Why Millionaires Don't Invest in These Things Phil Town describes some tactics rich people don't use to grow their fortunes.
By Phil Town
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In this video, Entrepreneur Network partner Phil Town explains how the rich often grow their wealth differently from others. Here are some of the common investments wealthy people avoid:
- Bonds. These investors are just interesting in maintaing their capital and not interested in compounding their money.
- Prepaid plans.
- Gold. Investing into something that you cannot immediately turn into cash is a risk. Gold, inevitably, is not an asset that earns money over time.
- Trends. Town references a modern-day phenomenon, cryptocurrency, as a trend that is taking off. Town personally knows a lot of people who invested in cryptopccurency and lost it.
To hear what methods Town recommends, and the method millionaires swear by, click to watch the full video.
Related: Adopt These Smart Money Habits When Stock Prices Skyrocket
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