There are so many myths around when it comes to money. Firstly, you need to decide what is good money advise and what is just a myth that could be holding you back from achieving financial ease and financial success.
Today I just want to shine the light on 5 money myths that I’ve heard, that you might have heard, that might be standing in the way of you earning great money, of you having a lot of money in your life and in your business, and really living up to your full potential.
The first one is, “money doesn’t buy happiness”.
We’ve all heard this, and it might be a bit contentious to talk about this, but I really think it’s important. A lot of people will say, “I don’t need to earn a lot of money, because money doesn’t buy happiness anyway.” Or, “The more money you have the more problems you have.” These sort of beliefs.
But, I just want to say, not having money doesn’t bring a lot of happiness either. It can be really difficult, and struggling with money can affect every aspect of your life. It can limit your choices, it can hinder your freedom, and it just never feels comfortable. That tight anxious feeling that you get in your chest, sometimes waking up at three in the morning worrying about money. That’s not happiness, so I would really challenge that belief. It’s not to say if you have money all your troubles are gone and it’s easy street. Not necessarily, but, having money allows you to do whatever you want. It allows you to buy things that you really want, it allows you to create things that you really want, it allows you to choose the best thing for you, it allows you to choose luxuries, if that’s what you really, really want. So, think about that statement, money doesn’t buy happiness, and if you ever catch yourself saying it, then really pull yourself up, because not having money doesn’t buy happiness either.
The second money myth is, “I don’t earn enough to save.”
A lot of people, especially when they are first starting out in business, every last cent goes back into their business, very rarely are they taking any money for themselves and they’re certainly not saving any money. Again, this is a myth. You can still grow your business, and you can take money for yourself, and you can save. The Proffer First System is the way to go if you’re in business, because this will allow you to take money for yourself, always, even while you’re growing your business, even while you’re still investing in your business, a portion of all your revenue still comes to you, and you can take that money, you can put it into your household, and a portion of that can be saved. There is no excuse, and saying that you don’t earn enough to save, well, you may always have that mentality, you may always feel that you’re not earning enough to save, so the sooner you get started the sooner you can build that nest egg and that wealth fund.
The third money myth is, “cash is best, pay with cash”.
I know that people, especially from European, Mediterranean, Middle Eastern, Asian backgrounds, have been raised with this mentality, “Just pay cash, pay cash.” And it doesn’t always serve you best to pay with cash. If you have credit issues or credit card issues, then sure, you might need to go the cash option in order to be able to control that. But, if that’s not an issue for you, credit cards can be a great way to get stuff. So you can earn points, you can earn frequent flyer points, you can earn shopping points, you can earn all sorts of things, and sometimes there are insurances that are covered when you make a purchase with a credit card. So there is a lot of advantage with paying on credit and not paying with cash. Work out what’s best for you, but having that myth that cash is always best, may not be really right for you.
The fourth money myth is, “you have to be rich to invest.”
Now a lot of people will say, “I don’t have any money to invest in anything. I can’t go and invest in shares or a portfolio, or anything like that.” But of course you can. It’s the same with, “I don’t have enough money, I’m not earning enough money to save.” If you create the right systems, you will be able to have some money, that you can save, that you can either put into a term deposit if that’s what you want, or you can take that and invest. You can invest in some shares, you can invest in investment properties, all sorts of different things. So, really just eliminate that myth. Everybody can invest, you don’t need to be rich to do it, and you don’t need to have a certain amount of wealth accumulated in order to start. You can start small, you can build incrementally, and then one day, you might have a nice little nest egg.
And the fifth money myth is, “I will take care of my finances when I start making more money.”
When things start to happen and more revenue starts coming in, and more expenses, and all of that’s happening, then I’ll deal with my finances.” It just is not the right way to start. When you have a business, you need to be managing and looking after your money straight away. You need to be knowing the ins and outs. You need to be tracking, you don’t have to wait till your business is growing, and sometimes the business doesn’t grow very rapidly or very easily, if you are not on top of your finances, if you’re not really aware of what’s coming in and what’s going out. So it’s important to do this from the start. Eliminate that myth that you will deal with it when. Because chances are you won’t, and then when you have to it might be a hot mess.
I hope that you’ve taken some of those myths and busted them. And if you have any of your own, I’d love to hear from you. Please like and comment below, and please share this video with anyone that you think needs some money myths busted.
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