Analyzing the money-management secrets of the fantastically rich is always a popular personal finance topic, and Yahoo delivered a new article on just that this week.
However, some bits of their advice are better than others.
“Work hard — and you’ll get lucky”: Is that truly a valuable tip? Has “imagining what your ideal life as a millionaire will look like” really translated into a cushy corner office or winning stock portfolio for anyone?
There are tangible ways to building your wealth that don’t rely on luck or daydreaming. No self-made millionaire would argue against living within your means, starting your retirement savings while you’re young, or maintaining a high credit score.
Too many people lack the understanding of what it takes to make it to the top, and Financial Literacy Month is as good a time to make that point as any. The essential tools for financial success begin with solid personal finance education taught by qualified professionals, but sadly, as a recent Econ4U survey showed, a majority of people are unclear on the basic concepts that really do translate into wealth.
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[...] But if you’re chock full of testosterone and itching to, say, use your savings to play the lottery, try to keep your impulses in check and put your money somewhere a little safer. [...]
[...] overly general advice you have probably already thought of yourself. (For your amusement, here’s another example.) And much of the time, it amounts to little more than [...]