Image by Olga Subach

There are certain stigmas that are holding people back from building the life they’ve always dreamed of.

Whether you like it or not, money is involved in almost every part of your life. It dictates what you do, who you are with, where you live, how you behave, what you own, and parts of your character that you might not have so much control over because money is a stimulus or barrier.

Yet the best time to build wealth is as early as possible because compound interest, also known as the 8th wonder of the world, works in your favor during this time.

When you’re young, life is on your side because:

-You have more time to recover from your losses whether it’s in the stock market or with a venture
-No one cares if you’ve failed 100 or 1 time
-You can make the most mistakes as a student
-No dependents
-You aren’t beholden to making money to support your family yet
-You can act foolish to get you somewhere you never dreamed of

As you get older, there is more pressure to work towards something in order to keep yourself and family afloat which leads people to believe certain things about money that have nothing to do with wealth creation.

They believe these lies because they’ve never been exposed to money and associate being rich with glamour and shiny objects.

The stigmas that people associate with wealth include:

-They believe income and possessions = wealth
-The more you own, the wealthier you are
-Working hard is only temporary at the start
-Mindset has nothing to do with wealth creation
-They have a fixed/scarcity instead of abundance mindset about the availability of money in the world

Image by Unsplash

Looks are the Devil

All of these statements are the most popular perceptions the lower to middle-class have about millionaires.

The lower to middle-class range from people making anywhere from $9k a year to up to $90k a year.

While it’s hard to deny that a lavish lifestyle with a high-cost of cars and homes means someone is rich, more often than not, it’s usually never the case if you really identify what’s a part of their portfolio.


For one, looks are very deceiving. Especially with real estate or investments, you can purchase almost all of your property through a mortgage or stocks on margin.

Margin means going into debt, having the bank or government loan you money in hopes of the lender paying it down or replenishing it through your gains.

You can check out why real estate is less risky but offers a better return at the same time here.

Two, there’s a difference between good and bad debt.

Good Debt: Investments in appreciating assets such as student loans, business, or in yourself through education in hopes of repaying the debt sooner in the future

Bad Debt: Adds no benefit, simply money down the drain not intending to get the money back after it’s spent. Credit card debt behind medical debt is the second most common reason why people get into debt by purchasing junk such as luxury goods, cars, clothes, etc. to simply impress others.

So the next time you see someone with that $50k watch and Lambo, think about how much debt they took out to pay for those things.

Never judge a book by its cover. You have no idea what they are dealing with.

It’s not about how much you earn/make, rather how much you keep.

Image by Joshua Sukoff


We all have fallen into the trap of wanting to become rich quickly. Yet, according to consistent historical research, passive investing always beats out active investing because day trading is always unpredictable, no matter how much experience you have.

As opposed to investing long-term in the S&P 500, throughout the corrections and crises, the major indexes, not just S&P always go up.

Anyway, with active investing, you never see all the losses behind that 1 gain. A few weeks back during the profitable Robinhood trading frenzy, RoaringKitty, a Reddit investor lost a majority of his money, a couple thousand before making 7 figures with GameStop.

Investing FOMO is the worst kind of emotion because you never get over it. We weigh our losses far more than our gains and believe we must skip the long line to earn real wealth.

That’s the problem. With our short attention spans, we don’t bother educating ourselves, instead, we try picking up every cheap gig we can get which ends up costing more of our time.

Rich isn’t about skipping the line.

It’s all in the mindset and what you envision in the future.

Author and researcher Thomas J. Stanley conducted research for several years on millionaires to learn their habits.

In their research according to INSIDER magazine, they found that many people who have achieved millionaire status don’t follow the popular perceptions.

It’s all in the wealth-building habits that lead to achieving millionaire status.

So let’s dissect the three misconceptions that are limiting your potential:

Image by Jakob Owens

Myth #1: Millionaires Are Born Wealthy

According to Thomas J. Stanley’s book, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, only 20% of millionaires inherited their riches. Most were not trust fund babies and 67.4% of ultra high-net-worth individuals in 2017 were self-made.

Excuses lead you nowhere. Most millionaires had to work for everything they wanted.

Most had to work 9–5 jobs, take on several passive income streams, babysit, take on minimum jobs on the weekends to make ends meet, and utilize the most powerful source of investing to reach their status.

But keeping status is harder than it looks. No wonder why 90%+ of athletes and lottery winners go bankrupt within a year of earning a lump sum they cannot control.

Saving is in fact harder than earning since there are a plethora of places to earn these days online.

Although gender and racial wealth gaps, along with rising healthcare costs coupled with stagnant wages have held people back even more during this economically challenging time of the pandemic, those who have a positive, mindset with a game plan and a safety cushion made it through the best and in fact saw their net worths skyrocket during this time.

Don’t follow your economic professor who always tells you that there’s scarcity. There’s always an abundance of wealth. That’s why fait money exists. The government prints trillions of dollars each year for someone who deserves it.

Image by Unsplash

Myth #2: Possessions Define Wealth

Although it’s hard to believe, material possessions that depreciate in value such as designer items, cars, and status symbols do not present someone as wealthy because more often than not, the poor clamor to those things.

The rich know better. They invest in themselves, don’t try to impress anyone except themselves, don’t feel the need to waste their money to look good, and don’t care about looking homeless through their stealth wealth image because they are the most confident in themselves.

The average millionaire doesn’t drive a car worth more than $35k. The middle class do when they cannot afford it.

No wonder one of the richest people on Earth: Warren Buffet still lives in his Omaha, Nebraska home he bought for $31,500 in 1958, and in today’s dollars adjusted for inflation it is worth $652,618. He lives in a modest home even worth an estimated $84.6 billion because he is happy and focused on other important things such as education and giving back.

What is even more shocking is that many car dealers state, “Many drivers of luxury cars have neither the levels of income nor net worth which would qualify them as high economic achievers.”

The more cars or stuff you have doesn’t qualify you as a millionaire, it only impedes you from becoming one.

Focus on experiences, yourself, and those that cannot be replaced.

Image by Unsplash

Myth #3: Income Is A Majority of One’s Wealth

Most millionaires started building up their wealth portfolio by attaining a standard 9–5 job along with investing on the side.

The key isn’t the type of job, role, company brand, or title, it’s what you do outside of it, the tax advantages you take advantage of and the alternative sources of income you build up to keep yourself afloat and let money work for you.

Income isn’t wealth because it doesn’t matter how much you earn if you spend all of it. If you live in a high tax state, that leads you into lifestyle inflation which drains you from keeping your income.

A farmer who saves up to 60% of their income paying little to none in federal or state taxes living a comfortable life in the middle of heartland America can easily be wealthier than a banker with those monogrammed vests on Wall Street spending all day and night.

Looks are deceiving and salary is even worse to focus upon. You have no idea how much debt is looming over someone’s bank account and what type of spending addiction they may have.

Image by Lea Kobal

It’s easier to spend and save and the more you make, you are tempted to buy yourself more without it making your life any better.

Don’t fool yourself. Making money is hard because of these stereotypes you believe.

Break out of this vicious cycle and pave the path you want to be a part of.

What’s stopping you is yourself. Get after it.

About the author: Mia Gradelski

Hey I’m Mia, a NYU student passionate about blogging what’s on my mind all finance, tech, lifestyle-related. I'm also an investment analysis intern here at Atticus!


  1. ฝาก30รับ100 October 14, 2021 at 3:27 pm - Reply

    Game slot online yang kami sediakan ini dapat dimainkan hanya menggunakan 1 consumer id dan pastinya sangat mudah sekali untuk dimainkan secara online dengan melalui Smartphone Andorid,
    IOS, Pc dan juga Laptop. Kalau anda mencoba bermain di Adabet303 tidak
    ada yang nama nya jam offline di jam tersebut, karena agen resmi saat ini yang
    selalu online 24jam akan membantu seluruh para player
    agar para participant agar bisa menikmati permainan tersebut pada jam offline sekali pun bisa melakukan deposit
    di sini..! Kami melakukan ini agar semuanya para pemain bisa menikmati permainan ini dengan sangat seru pada
    malam hari,. Karena permainan slot ini begitu banyak keuntungan yang bisa kita dapatkan jika kita memainkan permainan tersebut pada waktu malam hari apa lagi saat
    anda sedang liburan pastinya sangat cocok begadang anda ditemani sama permainan slot online ini.
    Terupdate yakni langkah-langkah pada menolong Kamu mengawali pengudakan Anda kepada most
    important-principal dirinya web gimana Slot Online Mudah
    Menang .

  2. October 30, 2021 at 12:12 am - Reply

    certainly like your web site however you need to check the spelling on quite a few of your posts.

    Several of them are rife with spelling problems and I in finding it very troublesome to tell the reality on the other hand I’ll surely come again again.

  3. Katia October 31, 2021 at 2:20 pm - Reply

    Does your blog have a contact page? I’m having problems locating it but, I’d like to shoot you an e-mail.
    I’ve got some ideas for your blog you might be interested
    in hearing. Either way, great site and I look forward to seeing it develop over time.

  4. tik tok login qr code November 2, 2021 at 7:26 am - Reply

    Keep on writing, great job!

  5. memory foam round pillow November 6, 2021 at 10:26 am - Reply

    Hmm is anyone else encountering problems with the pictures on this blog
    loading? I’m trying to find out if its a problem on my end or if it’s the blog.
    Any suggestions would be greatly appreciated.

  6. microfibre pillows November 6, 2021 at 10:44 am - Reply

    This is a good tip especially to those fresh to the blogosphere.
    Short but very precise information… Thanks for sharing this one.
    A must read article!

  7. daftar slot online December 6, 2021 at 6:00 am - Reply

    You can definitely see your skills within the article you write.
    The arena hopes for more passionate writers such as
    you who aren’t afraid to mention how they believe. All the time follow your heart.

  8. slot emoney December 17, 2021 at 6:39 pm - Reply

    We’re a group of volunteers and opening a new scheme in our community.
    Your site offered us with useful info to work on. You have done a formidable process and our entire community will probably be grateful to

  9. Web designers Sandton January 30, 2022 at 10:18 pm - Reply

    I am sure this paragraph has touched all the internet visitors, its really really pleasant article on building
    up new blog.

    Also visit my web-site; Web designers Sandton

  10. dubai rent car February 12, 2022 at 6:26 am - Reply

    Hey there! Someone in my Myspace group shared this site with
    us so I came to check it out. I’m definitely loving the information. I’m bookmarking and will be tweeting this
    to my followers! Wonderful blog and superb design and style.

  11. car rental March 6, 2022 at 10:12 pm - Reply

    Hurrah! In the end I got a webpage from where I be able to truly get useful facts
    concerning my study and knowledge.

  12. car for rent dubai March 7, 2022 at 10:42 pm - Reply

    Hey! Quick question that’s totally off topic.
    Do you know how to make your site mobile friendly? My web site looks weird when browsing from my apple iphone.
    I’m trying to find a template or plugin that might be able to correct this issue.
    If you have any suggestions, please share. Many thanks!

  13. Vernita April 28, 2022 at 6:04 pm - Reply

    hello!,I love your writing so much! share we be in contact more approximately your post on AOL?

    I require an expert in this area to unravel my problem. May be that is you!
    Having a look forward to peer you.

  14. I take pleasure in, lead to I found just what I was taking a look for.

    You have ended my 4 day long hunt! God Bless you man. Have a great day.

  15. Flynn May 16, 2022 at 6:56 pm - Reply

    Howdy! I know this is somewhat off topic but I was wondering if
    you knew where I could locate a captcha plugin for my comment form?
    I’m using the same blog platform as yours and I’m having trouble finding one?
    Thanks a lot!

  16. bitcoin wallet June 26, 2022 at 6:14 am - Reply

    Bitcoin and cryptocurrency in general, are legal and regulated in the
    Philippines. Considering what number of are on the market, discovering the most
    effective Bitcoin wallet could be an especially taxing activity.

    It’s important to verify your wallet of alternative
    means that you can do all three with out much effort.
    It’s no secret that studying how to use a brand new Bitcoin wallet could be
    a tough job. This issue will be generally neglected, however that doesn’t imply it’s unimportant.
    So to ensure that doesn’t happen to our reader, we provide a
    suggestion, eToro. Luckily, eToro provides precisely that!
    All in all, when you’re taking into consideration the plethora of
    options eToro presents outdoors of its Bitcoin wallet, it becomes clear why they’ve taken the
    highest spot. Some have pointless features which might be unlikely to be utilized in the actual world, others are
    expensive or untrustworthy. To help our readers better perceive what components are vital when selecting a
    Bitcoin wallet, we’ve damaged down 3 key issues to look out for.

  17. August 3, 2022 at 5:59 pm - Reply

    дорожное радио слушать онлайн на
    хорошем качестве

  18. Hey would you mind letting me know which web host you’re
    using? I’ve loaded your blog in 3 completely different browsers and I must say this blog loads a lot faster then most.

    Can you suggest a good internet hosting provider at
    a honest price? Thanks a lot, I appreciate it!

  19. August 9, 2022 at 8:09 am - Reply

    на нем вы найдете старательно

  20. üvey anne deve tırnağı! black September 15, 2022 at 9:09 pm - Reply

    Uygur kizlari amator gizli porno vıdeolarını ücretsiz
    izle. uygur kizlari amator gizli sikiş filmleri
    oYoH ile izlenir, kesintisiz seks merkezi. OY KATEGORİLER VIDEO ARA.
    Uygur Kizlari Amator Gizli porno izle. 12:3.
    SICAK amatör gizli kamera tarafından banyosunda tıraş yakalandı.

  21. תרופת אהבה טבעית September 16, 2022 at 5:14 am - Reply

    So there is no free lunch or pot of gold which can be diverted to other We\’d like
    to invite you for an interview stendra drug class “We do

  22. September 20, 2022 at 7:52 pm - Reply

    This is a good tip particularly to those fresh to the blogosphere.
    Brief but very accurate info… Thank you for sharing this one.
    A must read post!

  23. October 3, 2022 at 4:16 am - Reply

    Of course, what a magnificent blog and illuminating posts, I will bookmark your site.All
    the Best!

  24. October 5, 2022 at 10:40 am - Reply

    Hey, you used to write great, but the last few posts have been kinda boring?
    I miss your super writings. Past few posts are just a little bit out of track!
    come on!

  25. Jeanna Charlton November 4, 2022 at 1:17 am - Reply

    Wohh precisely what I was searching for, appreciate it for putting up.

  26. Huey Borrego November 4, 2022 at 10:14 am - Reply

    I appreciate, lead to I discovered exactly what I was having a look for. You’ve ended my 4 day lengthy hunt! God Bless you man. Have a great day. Bye

  27. Kellee McCrae November 7, 2022 at 6:49 am - Reply

    Fastidious answer back in return of this matter with genuine arguments and describing all on the topic of that.

  28. November 11, 2022 at 8:42 pm - Reply

    I every time used to read post in news papers but now as I am a user of net so from
    now I am using net for content, thanks to web.

  29. November 12, 2022 at 12:05 am - Reply

    I’m truly enjoying the design and layout of your blog. It’s a very
    easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a developer to create your theme?
    Exceptional work!

  30. November 12, 2022 at 1:07 am - Reply

    It’s nearly impossible to find knowledgeable people in this particular topic,
    but you seem like you know what you’re talking about!

Leave A Comment


Get updates sent directly to your inbox.