The idea of getting wealth in a flashy way is not new. After all, Charles Ponzi, named after the Ponzi scheme, tricked investors over 100 years ago with a get-rich-quick scheme built on a false foundation. Today, speculative investments, MLM companies, and other dangerous efforts to make a profit still set a fascinating trap.
You can always leave money in your interest-bearing account and take the time to do that, but isn’t it perfect for an exciting party conversation? Therefore, it opens and closes the account. We invest in hot stock and sell them at the first sign of bad news. We ruin money because it is believed in our minds that it takes effort to increase wealth.
“In almost everything else we do, the activity is rewarding. If I want to be a good runner, I should run every day. If I want to be a good painter, I always have to practice. “Morgan Housel, a partner of The Collaborative Fund and author of The Psychology of Money, said in an email. “But if you want to be a good investor, the best thing people should do is leave it alone, not trade, mess around. It’s so unique to investing that it’s intuitive. I think it goes against. “
In a world full of financial influencers who boast of buying NFTs and touting their friends, managing money in a way that almost yawns is perfectly fine. This is the reason.
Being bored gives you more time to live your life
Dealing with your money is a necessary chore and it’s not exactly fun. Thankfully, we live in…