We live in a world where money rules everything, but for some reason a lot of the common knowledge surrounding money is simply plain wrong.
Sadly, most people believe these myths and lies. They struggle to keep what they earn. And they feel stressed when they think about money.
So today I’m going to clear up some of the most common myths about money. If you’re tired of worrying about money, and you’re ready to improve your financial situation, here are five of the most popular misconceptions about money — and what you should be doing instead.
1. Money is hard to come by unless you are a financial genius
Lots of people think that wealthy people are financially savvy. They assume the wealthy know the ins and outs of finance or that they know everything there is to know about investing.
However the truth is that anyone can be wealthy, even if they don’t know much about money. It doesn’t matter what you know or where you have come from; everyone has the potential to become wealthy and successful.
Over your lifetime you will earn a lot of money. But what you do with that money determines whether you will be wealthy or not.
If you spend as much as you earn, creating wealth will be difficult. But if you spend and invest your money wisely, you’ll quickly reach Financial Freedom.
2. Saving money is the easiest way to become Financially Free
Savings often decrease in value as time goes on, so if you’re hoping your savings alone will one day support you, you’ll probably be waiting for a long time!
On the other hand, Making Your Money Work for You and investing with your savings will make you Financially Free.
If you want to achieve true Financial Freedom, you need a combination of both saving money and investing money wisely. You’ll watch your money grow faster and work for you!
3. A credit card will help me to get ahead financially
Lots of people today rely on their credit cards, but this wasn’t always the case.
In the past people could only afford something if they had enough money in their pocket. This made achieving Financial Freedom much easier. A credit card comes with expensive monthly interest payments and annual fees that increase your outgoing costs.
Credit may not seem like a big deal, but you pay much more for an item when you buy with a credit card instead of cash. This is why a credit card is more likely to hold you back financially than help you to get ahead.
If you’re tired of credit card repayments, stop using it. And if you can go a few months without using it, consider getting rid of the card completely!
4. Only the financially savvy should invest
Another common misconception about money is that investing is risky.
Everything in life comes with a level of risk, but with investing you can control that risk to achieve your goals. Do your research before you invest; some things are always in strong demand, and if you speak to a financial adviser or an investor they can help you to set up a proven investment strategy that will earn you money instead of losing it.
Check out Dr. Tony’s article on Investing for Cash Flow here where he share’s with you some of his very own investment strategies.
5. I have to get a job to be successful
Traditional money wisdom tells people that they need to go to school, get good grades, get a good career and work full-time to be successful, and that hard workers are more likely to be wealthy.
But this simply isn’t true and no longer works.
If you’re tired of trading your time for money, then you’re ready to change your mindset about wealth.
MindShift.money is a place for people who are tired of all of the BS surrounding money to finally hear the truth. Learn more about our Financially Fit Bootcamp here.
Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.