Money Myths that keep you broke and how to avoid them

Let’s face it: there are so many stories that include myths about money that aren’t true and keep us broke. And what’s funny is that most people simply don’t know what to believe and what to ignore.

Today, in “Money Myths that Keep You Broke”, I will share the most common myths that keep us stuck and make securing a financial future difficult, if not impossible.

If you want insider secrets to propel you forward and live, as we say in the U.S., “The American Dream,” you’ll love today’s episode. So, stay tuned.

Summary: Wealth Inside and Out® Podcast – “Money Myths that Keep You Broke”

You will learn:

· The goal

· Why an emotional goal is such a problem

· How money impacts us

· Why setting long-term financial goals is so important

· The importance of getting good financial advice from someone qualified

· Why talking about money and creating a plan are so critical

Free Money Mindset Checklist

Today’s free resource is our Money Mindset Guide.
You can go to Money Mindset Guide. I share 35 years of insight on how to master your money and mindset so you can begin your retirement savings plan.

You’re going to love this free resource. You’re going to learn what fulfilled and wealthy people do differently to secure a financial future they love. And again, you can go to https://themillionaireinsider.com/mmg.

As I mentioned, this resource comprises over three decades of research and insight on money mindset mastery, and you’ll love it. So again, https://themillionaireinsider.com/mmg

Common Money Myths that Keep You Broke

In the podcast, we dive into ten different myths. Here is a sample:

Money Doesn’t Bring You Happiness

But neither does poverty.

This is one of the biggest money myths.

No emotion is going to bring us happiness. Sometimes, we’re happy, and sometimes, we’re not. So whenever somebody says money doesn’t bring me happiness, I’m like, as if poverty does.

And what I will say about having lived with money and without money is, “Living with money is so much better because most of your problems can be solved with money.”

In the podcast, we dive into additional insight into the ultimate goal and the muscle you need to develop to achieve your dream.

Money Will Change Me

Money will bring out more of who you are. So, whether you’re a loving, kind person or a royal jerk, you’ll have more of that.

But in 35 years of advising some of the wealthiest people in the world and 40 years of researching them, I will say this repeatedly: money brings out more of who you are.

With Any Success Comes More Responsibility

One of the things that I find, and thankfully I learned early in my life, is that with more wealth comes more responsibility.

Whenever you’re gifted in an area, it’s essential to understand that with that comes responsibility. My belief from the standpoint of money is that it is my job to be a really good steward of the money that I have attracted, accumulated, and created.

Money Doesn’t Matter

I always laugh. I’m sorry, that statement is a little funny. That’s true if you live on an uninhabited island or in a country without money.

What about your child who gets into the dream school, but because you don’t have enough money, they can’t go?

Or the cancer patient who needs expensive experimental drugs and can’t afford them.

It’s About Having an Ability to Choose

When you have money, you can choose what you do and how you spend your time.

You are on your time clock and do not have to have someone telling you what to do at work or in life.

More Money Will Solve My Challenge (One of the most common money myths!)

Now, on the surface, that seems true. And money will indeed solve some issues.

But what gets you into the broke group is an inner game issue.

It’s not a money issue. Instead, it’s a Worth Barometer (belief and self-esteem) issue. More money is not going to solve this issue.

Lottery Winners

Look at lottery winners. You know what? 95% are bankrupt within five years. It’s because money is not going to solve the problem.

This is an inner-game issue, not a money issue.

I Can Save Later

Maybe, maybe not. What if you become disabled, get divorced, your partner dies, or you have major medical expenses or unexpected expenses? What if buying a house is a goal, but you can’t afford it because you haven’t saved?
The best time to start saving is yesterday, and the second best time is today.

My Partner or Spouse Handles the Money, or I Don’t Do Numbers

While this may seem harmless on the surface, as you will learn in the podcast, it often ends in a broke retirement.

I’m Too Old

The best time to save is yesterday. The next best time is today.

I Am Too Busy

This one is funny. Like, seriously.

Now, the funny thing about being too busy, unorganized, exhausted, overworked, or stressed is multiplying that by 100. That’s how you’ll feel when you’re retired and broke. And, it’s more than just a busyness issue. It is exhaustive energy that drains you. When you don’t prioritize planning and just wait and see what happens and thinking about potential outcomes it can be paralyzing.

Rarely is it good. What ends up happening is you’re either going to be broke or you’re going to be married to someone you don’t want to be married to. It’s not happy ever after. It’s not fun.

If you’re wired for always being too busy and never finding the time, hire somebody who can hold you accountable. That is a critical first step; you’ll be glad you did.

Recap – “Money Myths That Keep You Broke”

The podcast dives into ten money myths that keep people broke.

You will be able to determine which ones affect you and then prioritize eliminating them so you can create a retirement and financial future you love.

Tips to Build Wealth

Here are some additional insights to break other money myths.
· Check your credit score annually
· Set up an emergency savings account for unexpected expenses
· Avoid debt, including credit cards offering a special incentive
· Start investing in the bond or stock market (Always use a qualified advisor before investing!)
· Make personal finance a priority
· Start saving, even if it is a small amount
· Compare interest rates on your safe money
· Consider buying a home
· If you have student loans, pay them off

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Thank you so much for joining me for