The 7 Investing Myths In Africa
Hi Intelligent Investor,
Did you catch our series on the Seven Spending Myths here?
Well the core of our mission is three fold,
- To help you Save Smart,
- To show you how to Invest Wise and
- Walk with you to Compound Wealth.
Following on the heels of that, we would run the 7 investing myths in Africa.
Truth be told, you must have at one point or another been trapped in one of these myths.
It is okay to own up as long as you have moved and improved past that.
The 7 Investing Myths
The seven myths are common misconceptions we have about investing.
If these misconceptions are out of the way, we would be wiser investors.
Why keep money in a savings account when it is just an emergency spending account.
That is absolutely incorrect. The stock market would continue to drive the creation of value in all economies. But also with the occasional bust.
Haha, this is why even PHD holders have fallen in. High unsustainable returns lead to erosion of capital. Avoid at all cost.
A $1 invested in Amazon 22 years ago is above $1000 today. Yes, that is the power of the Long Term, 22 years.
Just as there are no successful lottery winners over the long term, there is nothing like a Jackpot millionaire in investing.
- The Herd Myth: If my buddies are in, I am In.
How did Isaac Newton lose $20,000 in the financial markets, by flouting the Herd Myth.
- The Knowledge Myth: Books are for Fools, I don’t need to know anything
If reading is not worth it, then try losing all you have earned. Knowledge is an absolute necessity, Ask Ben Franklin.
Over the coming days, we would speak to these myths…
Are you ready to bust the myths?
1 min read.