The ‘biggest challenge’ that Britons face when it comes to accumulating wealth is avoiding ‘going broke.’
BUILDING WEALTH may appear to be a difficult task in and of itself, but an expert has revealed “the biggest challenge” that many people face along the way.
Ken Okoroafor, the founder of The Humble Penny, became financially independent at the age of 34 and now helps other families do the same.
He spoke exclusively to This Website about the biggest challenges his clients face when it comes to building wealth, as well as how people can get the most out of their journey.
One of the most difficult aspects of accumulating wealth, he explained, is maintaining it.
“It’s easy for some people to make money; the problem is keeping that money because we’re not wired with the right behaviors or risk management,” he explained.
“Real wealth accumulation is based on time passing and compounding.”
“Many people are on the lookout for the gleaming bullet.
The big thing that will make us a lot of money, but it’s the wrong mentality for financial insecurity.”
Due to the desire for instant gratification, many people may become distracted on their way to financial independence.
Many people will abandon their plans if an opportunity arises because it is “too long.”
Mr Okoroafor explained what British citizens should be aware of when it comes to accumulating wealth.
“Get rich quick schemes are one of the challenges that throw people off,” he said.
“This is when you’re presented with an opportunity that promises to return 10 times your investment in a short amount of time.
“Things like that frequently cause people to lose money.”
He mentioned that cryptocurrency could “potentially lose people a lot of money.”
“I don’t want to say anything negative because it could be a good thing for some people,” Ken continued, “but I’m saying this with a lot of caution.”
“There have been people who have been conned out of their money, and there have also been people who have made money.”
“These are high-risk items for people to be aware of, but they should not be viewed negatively; rather, they should be viewed with caution.”
Another obstacle to remaining wealthy is “keeping up.”
Ken explained that social media plays a significant role in this because it is all too easy for people to compare their lives to others’ and want “the next best thing.”
“People don’t believe in themselves enough,” he said, “and they’re always looking for the next best thing.”
“Knowing how much is enough is critical.”
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