
Are These Myths Preventing You From Becoming A Millionaire?

When reading about success stories from millionaires, many of us might feel we aren’t cut out to stand next to them. The status seems a little too difficult, too unattainable for everyday people. We often make an impression that those people inherited their money, had very high-paying jobs, or won the lottery. But the reality is actually quite far from that.

Arie Wubben/Unsplash | Becoming a millionaire is all about effort, the right attitude, and a sense to avoid mistakes
While there’s no secret formula to amassing wealth, the road to becoming a millionaire is much easier than perceived. People may keep wishing they were lucky enough to get that rich, but they fail to realize that they too can become millionaires, and surprisingly enough, it has nothing to do with education, family money, or luck. All one needs is effort, the right attitude, and a sense to stay away from pitfalls.
Are you ready to make an effort? Do you have the right attitude? Well then, we’re here to help you avoid the mistakes. Let’s start with a few financial myths that might be stopping you from fulfilling your desires.
Myth #1 – Investing is only possible with a ton of money
That’s a common mistake most beginner investors make. While it’s true that you shouldn’t exhaust your everyday living funds for the purpose of investing, once you have your basic needs covered and have a little extra for emergencies set aside, you can step into investing with the most basic amount. The stock market is full of low-cost shares which you can purchase to start building your portfolio.
In fact, we’d suggest you step into investing as early in life, with as little capital as possible. This will not just minimize your risk window, but also give your investment ample time to grow. But of course, you shouldn’t splash your hard-earned money on the first low-value stock you see. Research and learning from mistakes is essential.

Annie Spratt/Unsplash | You don’t need to have huge capital to start with investing. It can be done with very low amounts too
Myth #2 – You should stick to one kind of asset, and stocks are the best
Well, actually, that’s the complete opposite of the truth! While buying stocks is the first and most natural step in anyone’s investment journey, limiting only to stocks can restrict your shot at being a millionaire. Experts advise that having a diversified portfolio is the best strategy for building wealth.
A diverse portfolio is one that includes not just different kinds of stocks but also several other kinds of assets like real estate, bonds, trust certificates, etc. Distributing your money across different kinds of assets will not just minimize your risk significantly, it will also help you gain much higher returns in the long run.
Myth #3 – Building a strong portfolio takes several years
We know we pointed out earlier that you shouldn’t rely on hasty decisions but conduct thorough research before investing, but often, people don’t have the patience or time to do that. Well, what’s interesting is that to begin investing, you actually don’t need to dive so deep into the fundamentals and analyses.
You can make safe bets by starting with ETFs (Exchange Traded Funds) or S&P 500 Index Funds. They need very little research and usually, come with minimal risk. But of course, you’ll need to compare the different available funds to determine which works best for you in terms of returns and fees.

Ishant Mishra/Unsplash | Starting with ETFs (Exchange Traded Funds) or S&P 500 Index Funds may be a wise call since they need very little research and usually come with minimal risk
All in all…
We hope we were able to bust a few myths you had about investing, and now you’ll be able to step into the field with new zeal. As for the question of what would help you in becoming a millionaire, it’s as we said, the right amount of hard work, dedication, self-confidence, and plain smartness.
More in Investments
-
`
5 Common Career Tips That You Should Ignore
Taking the right decision at the right time in the career will bring peace of mind in the future. There is...
March 29, 2022 -
`
Median Home Made More for Homeowners Than Their Jobs
Homeownership has always been part of the American Dream. Because of that, many people accept owning a home as the right,...
March 29, 2022 -
`
4 Pieces of Financial Advice You Cannot Ignore
When you search for financial advice, Google search results bring in a plethora of advice and tips. While it’s easy to...
March 25, 2022 -
`
Tips To Help You Save More Money On Gas
Gas prices in the world are soaring. A perfect storm of rising post-pandemic demand, seasonal price increases, and Russia’s invasion of...
March 22, 2022 -
`
The Divorces of Queen Elizabeth’s Children: A Struggle for Royalty
Queen Elizabeth has dealt with a lot of heartache and pain throughout her reign as Queen of England. One of the...
March 22, 2022 -
`
4 Efficient Strategies to Maximize Your Credit Card Rewards Without Affecting Your Credit Scores
Making the most of your credit card rewards isn’t a hard game. However, it gets tougher when you want to improve...
March 15, 2022 -
`
Are You Looking to Join The Great Resignation? Here is all You Need to Know About Self-Employment Taxes
As the Coronavirus broke out in 2019, employees faced tremendous difficulties. Some lost their families and loved ones. Others lost their...
March 15, 2022 -
`
Investments Tips to Consider During Times of Inflation
Inflation can also be called a silent killer that has the potential to erode the purchasing power of an investor’s portfolio,...
March 4, 2022 - `
You must be logged in to post a comment Login