8 Money Traps You Should Avoid To Become Wealthy
This coming recession is your opportunity to get rich. Well, that's what most investors seem to be saying. You need to get rich and you need to get rich quickly.
Scared to Take Risks
Money trap number one is being scared to take risks. Being scared of risky opportunities is understandable in such uncertain times.
Investing in Things You Don't Understand
Money trap number two is investing in things you don't understand. This is the number one rule of investing. It is extremely true but every time a crisis happens, people totally ignore it.
Not Spending Enough
Money trap number three is not spending enough. This may sound a bit strange, not spending enough. I thought you were meant to spend less and invest more.
Taking Your Job For Granted
Money trap number four is taking your job for granted. With more people than ever losing their jobs and businesses going bankrupt, it's really not the time for people to take their job for granted.
Money trap number five is payday loans. Payday loan companies are like predators during these times. They see people who are struggling and they advertise to them nonstop.
Money trap number six is not having a side hustle. Although you shouldn't be taking your job for granted, it also shouldn't be your only way of generating income.
Not Living Within Your Means
Money trap number seven is not living within your means. People have gotten used to the good times. So many are spending more money than they actually have.
Money trap number eight is get rich quick schemes. This is something I had to mention as I'm seeing it more and more.