the heritage or family tradition. But most of these millionaires are not descendants of Rockefeller. Over 80% of millionaires are ordinary people who accumulated wealth in one generation.
They did a slow, steady, without signing a multimillion-dollar contract with a football team or a record company without winning the lottery without actually becoming a character from the likes Madonna.
MYTH 2: THE 80% of millionaires are first-generation. Wealth is, in most cases, the result of a lifestyle that includes hard work, perseverance, planning and, more importantly, self-discipline. Read the rest of this entry →