Morning Blend on Mater Dei Radio: “Things that Devastate Wealth”
Many of us take the time to consider ways we may end up wealthy one day. We often forget to acknowledge the ways people are devastating their wealth.
It can be hard to believe that people truly destroy their wealth, but unfortunately I see it happen often. The biggest misconception I see: not understanding the difference between assets and stuff.
Real wealth comes from assets. These assets can grow and increase our wealth. That brand new car you’ve had your eye on? That’s not going to increase in value when you drive off the lot.
Investing is the key to growing wealth. If you aren’t properly or aggressively invested in a way that fits your age, you aren’t growing your wealth how you should.
Examples of assets that grow: a house, real estate, stocks, bonds, CDs. These not only grow in value but can also produce income for you!
So how are we actually destroying that wealth? Most often I see this in the form of lifestyle creep. Closely related to this is letting your ego get the best of you! Did you get a raise? That doesn’t mean you need to start acting different… or better yet acting like you’re in a different tax bracket.
More and more high income earners are living paycheck to paycheck. Most often their lifestyle is to blame for this!
If you’re feeling overwhelmed by this, you’re not alone! Working with a financial advisor provides the guidance necessary to help protect your wealth.
Listen to the interview
About the Morning Blend on Mater Dei Radio
Mater Dei Radio is a Catholic broadcasting apostolate dedicated bringing souls to Jesus through the Blessed Virgin Mary. We hope your faith will be inspired and deepened through our 24-hour radio broadcast, original shows and podcasts, community calendar, social media, and more!
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