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#9: The Biggest Mistakes and Traps to Avoid As You Build Wealth

February 25, 2025

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In this episode

We’ll explore some of the common mistakes and traps people fall into on their way to Financial independence.

I’ll share how I fell into many of these traps myself, and how you can overcome them so they don’t derail your progress or throw your life off track.

 

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2 Comments

2 Replies to “#9: The Biggest Mistakes and Traps to Avoid As You Build Wealth”

  1. Hi Dave, Thanks for the great content! I wanted to ask if you still believe that dividend investing in Au stocks is the best passive income strategy for FI.

    I’m looking to invest ~$300K in ETFs to generate passive income, as I anticipate potential employment instability in late 40s or older. I’ve already bought some DHHF but am unsure if this aligns well with my goal. Would love to hear your thoughts! Cheers.

    1. I’d say I think it’s very effective for effortless income, provided there’s still a decent level of diversification built into the strategy. But if it’s Oz focused it has its own limited diversification. I’ve come to appreciate having a more global mix of assets and have gotten past the idea of selling shares for income which I wrote about here: https://strongmoneyaustralia.com/my-latest-thoughts-on-dividends-and-diversification/

      In short, I’d be happy with either strategy, but I understand why people will prefer one over the other so I think it’s a personal choice.

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