The Money Podcast 12 Money Myths Keeping YOU Poor
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What are the biggest misconceptions around money?
In this episode, Rob and Kane look at wealth, savings, and the banking system, challenging the traditional beliefs that saving money is the key to getting rich, and stressing the fact that hard work alone is insufficient for financial success; instead, smart work and leveraging opportunities are crucial!
KEY TAKEAWAYS
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Saving money in traditional bank accounts is often counterproductive due to low interest rates and inflation
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Store wealth in assets that appreciate over time, such as real estate or precious metals.
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While hard work is important, it is not sufficient for wealth creation.
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Smart work, which involves leveraging opportunities and resources, is crucial
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Effective time management is essential for productivity
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Not all debt is bad; it depends on the cost of the debt relative to potential investment returns.
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If the return on investment exceeds the cost of debt, it may be beneficial to invest rather than pay off the debt immediately.
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Building wealth is more about the gap between income and expenses rather than just increasing income.
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Investing in appreciating assets while keeping expenses low can lead to long-term financial success
BEST MOMENTS
"Saving money is the key to going broke. You cannot save your way to wealth."
"The bank does not care about you. The bank does not save your money, it invests your money."
"Money absolutely does make you happy. Without money, we cannot exchange value with each other."
"If a bank says to you, buy now and pay later, run a mile"
"You do not need money to start investing. You need knowledge, resources, and contacts."
VALUABLE RESOURCES
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller âLife Leverageâ Host of UKâs No.1 business podcast âThe Disruptive Entrepreneurâ
âIf you don't risk anything, you risk everythingâ
CONTACT METHOD
Robâs official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979