While the average amateur investor may be excellent in their own career field, it doesn’t mean they know what to invest in, or how to pick stocks. In fact being very good at your field can give you the false sense that whatever stocks you pick or your broker picks for you must be good, because after all, you picked them and you picked your broker — and you’re smart so, no doubt, those stock prices will go up. Unfortunately, the smart and talented stock-picking neophyte is not investing at all but speculating. www.mises.org; By: Doug French; Words: 924

In further edited excerpts from the original article* French goes on to say:

The vast majority of people just don’t have the time or possess the patience to thoroughly analyze an investment opportunity. In “The Millionaire Next Door“, authors Thomas Stanley and William Danko point out that the average person tends to

The Philosophy of Money: What It Means to Be Truly Wealthy

by Alexander Green, Oxford Club Investment Director

As a young man in my twenties, I worked as a stockbroker in a local firm. Before long I was earning a six-figure income. Then came the brand-spanking-new lakefront house, the ski boat, the Jaguar XJ-6, and all the other toys.

I saved virtually nothing. When my friends came over for parties - which were frequent - most of them assumed I was rich.

I was nothing of the sort, I hadn’t learned about the true philosophy of money.

Wealth is not the same thing as income. If you earn a lot of money and blow it every year, you’re not rich. You’re just living high.

Wealth is what you accumulate, not what you earn. And it certainly can’t be measured by what you spend.

How does the average person get rich?