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Personal Finance

Why Millionaires Don't Invest in These Things

Phil Town describes some tactics rich people don't use to grow their fortunes.
VIP Contributor
2 min read
Opinions expressed by Entrepreneur contributors are their own.

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:

  1. Bonds. These investors are just interesting in maintaing their capital and not interested in compounding their money. 
  2. Prepaid plans.
  3. 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. 
  4. 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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