The 4 biggest mistakes young people make with money, according to a financial expert
Gerd Kommer is a German investment banker, entrepreneur, and author. He is known for his critical stance towards active investment strategies. He advocates a full reliance on ETFs .
Believing that wealth can be built through interest-bearing bank deposits is wrong, Kommer said."If you deduct inflation and taxes, then in the past 120 years in Western countries, you have never been able to build substantial and lasting wealth with interest-bearing bank deposits," he added. There is also the risk that the insurance company may encounter financial difficulties, endangering the guaranteed payout, Kommer added.It is"very, very unlikely" you will"quickly and almost effortlessly" become rich by gambling or speculating as an employee with stocks, certificates, cryptocurrencies, or derivatives, according to Kommer.
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