Let's face it. There are tons of myth out there parading as truth. But the real truth is that this myths are keeping people.....well, broke, it's about time will called out this long believe "truth" for what they really are; MYTH PLUS. once you know the real truth, you can start your journey toward financial Peace.
1. My family won't be Happy if I don't give then the best.
There's no denying that family should be at the top of your priority list. And there happiness should definitely play into that. But if happiness is being found in stuff then you may actually have a case. Of "want it is?" Want-itis is the aftermath of discontent. Believing that your stuff we make you happy but believing us -it won't.
And when it comes to raising money fiscal kids, it's important to show then the value of dollar through hard work. You might have had to work at a young age when you were a kid, but Don't let your past be a burden on your children.
Help your kids to know what it like to be responsible, when they are ready to leave the nest, they'll thank you trust me.
2. You have to be rich to invest.
It's only guys in brinoni suits who drive mercedes and have stock tickets in there penthouse who invest right? It's not for us who take public transist and leave in studio apartments.
Anyone, even you can invest and it one of the best way to grow your wealth.
3. I don't earn enough to save.
In some cases, this may be true. But not in many and probably not in your case. There are people's making six figures to your low five who believe this.
The problem is that you don't pay yourself first, I understand I used to do this too. I would say to myself whatsoever is left in the end of the month, I'll save! Well, there was not anything left at the end of the month.
Of course there wasn't I spend it all! Your intentions will never pan out in this area, instead, set up and auto-deposit into your betterment account. Or at least into your savings account. You never spend what you never had.
4. I earned this.
Ouch, this one is tough mind-set to break, especially when you've just spend long hours in the offices and work overtime for two weeks straight. We get it, you want to celebrate by spending that hard earned paycheck!
But listen closely! Spending without plan is never a good idea-whether you are on vacation, in your 20s, ir just plain tired of working too much. No matter were you are in life, it's always smart to make a plan, track your spending, and stay on track with your future goals.
5. The neighbors has it so why should I.
Let's us stop you right there, keeping up with the Joneses is very dangerous is very dangerous game when it comes to your finances .... And really, your life.
If you have got your eyes on what your neighbors have, you might found yourself with a big hole in your pocket. Pretty soon, you'll find yourself deeper in debt and chasing things that will actually not make you right happy.
When you seek gratitude and by seeking contentment with what you have, you'll be much happier plus, your family (and your bank account) will that you later.
6. Buying a house rather than renting.
I think this myth persists because it has been part of the equalily mythical "american dream," finish college get a job get married, buy a house and for many years and still, in some cases a home was a good investment but owning a home is not for everyone from either a financial standpoint or a lifestyle one.
If you're young and just starting your career, renting is a better option. It gives you more flexibility to chase that dream job (or girl/boy) and is just less work but it might be that buying a home is better than renting if you don't plan to live in the home.
Purchasing a rental property is a better option for a young person with the money but not lifestyle of owning a home.
7. If you love someone you will lend then money.
The fact is that anyone who asks a Friend or family member just isn't managing his or her finances correctly, instead of talking responsibility for this by applying for for a cash loan or sitting down with a bank or financial manager, they're taking the easy way out by coming to your win at hand.
Lending money to someone you love is almost a terrible idea because.
- It rarely get paid back and
- It creates terrible tension in the relationship.
Rather refer them to someone who will be able to help them budget and save the necessary money. You'll be doing them favour. You'll be doing them favour in the long run and you'll avoid hurting your own financial and personal relationship.
Remember money isn't proof of love, no matter how someone might try to convince you to the contrary, if you have money to spare and are ready to give it to loved one in need, make it a gift or do it in exchange for a favour.
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