These 7 Mainstream Financial Myths Are Keeping You Poor

Do you want to be wealthy? Most people do, but they don’t know how to go about it. They listen to financial advice from their immediate surrounding and so-called experts who eventually are keeping them poor. If you want to achieve better-than-average results, you have to do something different and ignore the mainstream financial advice that is preached by most people.

In this blog post, we will go through a list of 7 bad pieces of financial advice that are keeping you from building wealth. We will also explore why following this advice won’t get you where you want to be financially, and show you what to do instead!

1. Never Spend More than 30% on Your Housing Expenses:

While this sounds like a smart piece of advice, most people misunderstand this and instead budget and do spend 30% of their income on housing. This is anchoring, you somehow have this 30% number or “one-third” figure somewhere in your head and never think of lowering your housing expenses significantly lower than this.

Housing being your biggest expense anyway, it’s the top one of the Big 3, you should rather flip this rule around and try to spend as little as possible on housing. Delay your lifestyle inflation and live a ninja-like stealth wealth life.