Busting Misconceptions about the Wealthy

Post On: October 12, 2021

Posted In: Financial Planning Giving Saving

For many of us, becoming wealthy may seem as improbable as winning the lottery. Millionaire status is sometimes fun to imagine, but it may also feel impossible to attain, due to current income or financial demands, or perhaps it is because we’re not sure where to start.

 

Of course, simply attaining wealth shouldn’t be our goal.  As good stewards, if there is treasure attained on earth, the more of it we can use to advance the Lord’s kingdom, the better.  The Lord supplies each with what we need to accomplish His goals.  For many, this will mean being blessed with abundance.

 

Despite the fact that there are over 11 million millionaires in the United States, alone, achieving such wealth may not even be on your radar. Whether or not you are now or will be in the millionaire category, there are many misconceptions about getting there. Some of the most common misconceptions are:

 

  1. It’s impossible to become wealthy without an inheritance.

 

Becoming wealthy is not as unattainable as it may seem, and it’s entirely possible to grow your wealth even without an inheritance. In fact, 79% of millionaires didn’t inherit a penny. Discipline and long-term planning are essential when seeking to grow wealth. Prioritize getting out of debt… and staying out of debt! Then you’ll be free to maximize your saving and investing. It’s not necessary to have a six-figure income if you’re actively saving. This commitment to saving and the minimization of unnecessary expenses can place you in an optimal position to grow resources.

 

  1. The rich made their fortunes by greed and hoarding their wealth.

 

The perception of the wealthy as stingy hoarders of wealth is prevalent, but as Econofact found, it’s not technically grounded in reality. In fact, households in higher earning brackets are more likely to donate to charity, and, as wealth increases, they are more likely to give accordingly. More often than not, the wealthy did not become rich because of greed. Instead, it’s often principles such as controlled spending, savvy investing, and dedicated saving that contribute to accumulated wealth.

 

  1. It’s wrong for a Christian to be wealthy.

 

Although sins such as greed are warned against in Scripture, the Bible never condemns money itself. Instead, it cautions against the love of and preoccupation with money. As Matthew 6:24 reminds us, “You cannot serve both God and money.” Money cannot be placed on a pedestal of importance above God. But when placed in its proper context in our lives, money can become an incredible asset. God blesses us with resources in order to be a blessing to others. All that is required is to have wisdom and a desire to honor the Lord in all areas of our lives, even with our finances.

 

Becoming wealthy should not be our target, but having financial peace and long-term security is a worthy pursuit. When we manage our finances well and pursue stewardship with the resources God has blessed us with, it allows us more freedom to serve others and to give generously.

 

Sources: https://www.moneywise.org/art-rainer/3-misconceptions-we-believe-about-millionaires-2537
https://econofact.org/are-rich-people-really-less-generous

Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.

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