Money Myths

True or false

Here are a few myths and misconceptions people have about money and how it affects their lives.

Myth 1: Everything in my life would be wonderful if only I had more money coming in!
Reality: More money coming in is usually accompanied by more money going out. As your income increases, so does your expenses. You need to get a hold of your expenses and manage them while you increase your income and asset column.

Myth 2: Financial well-being is defined either by how much money I have or how much I earn.
Reality: Financial well-being has to do with how much of what you earn you keep, and how well you manage what you have.

Myth 3: Following a budget inhibits my freedom of choice.
Reality: Following a budget brings greater control over important choices.

Myth 4: All the “Big Money” making opportunities are gone.
Reality: Economic opportunities worldwide are more available today than ever before in history. Millionaires are made in time of recession.

Myth 5: The Government, my employer or someone else is responsible for my welfare. (The world-owes-me-a-living Syndrome)
Reality: We alone are responsible for our ultimate financial welfare. The sooner we realized this, the quicker we can start on the road to wealth.

Myth 6: You need to have a large amount of money to start saving.
Reality: Saving is best done by putting aside a little amount of money regularly over a long period of time.

Myth 7: Having a good job ultimately leads to wealth.
Reality: A job is a temporary source of income; to be wealthy you need permanent sources of income. A job may turn out to be merely a method for generating cash flow for supporting an expensive and unsustainable standard of living unless you take steps to acquire or create passive income which flow to you regardless of your job.

Myth 8: Retirement planning is only for those with a few years to the end of their career.
Reality: Retirement planning is a lifelong activity carried out against a background of continually changing personal and family circumstances. The sooner you start the easier it would be.

Be wise, be financially free!!!

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Categories: Money

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14 replies

  1. Charlse. I like this posting and the facts you conveyed are simply eternal. Welldone and keep it up!

  2. Thank you very much for this. Even me being an ACA still rely on some money myths. With this,it has sharpened my insight and I will become more prudent n observing alongsyd practice. Once again…thank you.

  3. Well bro u doing a gud job kudos, I am still trying to practise all ur principle because I spent much than I save. Weldone.

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