THREAD:
Top 10 ENEMIES of financial success.
These 10 things are making you fall short of your financial goals.
1/ Spending money to show others you have money.
Top 10 ENEMIES of financial success.
These 10 things are making you fall short of your financial goals.
1/ Spending money to show others you have money.
"Spending money to show people how much money you have is the fastest way to have less money.
A poor man knows the true value of money and will not dare waste it.
A rich man is extravagant and is always looking for an opportunity to empty his pockets."
A poor man knows the true value of money and will not dare waste it.
A rich man is extravagant and is always looking for an opportunity to empty his pockets."
2/ An investor's biggest enemy is himself.
"The first principle is not to fool yourself and you are the easiest person to fool."
In investing, emotional intelligence matters more than IQ.
Your emotions rather than your mind will lead to most of your financial decisions.
"The first principle is not to fool yourself and you are the easiest person to fool."
In investing, emotional intelligence matters more than IQ.
Your emotions rather than your mind will lead to most of your financial decisions.
3/ Poor investment decisions.
The quickest & easiest way to lose money is not by overspending as many people think.
You will hardly spend big chunks of money at a go without questioning your spending habits.
An investment gone wrong quickly sweeps your account.
The quickest & easiest way to lose money is not by overspending as many people think.
You will hardly spend big chunks of money at a go without questioning your spending habits.
An investment gone wrong quickly sweeps your account.
4/ High Investment costs.
Where returns are concerned, time is your friend.
But where costs are concerned, time is your enemy.
Over the long term, the miracle of compounding returns is overwhelmed by the tyranny of compounding costs.
Where returns are concerned, time is your friend.
But where costs are concerned, time is your enemy.
Over the long term, the miracle of compounding returns is overwhelmed by the tyranny of compounding costs.
5/ Greed.
Money is never enough.
"If expectations rise with results there is no logic in striving for more because you’ll feel the same after putting in extra effort.
It gets dangerous when the taste of having more money increases ambition faster than satisfaction."
Money is never enough.
"If expectations rise with results there is no logic in striving for more because you’ll feel the same after putting in extra effort.
It gets dangerous when the taste of having more money increases ambition faster than satisfaction."
6/ Inflation
Inflation reduces the purchasing power of your money.
Buying cash producing assets every time you do your monthly shopping shouldn't be a consideration but a necessity.
The number one success of any investor is to beat inflation rates and so should you.
Inflation reduces the purchasing power of your money.
Buying cash producing assets every time you do your monthly shopping shouldn't be a consideration but a necessity.
The number one success of any investor is to beat inflation rates and so should you.
7/ Impulse buying.
If you do not tell your money where it should go, you will always wonder where it went.
It's not the big expenses that eat up most of our income.
Its the small and miscellaneous expenses that cumulatively do the damage.
If you do not tell your money where it should go, you will always wonder where it went.
It's not the big expenses that eat up most of our income.
Its the small and miscellaneous expenses that cumulatively do the damage.
8/ Taking too little risk or too much risk.
"Taking too little risk in your portfolio is like smoking cigarettes, taking too much risk is like doing heroin.
Both will kill you, but it's a question of how quickly."
(h/t) @dollarsanddata
"Taking too little risk in your portfolio is like smoking cigarettes, taking too much risk is like doing heroin.
Both will kill you, but it's a question of how quickly."
(h/t) @dollarsanddata
9/ Gambling
Gambling is the sure way of getting nothing from something.
A gambler is nothing but a man who makes his living out of false hope.
Building wealth takes time, forger get rich quick scams.
Gambling is the sure way of getting nothing from something.
A gambler is nothing but a man who makes his living out of false hope.
Building wealth takes time, forger get rich quick scams.
10/ Illiquidity.
"A good portfolio is both solid and liquid.
Keep a reservoir of liquidity in your portfolio. Investors perish if they have no liquidity.
The biggest risk to your money is the inability to turn an asset into cold, hard cash when you need the cash."
"A good portfolio is both solid and liquid.
Keep a reservoir of liquidity in your portfolio. Investors perish if they have no liquidity.
The biggest risk to your money is the inability to turn an asset into cold, hard cash when you need the cash."
That's it on the top 10 enemies of financial success.
If you enjoyed this thread:
1. Follow me @kahome_steve for more amazing threads in 2022
2. Retweet the first tweet so that other people may see this thread.
@MwangoCapital @Theo_mwangi @cheruiyotkb
If you enjoyed this thread:
1. Follow me @kahome_steve for more amazing threads in 2022
2. Retweet the first tweet so that other people may see this thread.
@MwangoCapital @Theo_mwangi @cheruiyotkb
Thank you for reading and Happy New Year!
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