There is some seriously suspect money advice on social media. Question everything you hear. Do your own research. If it sounds too good to be true, it probably is.
Always try and figure out what the motive is behind what someone is saying. For example, are they taking an extreme view because they are desperate for attention?? Are they talking about the magic of using life insurance as an investment because they are paid on commission when they sell life insurance?
Are there crypto millionaires? Of course there are! But they are the exception, not the norm. Most people who venture into crypto have LOST money. Studies show about 75% of people who have bought crypto have had a negative return, despite it going up in value. Why? Because most buy at the peak and sell at the bottom. And very few actually owned it 10 years ago and held on.
The G-Wagon might seem like a joke, but there are a ton of videos that start with “here’s a secret the rich don’t want you to know” and then go on to do some form of an inaccurate description of the tax benefits of purchasing a car. This is NOT how you get rich.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
