If You Want to Break Out of the Middle Class, Avoid These Money Habits The ease of falling into these unproductive money traps is dangerously high.
By Phil Town
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partner Phil Town discusses how people in the middle class often have only $1,000 in savings and piles of debt.
So, if your goal is to break out of the middle class and retire comfortably, here are a few habits -- or "traps" -- you should avoid:
- Having no emergency funds.
- Not investing enough.
- Having no trust in the stock market (putting away money in a 401K is just the start)
- Not thinking long-term.
Town recommends only buying things when it is absolutely required. Invest everything else.
Click the video to hear more.
Related: The Biggest Risks (and Rewards) of Investing
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