Growing up, most of us have probably been read stories and parables warning us about the dangers associated with greed. Sure, financial matters can be a touchy subject for some but it should not and cannot be avoided. Here are some common myths about money matters that deserves a good debunking:
“Money is the root of all evil”
Yes, you read that right. This popular adage isn’t exactly accurate. How can money – an inanimate object – cause evil? The love of money, rather than the currency itself, is what's to blame. Attitude and perception are extremely crucial when it comes to attaining financial stability. You should not set out with the mindset that limits your ability based on philosophical musings. instead, try going with “money is not my top priority”. It reinforces the importance of finances without having it take over your thoughts.
Money should never be a topic of conversation
Many assume that engaging in “money talk” is taboo and should no be discussed openly with friends or relatives. Unfortunately, this belief prevents people from sharing and learning about useful financial management tools such as sources of passive income and saving plans. Moreover, such an assumption might not always hold true – some of your friends might actually be open to talking about such things! Exchanging information with your friend is an incredible way of gaining new knowledge, and it can dramatically change your views on financial management.
The skill of managing money is natural and doesn’t require much effort
I’m sure the following bit of wisdom is hardly news to you: if you want to accumulate wealth, save more and spend less. It sounds simple, but why doesn’t it really play out as expected? Why do people still spend on impulse? Well, emotions (or rather our inability to handle them) are largely to blame. It is easy to craft a savings plan but greed and excitement can easily end up derailing them. Managing finances is not that natural a skill after all; a lack of discipline is all it takes to throw us off. Thus, if you are serious about improving your financial management, do not simply assume that the skills will come naturally. Train your self-discipline, educate yourself and put in the effort to achieve your goals.
Financial independence is not a far-fetched goal, but it requires time, effort and a good amount of discipline. With these myths out of the way, hopefully the road to victory for you will seem much clearer and less uncertain!