Many people desire a better life with more money – most fail to achieve either.

There are many reasons why but most often habits and attitudes to generating and retaining money are critical. The two are interrelated.

Some beliefs, myths and accepted norms need debunking.

Multi-generational wealth is increasing as the gap between rich and poor proliferates in NZ (wrong).

An above average income usually facilitates an above average net worth (wrong).

One successful windfall (speculative investment or lottery winnings) is a probability for long term wealth (wrong).

Speculating and investing require similar disciplines (wrong).

Being frugal doesn’t lead to being financially conservative (wrong).

Not spending will lead to considered investing (wrong).

The euphoria of the deep and the euphoria of investment will have positive outcomes (wrong).

Being in business will not require capital, time or labour, far in excess of employee status (wrong).

The NZ immigration department is happy to accept term deposits as viable investments qualifying for foreign investor status (wrong). While the majority of NZ residents are growing their wealth in growth assets (wrong).

Kiwi Saver investors have taken a leaf out of the NZ Superfund asset allocation manual and are investing 90% of their funds into growth assets (wrong).

Most people realise volatility does not mean the inevitability of ‘loss’ (wrong) and that volatility and risk are the same thing (wrong again).

People think that by owning products (property, shares, commodities, term deposits) they are investing (wrong).

Modern portfolio theory is easier said than done (wrong).

John Maynard Keynes and Warren Buffet were lucky when using a ‘focused’ investment strategy (long term, buy and hold, limited holdings, in depth due diligence) – (wrong).

Working hard over a protracted period of time will be rewarding; mentally, socially, physically and financially (wrong).

Digital communication has not reduced investment time frames from years, weeks and days to minutes, seconds and mille seconds (wrong).

The majority of investors and consumers will continue to shop face to face (wrong).

Leverage doesn’t multiply the chance of loss or of the loss being greater (wrong).

Free ‘advice’ always costs less than professional advice (wrong).

DIY saves money especially when investing (wrong).

Putting your life savings into one public company, or one sector, or one country, or one bank, or one house in your street of your country reduces your chance of loss (wrong).

Naïve optimism is an important trait for successful investing (wrong).

The older you get the wiser you get (wrong).

Some cultures don’t confuse parsimony with productivity (wrong).

Assets and income cannot be mutually exclusive (wrong)

Trust is earned by a multiple of return not a multiple of time (wrong).

Professional advice is always best delivered by ‘practising professionals’ (wrong).

Regulation is more important than transparency (wrong).

Without a sense of urgency we may miss this one off opportunity (wrong).

Look after your pennies and the pounds will look after themselves (wrong).

Money is the root of all evil (wrong).

Improving my financial capability is likely to improve my financial viability (right).