Top Money Myths You Need To Forget

Money. It makes the world go round, or so they say. What cannot be denied is that there are whole rafts of money related myths present in the world. The scary thing is that many people actually know that they’re myths, or at least have an idea, but because they know no better believe them to be true.

What are the biggest money related myths from around the world?

Material = Money

Perhaps the biggest misconception of all is that people who have a lot of material possessions must be rich or well off. What’s funny about this is that the global financial crisis has shown us that many people are financed by debt in order to maintain a certain lifestyle.

Just because people seem to own a lot of stuff, you shouldn’t be looking at them and thinking they’re well off. It’s one thing owning all of these great possessions, but what’s the point if all you do is service your credit card interest every month and otherwise have very little income left to enjoy life?

Look closer before you automatically believe that material possessions equal money. In fact, a number of people with “real” wealth actually live a fairly simple life and use companies like ACPI to manage their wealth and any investments on their behalf, so they don’t need to be involved with it.

You Need This Much to be Rich

Just what is “rich?” In some respects, it is almost a shame that there is no literal definition of the word, because it’d be much easier to put this myth to bed if there was.

However, what we all need to understand is that there is no definition because being rich and wealthy means different things to different people. What this person considers as being rich might be hugely different to what you consider as being rich. The reality is that it comes down to what you’re looking for out of life.

You don’t need much money to be rich; if you live a simple life and don’t spend much you can be rich with very little money.

Not Enough Money to Go Around

“There’s only so much money” is a common line that many people trot out from time to time. While money isn’t infinite, numerous studies through the years have proven there is enough money for everyone to live comfortably.

We’re not calling for widespread wealth distribution or the rise of communism around the world, but you should take this as a positive that there are opportunities for you to make money if that’s what you want to do.

The Rich Are Only In It for Themselves

This is a great sound bite but the reality is that these people became wealthy because the provided a service, whether this was wealth management to an individual or babysitting services for their local town. If they were only in it for themselves, they wouldn’t have the relative wealth they have.

Forget these money myths and give yourself the wealth you want. Remember that it’s all relative to what you want out of life.

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Jeffrey Kennedy is a financial student who enjoys looking at the finance industry and debunking many of the myths that exist. He hopes to write a number of books that demystify the industry in the near future.