Investing is the key to giving up work forever.
It’s the key to giving up work forever – but this way of making money is surrounded by myths that hold most people back.I’ve found there are five common myths that hold people back from investing success – I want to debunk these myths to help get you investing more sooner to accelerate your results.When you invest, risk is actually what makes you money. It’s also what can lose you money if you take the wrong risks, or if you don’t manage risk well.
But what people don’t realise is that if you’re expecting above average returns when you invest, you’re running above average levels of risk. Given the results you can get with average, I think there’s a strong argument that you really don’t need extra risk.Tax is the silent killer. It’s often hidden beneath the surface, and because the tax rules are complicated and confusing it’s hard to be clear on the tax impact of investing – until your investments grow to critical mass.
This means that in the early days, you’ll have a small amount of investment income relative to your salary. But over time your investment income will grow – and unfortunately your tax payable will grow along with it.
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