This morning, I overheard someone talking about how gullible some people are with their wealth and how they can end up making life-changing mistakes by being too greedy. I thought this was so wise coming from someone who said that he doesn’t have any money.
I think that a lot of people get caught up in wanting to find a get rich quick scheme when they really need to be focusing on the fundamentals. Just like with everything else (your job, the sport that you play, building wealth), if you don’t master the fundamentals you’re never going to reach your goals.
Instead of focusing on that hot stock tip that someone gave you or the MLM that promises you’ll be making 6 figures in a year, you’d probably be better off by focusing on the following:
- Follow a budget
- Establish an adequate emergency fund
- Save & invest for retirement
- Make sure you’re adequately insured
- Prioritize paying off your debts
- Save for short-term goals
