9 money myths we hear all the time—but can actually hold you back from getting rich

Prioritize security over market volatility.

“An annuity salesperson convinced my client to sell his Tesla stock because of market volatility, so he gave up control and liquidity in exchange for ‘security.’

But when he lost his job, he had to pay an early withdrawal fee to access his money. His $500,000 annuity was only worth $300,000, compared to the $3.2 million his stock would be worth today.

The salesperson didn’t disclose that he owned stock in the annuity and was working on commission. Always question others’ interests and how they align with yours. Are they getting a commission, or do they only make money when you do?”

—James Daily, founding partner of Daily Law Group. Follow him on LinkedIn.