A recent study even indicated that many Australians believe an annual income exceeding $320,000 is necessary to be considered wealthy – a figure that remains elusive for the majority.
He said the distinction between earning an income and accumulating wealth is crucial.
Regardless of income, you only really get wealthy if you can put away a portion of that income and use that to start building passive income that you don’t have to work for,”
As for pitfalls to avoid in 2024, Mr Scott warned against speculative ventures. He drew a clear distinction between investing, which involves thorough analysis and a long-term perspective, and speculation, akin to buying a lottery ticket with improbable outcomes.
Investing is really… It’s the tortoise. It’s just slow and steady, winning the race, adding money regularly to your account, investing in quality businesses, diversifying property and letting time do the rest.”
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