20 Money Myths Limiting Your Money-Making Potential
Your Money Mindset Is Important There are a lot of myths out there about how to manage your money. Here are 20 money myths that you need to stop believing today.
I Can Always Save Money Later
One of the biggest reasons broke people never seem to get out of their financial situation is that they keep thinking there will always be a later. Even though it may feel good at the moment, this I'll save later money mindset is procrastination at its finest.
I Don't Need Life Insurance
You never know what will happen tomorrow, and if something does end up happening to you or your family, you may need to fall back on more than an emergency fund. Everyone needs some form of protection for their future because no one knows what might come next.
I Will Always Be Broke
With a little bit of education and some motivation, you are capable of making more than enough each month. It all comes down to your mindset when it comes to earning money. There are plenty of side hustles that anyone can do with the right amount of hard work and motivation.
Others Have That, So I Should Too
“A flower does not think of competing to the flower next to it, it just blooms.” Zen Shin Stop comparing yourself to others. Other people’s money is their business, not yours.
I Should Buy A House If I Can Qualify For The Mortgage
Whenever you are thinking about real estate investing, ask yourself this question. Does this person have a vested interest in me buying a house? If the answer is yes, take their opinion with a massive grain of salt.
Having a Lot of Money is Greedy
Simply having wealth does not mean someone is greedy. Ignorance perpetuates money myths. Wealthy people make the world go round, and their finances are why most people have a job and enough money to pay their utility bills.
I Deserve This
How? What did you do to deserve it? Wealth creation is created by abstaining from conspicuous consumption until your money makes money each month. Rich people have assets. Poor people have things.
My Credit Scores Doesn’t Matter
Having an excellent credit score is almost as good as having loads of money. A low credit score will cause you to pay more interest on loans and may cause you to be denied housing.
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