Discover the Money-Making Secrets You've Never Been Told

4min

If you want more money, there are things you can start doing today that can immediately improve your financial situation.

Only if you are willing to unlearn many of the money myths you have been indoctrinated to believe.

Today we are going to discuss 8 of the biggest lies about money that keep you trapped.

Let’s begin. It will set you free.

Curiosity has served me well through my life. I am always searching for truth, and when I started searching for the “truth” about money and finance, here is what I discovered.

Myth 1: All debt is bad. Credit cards, used responsibly, can be employed for building credit and financial wellness, such as smart mortgage purchases. This can help you move forward in life and achieve your personal goals.

Myth 2: Buy a home at all costs. If you move around a lot, it may make more sense to rent and invest in rental property for passive income.

Myth 3: Investing is only for the rich. Anyone, even with a small amount, can invest, whether it's a CD for the short term, a long-term IRA, a rental property, or even the stock market. There’s an option for every goal.

Myth 4: My partner manages the money, so I don’t need to know about it. Every adult should have a handle on their finances regardless of their partner's involvement. One person can manage, but both should be aware of what’s going on.

Myth 5: I’m too young to think about retirement. Retirement may feel very far away when you’re young, but starting early is so powerful. The younger you start, the less you’ll have to put away, and the more you’ll have when you are ready to retire. Gift yourself a comfortable, stress-free retirement by making a plan, investing early and wisely.

Myth 6: I don’t need to budget; I have enough money. Even if you make six figures, you can spend yourself into debt. Having a budget makes you look at your financial life realistically and make better, more responsible choices.

Myth 7: It's not worth saving if I only have a small amount. The best time to start is early, but if you didn’t, the next best time is now. You might be surprised how fast it adds up, especially with a good budget. Allocate 50% to essentials like housing, healthcare, and debt repayment. Save 15% of pretax income, and if you can’t, save whatever you can and build up to it. Save at least 5% of take-home pay for unexpected expenses and a healthy cushion.

Myth 8: Real estate is too risky.

While money in a savings account seems safe, you are actually losing money from inflation. So, aside from your emergency fund, invest in good quality real estate to help plan for your future. There are a variety of ways to invest, and real estate is something tangible that never goes to zero and goes up over the long term. Multifamily is especially safe because if you lose one tenant, you still have some income coming in.

Key takeaways:

- Establish good savings habits.

- Invest your savings.

- Debt isn’t always bad and must be used responsibly.

- Take educated risks.

- Make your money work for you, not the other way around.