5 Financial Myths You NEED to Unlearn Now

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The first myth is that you should buy everything with cash. The Dave Ramseys of the world discourage using credit, and I think that’s a huge mistake. I’m not saying you should go out and buy cars and TVs you can’t afford, but in order to build a sizeable real estate portfolio, you’ll probably need to use financing. The key here is to understand the important distinction between good debt and bad debt. Good debt is when you use a loan to buy something that puts money in your pocket every month, like a rental property. Bad debt is when you use financing to buy liabilities like cars and boats. If you stop demonizing debt and see the value in utilizing it in a financially intelligent way, you’ll be better off.

Here’s another financial myth you need to understand: a lot of people think you need thousands of dollars to invest. You actually don’t! It’s true that if you want to buy a performing asset like a rental property that the barrier to entry can be high… but that’s not the only way to start earning returns. Here’s a far more accessible way to get your foot in the door: investing in real estate notes. We’ve partnered up with a company called Connect Invest that allows you to start earning returns for as little as $500. Connect Invest offers real estate short notes that deliver a 7.5-9% return on investment. You can choose the note length of anywhere between 6-24 months. The ROI is more than double any type of traditional savings account or CD that your banker will recommend. You can use my link to open a free account and when you invest $500 or more, you’ll receive $50 just for signing up! If you’re new to investing, this is an incredible way to start watching your dollars grow. It’s also a smart way to save for a down payment on a rental property or simply add some more assets to your balance sheet. There’s no minimum credit score or any type of requirement. All you need is $500. See if it’s a fit for you at https://morrisinvest.com/connect.

Relying on outdated retirement practices. We’re living in a different world than our parents and grandparents did. If you’re banking on a 401k or Social Security to fund your retirement, the outlook is pretty bleak. In the description box below, I’m going to link some of my recent videos on retirement, and why you need to come up with a different plan if you want to build wealth and have a comfortable retirement that spans years, if not decades.

Building a nest egg. Most people have been taught the importance of saving their pennies. But here’s the bad thing about a pile of cash: it eventually runs out. When you rely on saving money alone, your money is finite. If you want to actually build wealth, you’ll need streams of cash from performing assets.

Living on one earned income. Most people have one source of income: earned income from their 9-5 job. The average millionaire has seven streams of income! Even if you have no intention of becoming a millionaire, it’s a great idea to build out multiple streams of passive income in order to live a comfortable life.