Basically, a friend (29) and I (29) were having a discussion about financial goals and he was saying how if I can form multiple streams of income around my artistic creations, I can have a money tree providing a high income for me and that I should not focus on working 40 hours a week putting 10% of my paycheck to Wall Street (that's never guaranteed returns and subject to crashes) and hoping 8% yearly returns are going to make me wealthy at a age where I can't guarantee I'll be healthy enough to reap the $1 million that I traded my life (time) for.
He insists that it's better to get rich fast by creating a business around something that is profitable, have a passion for, and are good at, than having to trade my time for money and live paycheck-to-paycheck for the rest of my life. Then he told me that once I've established more money than my lifestyle needs (retirement, which can happen at any age), then I can focus on investing for wealth security with the caveat that by no means should the stock market be used to build wealth without the investor having sufficient income to make it worth it to invest.
Then he goes on a rant about how these are the secrets that big corporations, the government, Wall Street and other institutions don't want you to know and encourages me to take his advice and apply it well. His points does sound valid but regardless, my relative who is a financial advisor himself strongly encourages me to contribute to a 401(k) and a lot of other people encourage to do so as well. Just wanted to hear some opinions from people in this sub to see what they think. Is my friend right?
Submitted April 28, 2022 at 11:43PM by drinkyafkingmilk https://ift.tt/Eg6S2yr
