A myth is a widely held but false belief or idea. Unfortunately, one of the factors that are preventing many people from becoming financially successful is a false belief about personal finance.
In fact, there are common financial myths that can negatively impact your wealth accumulation and prevents you from living your dream. Here are The Top Common Personal Finance Myths that might be holding you back financially;
- People with low income cannot save more than people who earns more. Actually some people with low incomes are so disciple such that they can save more than those with huge incomes, who have to maintain their high lifestyles.
- Personal financial advice is for people struggling financially. This is not necessarily true, personal financial advice is for anyone who wants to improve his or her financial management, whether one is in deep debt or not.
- Hard work makes you rich. ‘If getting up early makes people rich, then milk men and newspaper men would be very rich.’
- If you earn less, there is no need to budget. ‘Saving is hard for me because my income is very small.’
- One day I will encounter a big financial break that will make me a millionaire.
- ‘If I earn more, I will be happier.’ Money is simply an amplifier.
- ‘If I get financial aid I will be able to rise myself to riches.’
- ‘I will clear all my debt when I get the pay increase.’
- You save money by buying cheap or ‘on sale’ items.
- Buying ‘property’ is always the best investment.
- The higher your income the wealthier you are.
- Those with a lot of material wealth are rich.
- Two (or more) incomes are better than one.
- Signing as surety is no big deal.
- Frugality will make you rich.
- Rich people are evil.
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Taka Sande, www.takasande.com is an author, an entrepreneur and development activist. He has a passion for making a difference by influencing and adding value to people’s lives. He is the founder of the blog It’s My Footprint, http://www.itsmyfootprint.com /.