American entrepreneur Steve Adcock presented a set of tips he described as 'financial myths' commonly found on social media platforms, asserting that they keep people poor and waste their opportunity to build real wealth. Here’s a summary of the key points he mentioned:
🔻 6 financial myths that keep you poor according to Steve Adcock
"Follow your passion"
The truth: Passion doesn’t pay the bills, but your strengths are what earn you money. Choose a career path that enhances your abilities
"Your competitors are stronger than you"
The truth: Most people are not high performers; if you are committed, doing your work, and showing up every day, you are ahead of 95% of your peers
"Save 10% of your income"
The problem: This is no longer enough given the rising taxes, inflation, and changing job market; what’s needed: smart saving, investing, and creating an emergency fund
"College is useless"
The reality: College graduates earn more than others; there may be exceptions, but don’t rely on being one of them
"Don’t worry about saving, just earn more"
The warning: Spending rises with income unless controlled; budgeting and financial discipline are the keys to financial freedom
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