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 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 conclude that there 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.
P.S. - We give lots of money tips! These tips are for the people who already understand that you need to earn more or save more to become financially free. Tips that enhance that understanding are worth taking a look into. Tips that lie to you and say that you don't have to change any of your financial habits and can still get rich are worth ignoring.
#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. Why? Because willpower doesn't have an action plan. Willpower is fleeting and when it goes, you will go right back to your old habits. 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 true ruiner of 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 truth is there will never be a great time to start investing just like there isn't a great time to have a child! The future always comes whether you planned for it or not. You have to start when you don’t have enough. Tomorrow will come, and you will be prepared or you won’t.
If you are a victim of one of these myths, don’t worry. Most people have fallen into their trap, and the media continues to perpetuate these false truths. Once you take power out of these myths, you will realize you have more control over your finances than you think you do. It boils down to having a plan for your money. If you have a plan, you don't have to worry. If you don't have a plan, your money will go wherever it sees fit.
If you are interested in creating a plan and ridding yourself of these financial myths, come chat with me.