There is loads of information about investments and building wealth that is readily available. In the US alone, there are about 600 new books each year published on personal finance. The problem with so much information being available is it is easy to confirm an opinion, regardless of whether it is right or wrong.
Lack of patience
A lot of people overestimate what they can achieve in a few months, but underestimate what they can achieve in a few years. Be patient. Value the power of compounding.
Overestimate their own capability
We have all seen or heard stories of going from rags to riches after a few quick wins on the share market or crypto. This is rarely down to brilliance and expertise, but more often down to plain good luck. If you are trying to beat the average of the share market by picking which ones to buy, remember that in managed funds the ‘experts’ only manage to beat the index 25% of the time.
There is a lot to think about with personal finance. There are quite a few factors to take into account, including what level of volatility you can handle, figuring out what to invest in, prioritising your short and long-term goals, trying to minimise tax, and wanting to maximise returns. In the end, most people end up doing nothing, or at least nothing in a structured way.
Finally, don’t think you are the only one whose behaviours stop you from doing the best you can. In fact, a large part of what I do with people is to give them the confidence, certainty and control so they can move forward and build the life they want.
If you want to discuss how we can help you, book a chat via the button below on contact us on 0417 034 252 or at firstname.lastname@example.org.