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10 myths about money

10 myths about money

Unlearn these myths if you want to build serious wealth

May 10, 2023

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99% of personal finance advice sucks

It’s just the same stuff said 100 different ways:

"Build a budget"
"Increase income"
“Spend less than you make"

You don’t need to hear the same tired advice again.

If you want to build wealth, you must unlearn these 10 myths about money:

1. Debt is bad

Not all debt is bad, only dumb debt is.

Dumb debt looks like:

Credit card debt
Payments you can’t afford
Interest rates above 6% for liabilities

You lose money with dumb debt. Smart debt makes you more.

2. Avoid Credit Cards

When used correctly, credit cards:

Earn cash back
Insure purchases
Provide discounts
Pay for your travel

Credit cards aren’t the problem.

It’s your lack of discipline.

3. You can start later

You can, but…

Here’s how much you need to become a millionaire:

10 years: $5,250/month
15 years: $2,750/month
20 years: $1,500/month
25 years: $850/month
30 years: $505/month

The truth is…

The longer you wait, the more expensive it gets.

4. You need a high income

Ronald Read was a janitor and gas station attendant…

But retired with over $8,000,000.

Meanwhile, 51% of people making 6-figures or more are living paycheck to paycheck.

It’s not about how much money you make. It’s about how much you keep.

5. You can save your way to wealth

If you save $500 a month it’ll take 160 years to have $1,000,000.

But if you invest $500 a month it will take 30 years.

Investing is powerful. It’s why you can’t save your money forever.

If you want to build wealth, you must invest.

6. Money changes you

Money doesn’t change you. It just amplifies who you are. I

f money “makes” you a terrible person, you were always terrible.

The only difference?

You used to be broke.

7. Investing is risky

It’s true, investing IS risky.

But so is:

No nest egg
1 source of income
Inflation destroying your buying power

If you don’t invest you will work until you die. The truth is,... Not investing is riskier.

8. You must own your home

Homeownership is expensive:

Down payment
Property taxes
Maintenance
Renovation
Inflexibility
Mortgage
Insurance
Utilities

Renting isn’t throwing your money away. It’s decreasing your opportunity cost and enabling freedom.

9. Investing is for rich people

No.

Investing is how people get rich.

If you want to:

Build wealth
Quit your job
Create a legacy
Retire comfortably

Then investing is for you.

10. Money is meant to be spent

True. But how you spend is more important.

Spending on what you don’t need and can’t afford is what’s holding you back.

You need to make the transition to spending money on assets that pay for your lifestyle.