9 Money Myths to Stop Believing Now

I’ve been in the financial service industry for almost two years now and I absolutely love it here.  I’ve gained a wealth of knowledge and expertise that I’m so excited to share with everyone I come into contact with because it’s truly life changing.  Many of us grew up poor and didn’t even know it until we became adults and inherited the financial struggle.  I decided to break the cycle and get in the flow of money, and help my clients achieve the same.

Throughout my experience I’ve noticed that people have a love/hate relationship with money.  They enjoy money because it gives them a better quality of life but subconsciously resent it because of some of their limiting beliefs such as:

“I don’t have enough money.” 

“It’s hard to make a lot of money.”

“I suck at saving money.” 

“I can never get ahead.”

I believe one of the most important wealth building tools is an abundant mindset.  In order to shift to an abundant mindset, start by repeating your favorite money mantra aloud, everyday.  Write it in your journal and on sticky notes and repeat it until you believe it.  

“Money is an unlimited resource and flows to me with ease.”

I’m open to new money making ideas and the unlimited opportunities surrounding me.”

“Every dollar I spend comes back to me times ten.”

“I am on the path to financial freedom.”

Those are just a few of my faves that will help open your mind to what is possible.

Disclaimer: Please feel free to take what you need from the blog but also understand manifesting millions takes a lot more work than repeating money mantras!  The purpose of the mantra is to shift your mindset and develop a better relationship with money over time.

While we’re creating new beliefs about money, let’s also decide to stop believing these 9 Money Myths:

Money is the root of all evil

Truth: This is one of the most commonly quoted verses in the Bible and people have different ways of interpreting it.  Many people are scared to even like money and suppress their desire to get rich because of this verse alone. Contrary to popular belief, Apostle Paul is not against the accumulation of wealth.

1 Timothy 6:10 “The love of money is the root of all evil.”

It is dangerous to worship money or put it above people, relationships, God, or virtue.  If you want to get rich just for the money, and lack a definite purpose or vision for how to use that money well, you could end up self-destructing in the process.  On the flip side, if you want to get rich to donate to charity or leave an inheritance for your children (definite purpose), God will bless you tenfold for your act of love. 

Most millionaires inherited their wealth

Truth: Only about 20% of millionaires inherited their fortune.  According to research studies conducted by WealthX and Fidelity Investments, most millionaires (80%) are self made and worked for it.  Financial discipline and consistency creates millionaires, and it usually doesn’t happen overnight.

Money doesn’t grow on trees

Truth: Scientifically speaking, fiber from wood is needed to make paper, so money kinda does grow on trees. In my opinion, people should normalize saying “money doesn’t grow at the bank” instead.  Maybe that will encourage people to bypass the “middle man” and really watch their money grow.  Due to the power of compounding interest, money in fact grows exponentially over time if you put it in an investment account. 

All debt is bad debt

Truth:  Good debt and bad debt can be measured with a simple question: will going into this debt improve my financial outcome or help me build wealth?  For the most part, credit cards and consumer debt do not serve us financially.  Mortgages, student loans, and business loans can be considered good debt because they help increase equity and income over time.

I don’t need insurance

Truth: Unless you can guarantee you will live to see tomorrow, you needed life insurance yesterday.  The only guarantee in life is death, and none of us know when our time here is up.  Life insurance is an affordable and honorable way to protect your family’s income if you die too soon.  Your family doesn’t deserve to struggle with money to bury you while also grieving.  Life insurance is a cost effective way to transfer generational wealth.  Contact JP Financial for a free life insurance quote.

I’m young so I can wait to save for retirement

Truth: The sooner you start investing the sooner you can reach your financial freedom day because compounding interest has more time to work its magic.  You don’t have to be 67 to retire, but you need a plan to retire early.  Maximize your earning potential during your working years and invest as aggressively as you can.  If your employer offers a 401k match, take advantage of that benefit.  Roth IRAs are another great way to diversify your retirement assets.  Some people don’t realize their 401k will be taxed upon withdrawal, leaving them with less money then they accounted for.  Roth IRAs are tax deferred. 

I don’t earn enough to save

Truth:  It probably feels that way because you’re not in the habit of paying yourself first.  Regardless of how much you earn,  pay yourself before paying your bills.  Trust me, those bills aren’t going anywhere!  It’s a good idea to set up an automated savings plan.  You should be your biggest priority.

I can just use my credit card in case of an emergency

Truth:  Using your credit card for emergencies is a sure way to stay in the debt cycle.  You only end up paying more money to borrow money you didn’t have in the first place.  Build an emergency fund that is specifically set aside for emergencies only and see; it replenished!  It is recommended for your emergency fund to cover 3-6 months of expenses, but if you’re starting with $0, set a smaller goal of saving $1000 as quickly as possible.  Now is the perfect time to build up an ER fund since the 3rd stimmy is hitting!  Don’t charge to your credit card what you can’t afford to pay off in full each month. 

Being on a budget is for broke people

Truth:  Everyone and every business should have a budget.  People who have financial discipline understand the importance of budgeting.  Budgeting helps you analyze your financial situation more closely so that you can manage money better.  Every dollar coming in should have an assignment.  This is how we become good stewards over our money.  Subscribe to the blog to download your free budget template.

The truth will set you free!

For more information, send an email to jpfinancialwellness@gmail.com to book a free consultation and kickoff your wealth building journey.

Let’s elevate!

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