Growing up I've been the starry eyed person who wanted to make something out of his life, especially when he's been through so much disappointment, failure and loss.

And I've been working harder than ever in my life - less procrastination, more focus on pursuing wealth, more attention towards strategizing and planning towards the future.

Because all in all, I wanted to live on my own terms. To buy lifestyles that I didn't have in the past. To experience the finer things in life without having to look back and forth.

I'm not gonna say it's going to suck, because in fact it brought surprising benefits from improving my discipline to work ethic.

But spiritual benefits aside, the financial benefits would never match up. Because I try too hard. Especially when I'd haplessly tried to market everything I knew and liked on the internet, and neglected how reality works in the process.

If your goal is to generate steady amount of wealth over time, this article can be a right fit for you. This so far applies to my current situation, and depending on your life variables, each of these myths can pan out differently to different people.

Average millionaires have 7 sources of income

Without further ado this is an outright lie.

Most of the top tier income earners spend a good portion of their lives honing their skillsets in order to get the most from their highly compensated career. Then as their wealth grew together with age, they can start diversifying their incomes, by buying up assets or receiving dividends [ source ].

It is increasingly becoming a myth for a reason - because there are armies of influencers out there trying to sell you hope ( through their online courses ).

Without needing to cite anything, I'm sure it's also common sense that we should remove any emotions or hype when we decide on our careers. Commit 100% on what we do best is the right way to go.

Then we can diversify our time accordingly with our interests at some point in future, and in style.

Lastly, there's nothing wrong in trying to make the most out of your money, and certainly there are people cashing in from deltas of income streams, but I can almost say for myself that their primary source of income makes almost the majority of the income.

Entrepreneurship is a lucrative career

Even though starting your own business is a noble pursuit, entrepreneurship rarely happens unless we receive backing from other bigger players.

To find audience or customer you need connections and networks, to put your business on Google Maps requires funding. To operate your business you need infrastructure. And lastly, great effort.

Without any means of production entrepreneurship is easily the most unprofitable thing that you can do.

By all metrics, YouTube's gonna be the easiest business you can run. YouTube sets up everything for you in exchange for a slice of your pie.

Incontrovertibly, as the barrier to entry is close to none, the competition on YouTube, and perhaps on other social media, borders on the level of absurdity.

With growing competition comes with higher volatility and instability. Judging from my personal rule of thumb, for every defining phenomenon observed across social media platforms, there are dozens or even hundreds of passing fads that comes before it.

In other words, you can go viral and famous for a few months before getting dethroned by an even bigger spectacle.

But nevertheless we are subservient to the platform's demands. We think we own a business, but it's actually under the stewardship of the higher masters.

The people that wants you to believe in such, be it guru-influencers or financial charlatans, would downplay the risks and hardships of getting your business off the ground. No one wants to hear a failed business owner retelling the stories of his venture that never took off despite his best intentions.

And the more people watch these false encouragement videos, the more likely it is going to be circulated around viewers. Thus the more convincing the idea gets.