Busting 22 Money Myths

Busting 22 Money Myths

I enjoyed this list from Ririan about common Money Myths and why they’re probably costing you money. A lot of it has to do with just the stigma attached to gaining a great amount of money, but there are some great points about not being afraid to get started on your fortune.

Read through the list and think how each may not necessarily be true and how they might be costing you money. Then check out Ririan’s responses to each.


  • Myth #1: “Money is the root of all evil.”
  • Myth #2: “If my parents were rich, I would have made it.”
  • Myth #3: “Rich people are greedy.”
  • Myth #4: “Money isn’t important.”
  • Myth #5: “If only government, my employers, family, or spouse helped me, I would have made loads of money.”
  • Myth #6: “Money can’t buy happiness and money won’t make you happy.”
  • Myth #7: “If I were rich, my friends would resent me.”
  • Myth #8: “If the economy was better, I’d be wealthy.”
  • Myth #9: “You need a scam to get rich.”
  • Myth #10: “If I really try to become rich and fail, I’ll be crushed.”
  • Myth #11: “You need a break to become wealthy.”
  • Myth #12: “I’ll save money when I have enough.”
  • Myth #13: “If I had large sum of money, I would have started saving and investing early.”
  • Myth #14: “Having a good job leads to wealth.” A job should be only a temporary source of income. A permanent one requires that you make your money work for you. So whatever you do, be in business for yourself and apply your money industriously. You are always the CEO of your endeavors. Make some wise financial “first moves” today so you can look forward to the future with great confidence!
  • Myth #15: “Money corrupts people.”
  • Myth #16: “If I didn’t have family or social responsibilities, I would have made millions.”
  • Myth #17: “It’s better to give than to receive.”
  • Myth #18: “Money doesn’t grow on trees.”
  • Myth #19: “Rich people don’t care about the poor.”
  • Myth #20: “I have to work very hard to become rich.”
  • Myth #21: “It takes money to make money.”
  • Myth #22: “I’m a loser and a failure because I’m in such terrible financial trouble. My situation is hopeless.”

22 Useless Myths That Can Cost You Money – [TheRirianProject]



More by this author

Craig Childs

Craig is an editor and web developer who writes about happiness and motivation at Lifehack

8 Steps to Continuous Self Motivation Even During the Difficult Times How Not To Suck At Socializing – Do’s & Don’ts Ten Ways to Improve Your Quality of Life How To Initiate Conversation Storage Ideas For Small Spaces

Trending in Money

1 How to Use Credit Cards While Staying Out of Debt 2 How to Use Debt Snowball to Get out from a Financial Avalanche 3 How Personal Finance Software Helps You Get More Out of Your Money 4 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 5 How to Answer the Tough Question: What are Your Salary Requirements?

Read Next


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.


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.


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.


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.


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

Read Next