Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

9 Characteristics of Spirited Entrepreneurs Important Things to Know About the Revolutionary “Share Economy” 25 Amazing Productivity Tips From Successful Mompreneurs These 11 Millennials Prove that You Are On the Right Track Incredible Productivity Advice Given By 21 Successful Young Entrepreneurs

Trending in Money

1 Life Insurance: A Secure Way To Protect Your Future. 2 How To Save Money On Groceries: 13 Quick Tips 3 10 Investment Tips For Beginners 4 Top 6 Hacks on How To Build Credit Fast 5 Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

Read Next

Advertising
Advertising
Advertising

Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

Advertising

On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

Advertising

  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

Advertising

  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

Advertising

Featured photo credit: aryehsampson.com via aryehsampson.com

Read Next