The 5 biggest money myths

Elaine King

A myth is a story that is part reality and part fantasy. The story's not necessarily false, but it’s distorted due to preconceptions, judgments and ideas.

We have myths about a lot of things, most of them are completely harmless: we believe in fairies, mermaids and in thousands of things. However, when we create myths about everyday and very important things such as money, we can make wrong decisions.

Since being forewarned is being forearmed, I invite you to keep reading and discover what the 5 biggest money myths are:

  • More money, less problems: did you know that out of every 100 people who win the lottery, at least 80 file for bankrupcy in the first five years or less? The average person believes that their economic problems would be solved if their salary doubled, but the truth is that money in itself doesn't solve financial problems. Money must be accompanied by a “basic” management training. Convinced? Click hereto receive financial tips regularly or follow me on FB and Twitter.
  • Money brings happiness: Sometimes the media makes us believe this due to the many image bombardments of rich people being happy, but the truth is that money in itself isn't associated with happiness. Money gives us security and joy most of the time, but it doesn't represent a direct and non-stop passage to happyville. Find what really makes you happy and add that to a stable economy.
  • When I get money, I will fulfill my dreams: People let themselves get carried away by this myth without realizing that the reflection should be completely the opposite. You first have a dream and, most of the time, fulfilling it leads to financial security. This concept is nothing more than magical realism. To start on the right track to fulfilling your dreams, use visual boards. Find out how to create one here.
  • If I share my money, it's going to run out: This is completely false. In giving, you receive. There are appropiate moments for giving and receiving, you just have to know how to identify them. Don't know where you can help? Let this Charity Navigator be your guide. Remember that: “If you have a lot, give a lot; if you have little, give little, but always give.”
  • I'll never be able to manage myself because my parents never taught me how to do so: It's never too late to learn, you just have to take the first step. Hiring a financial advisor, reading books or attending conferences are all good ideas.

Now that you know the most common money myths, try not to fall victim to them. Look at money in a more realistic way and you'll be taking the first step towards a more lasting and firm financial stability. Remember the importance of having a financial plan with clear goals. I invite you to visit my blog here to find out how to do it and also follow me on Twitter and Facebook.

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Elaine King - Family and Money Matters™ 2021