3 Money Myths
Are you sabotaging yourself financially? If you're following any of these three myths below, the answer is YES! There is no shortage of financial advice from your parents, your teachers, or your colleagues but are you listening to opinions that actually matter? Let's squash these money myths before they squash your money!
#1 Debating (Time = Money)
There are constant debates about strategies to saving a few pennies here, what bank account has the best interest rate, and how you can shave off a few dollars by doing this "one" fast trick. However, the truth about money is that it is much like a diet. You know that to lose weight you need to move more and eat better. However, you always try to find a shortcut in the form of a diet pill, diet foods, or crash methods. These methods never work. So, when you come to the conclusion that there really isn’t a shortcut to money and you stop debating about things that do not matter in our financial lives you will be better off and focus on action instead of debating.
#2 Willpower Will Get You There!
Have you ever been a victim of the “tries”? You will try to make it there. You will try to be at the workout. You will try to be there on time? You will TRY to save more money? Willpower, when it comes to money, is a total myth. Willpower is fleeting. Willpower also doesn’t have an action behind it. What does it mean to try harder to do something? Money doesn’t care if you do or do not have willpower. Money cares about action. The easiest way to stop the negative self talk about “trying” and failing is to automate things. Automate your bill pay. Automate your savings. Automate your investing. Do not let your financial life be a product of your willpower. Instead, automate it and forget it.
Procrastination is the ruiner of true wealth. Time is one of the most important factors when it comes to investing and the more you have of it, the better off you are. However, there is a myth that you will start investing or saving or starting the emergency account when you "have enough." The future always comes whether you planned for it or not. This means there will never be enough! You have to start when you don’t have enough. Tomorrow will come and you will either be prepared or you won’t.