One of the things that has really annoyed me over the last few years (other than everything the Trudeau Government has done to Canada), has been how average people are getting sucked into bubble manias. What People Don’t Understand About Building Wealth is that it’s the long game that matters most.
Nowadays everyone seems fixated on the get rich quick schemes. They’re doing things like speculating on the latest crypto currencies (of which there are now thousands and more on the way). Some are buying short dated options on Nvidia (NVDA) and the like. Others are roaring with the kitties and buying the meme stocks. Or they’ve pinned their pathetic hopes on becoming a Tik Tok / YouTube star by doing stupid beverage experiments.
I guess the more things change the more human nature remains the same. People will always try to go for instant gratification versus long term planning. Whether in the 1720s South Seas Bubble, the stock market mania of 1929, the dot com bubble, real estate, etc., the here and now matters most versus what comes tomorrow.
What People Don’t Understand About Building Wealth is that it takes long term thinking and a balanced approach. The fundamentals of personal finance are simple. It just seems like few people can actually follow them.
Live within your means. Spend less than you earn. Pay down debt. Save and invest the rest. Study after study has shown that these are the basics of personal finance that have minted countless millionaires.
If you’re young and just starting out at your real job, just know that this approach takes about 10 to 15 years and you’ll be very happy that you started it early!
I think as the various bubbles deflate more people will return to the tried and true method of building stable, consistent, long term wealth and financial security.
Save, Invest, Build Wealth and Prosper
In case you’re wondering here’s where we park our money and some financial services that we use (please note these are affiliate links where we receive small compensation for signups and sales):
For our precious metals and coin capsules, we use Silver Gold Bull because they price match and offer fast, insured, delivery.
We also own some crypto currencies like Bitcoin and Ether through Shakepay. If you’re interested in buying some here is our referral link to Shakepay and get $10 to try it out. We buy Bitcoin on Shakepay and transfer it to a Ledger cold storage wallet to keep our crypto secure.
For our Daily banking we use Tangerine because they offer incredible products and no-fee banking.
For investing we use Questrade because it offers incredible value with low cost stock purchases and free ETF purchases. If you haven’t done so already, check out my Questrade Review to see why it’s the best deal around. Get $50 in Free Trades when you signup for Questrade through this link.
Please note: this page contains affiliate links. As an affiliate, this blog receives a commission for each sign up for Tangerine, Shakepay, Borrowell, Questrade, Amazon, Silver Gold Bull and Bluehost.