Engineer your Finances - Contrary to popular belief, not everything you hear about money is good advice or even true at all! Here are fifteen common money myths that could hold you back if you take them seriously.
Money Changes You
It can. Many things can. But that doesn’t mean it has to. Not only that but since when was change exclusively a negative thing? You can embrace change, and you can embrace making more money.
Money Can’t Buy Happiness
This one’s complicated. Happiness is an obscure concept that many people have a unique definition of. But what money can buy you is time to pursue your passions and live a comfortable lifestyle. And what does that make you? Usually pretty darn happy.
You Shouldn’t Talk About Money
It’s gauche to brag about money, sure. But talking about it amongst other professionals in your field or getting advice about your financial situation from someone you trust? You should absolutely be doing that.
Money Doesn’t Matter
Money doesn’t have to be the most critical thing in the world to matter. Your financial well-being directly impacts so many aspects of your life. So, it certainly matters.
Debt Is Inherently Bad
You don’t want to over-borrow and should always pay off credit card balances promptly. But provided you have a plan to pay it back, having debt is pretty morally neutral.
I Have to Stop Spending to Save
It’s not a flawed method, but so few people consider boosting their income as another way to build their savings.
I Don’t Need a Budget
Everyone needs a budget. You cannot achieve your financial goals if you don’t know where your money goes.
If You Rent, You’re Throwing Money Away
Homeownership isn’t the singular path toward building wealth or financial stability. Renting offers people much more flexibility and gives them some breathing room to achieve other small goals first.
A Budget Is Restricting
It’s easy to see why anyone would think this. But if you’re budgeting correctly, it will free you to spend your money on whatever makes sense without feeling guilty or anxious.
The Only Way to Make Money Is to Work Hard
Hard work doesn’t always equal more money. It can, unfortunately, often be the opposite; many lower-paying jobs are grueling and exhausting. It’s much more essential to leverage your skills and make strategic decisions if you want to see your income grow.
Being Frugal Means Living a Sad Life
Frugality doesn’t mean you aren’t allowed to enjoy some of life’s luxuries. It’s more about knowing where and when to spend your money so you aren’t wasting it on things you don’t necessarily need.
You Need to Be Rich to Invest
Investing is more accessible than ever. And while it requires a good grasp of how the markets work and some patience, nothing says you can’t get started with a smaller sum.
You Can Only Be Rich if You’re Lucky
There’s something to be said about being in the right place at the right time. But few financially successful people got there by happenstance: setting clear goals and following through on them is an excellent way to control how much income you earn and save.
You Can’t Save Money
This belief is common among those living paycheck to paycheck. It’s not always easy to save money, but with careful budgeting and adjustments, saving money is never impossible if you want to prioritize it.
You Need a Degree to Be Wealthy
A college degree can certainly open you up to good money-making opportunities. Still, it’s not a prerequisite to being well-off at all.
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