Welcome back to Micro Empires Podcast! I’m your host, Jennifer Ives Grimson. Today I will be sharing with you my never ever evers: 10 things that you should never do when building wealth. I have been through these 10 things already and trust me, it didn’t turn out well for me.
Let’s jump right into this episode and find out what exactly you should avoid so you don’t end up going through the same hardships that I did.
[00:01 – 01:12] Opening Segment
- Quickly go over some key lessons from this episode
- I encourage you to listen to the last few episodes to hear my full story about how I found myself without any money, no job, and no place to live twice in my life.
[01:13 – 15:18] 10 Things You Should Never Do When Building Wealth
- 1: Turn your financial well-being over to someone else
- You have to be responsible for your own financial independence
- 2: Let others dictate what and how you spend or invest
- Stand firm on what you are comfortable with
- 3: Do not invest more than you can lose
- Invest in an area that you are comfortable with
- 4: Never value opinions over experience
- Talk is cheap and opinions are easy to throw out.
- 5: Try not to be the most interesting or smartest person in the room
- Surround yourself with people that challenge you
- 6: Partner with someone who has no skin in the game
- When investing with partners, make sure they have monetary incentive
- 7: Abandon yourself
- Stick by yourself and be your own best friend
- 8: Take a payday loan
- Stop it right now!
- 9: Live above your means
- Choose your sanity over your vanity
- 10: Lease a car or buy a new car
- A car is not an investment; it depreciates the moment you drive it out of the dealer’s
- 11: Leave the house without these 3 things
- Credit Card
[15:19 – 18:04] Closing Segment
- Resources that I would like to leave with you
- Final words from me
“Your financial independence, your growth is yours, and no one else gets to dictate that. You have to be responsible for your own financial well-being.” – Jennifer Ives Grimson
“You are only as good as the average of 5 people you spend the most time with.” – Jim Rohn
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