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11 Myths About Money That Make Succeeding Harder

11 Myths About Money That Make Succeeding Harder

Everyone says they want more money. But you’ll never get more money if you keep believing the lies you’ve been told about it. Let’s bash 11 common money myths that make succeeding harder.

1. “Wanting more money is evil.”

Let’s start with the premise that in all likelihood, you are an honest, ethical person who wants to do good in the world and have fun along the way. All of that requires money. But if you believe that only evil, bad or dishonest people get money, you sabotage your ability to make it. Why would you do something that is evil? If you don’t think this is true, remember that most of your thoughts are happening in your subconscious mind. You don’t even realize it’s happening.

2. “I have to be lucky.”

Luck is great in the short term, but long-term sustained wealth requires hard work, discipline and letting yourself make plenty of mistakes. Successful people say luck is only a small part of it. In order to actually experience luck, you have to do stuff all the time. The more you do, the more chance you’ll have of luck happening.

3. “Money will change me.”

Money doesn’t make you good, bad or anything in between. It just amplifies what you already are. If you are intent on doing bad things, it allows you to do more bad things. If you are intent on doing good things, money lets you do more of those good things. Since you’re probably a good person, make more money so you can do more good things.

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4. “Money is a thing.”

Money is not a real thing; it’s a concept. It’s something we humans have designated as a standard representation of value. When you get money, it’s because you provided some value. Maybe you helped someone with their taxes, worked for them for 8 hours or gave them a coffee cup that doesn’t tip over in their car. You did something that helped someone—something of value. Money is just a representation of that value you created. It’s not a thing.

5. “If I’m really cheap, I’ll get ahead.”

Pinching pennies does not make you rich. Pinching pennies makes you a gal with a bunch of pennies. Making money requires thinking with a big goal in mind. You’ll get whatever you think about. If you think about pennies, you’ll get pennies. If you think about millions, you’ll get millions.

“You have to think anyway, so why not think big?”

—Donald Trump

6. “Rich people aren’t like me.”

Rich people are not smarter than you. They’ve probably been knocked on their bottom a few times—probably a few hundred. They don’t have any mysterious quality that allows them to have more money than you. The difference is that they believe they can achieve success. When you think you are different, inferior or superior to rich people, you block yourself from success. It’s that subconscious thing from #1 again. You believe that only a certain type of person can be rich. If you are not that type of person, how can you have money?

7. “It won’t make me happy, so why bother?”

Beyond your basic needs of food, clothing, shelter, etc, money will not make you any happier. When you tie money to happiness, you create an expectation that it’s going to provide something it will never provide. You then believe that money (or lack of) is preventing you from being happy. Now you resent it. You’re pissed at money and you’re pissed at people who have it. Not a great mindset (that subconscious thing from #1 again) to be in when you’re trying to make money.

8. “There’s not enough of it.”

Money is a plentiful resource. Since it’s just a representation of value, there is as much of it as there is value. When more people spend money, it moves around more. More people are giving and receiving value and getting the things they need and want. There is always more value, so there’s always more money.

9. “I have to save money to get rich.”

When you believe that money is a scarce resource that you must hoard, you aren’t willing to take the risks required for success. You believe that sitting on money like an egg you’re trying to hatch will make you rich. That doesn’t work because it prevents you from thinking big and using the money you have to acquire the resources you need to make more.

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10. “Making money sucks and it’s hard.”

Making money doesn’t have to suck. The most successful people say that if you want to get rich you’d better be doing something you love. Doing something you enjoy sucks much less than doing something you don’t like. It also gives you the motivation to push through the boring and mundane tasks.

“Don’t do it if you don’t enjoy it.”

—Richard Branson

11. “If I make money somebody else can’t pay their rent.”

Monopoly is a fun game, but it taught you a terrible lesson: somebody wins and somebody loses. That’s true in Monopoly, but life wasn’t invented by Hasbro. This is the worst and most limiting money myth. It goes back to the premise that you are a good person who doesn’t want bad things for anyone except the guy who dinged your car door and didn’t leave his contact information—your subconscious (there’s #1 again) simply won’t let you do it.

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When you get money, it doesn’t mean someone else lost. Don’t believe that if you get money for a product or service you provided, someone else can’t pay their rent or buy food because you took that money from them. The opposite is true. Money moves from person to person when value moves from person to person. In other words, when people help each other, money flows. Everyone gets what they need and everyone gets money. Making money helps everyone.

Quit believing these 11 myths about money. Go make some.

Featured photo credit: Tax Credits via photopin via flickr.com

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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