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From legal tender age, we were exposed to myths about money and myths of being rich. Be it from our parents, brothers, sisters, relatives, or friends. The myths that we have got determine our financial well being in our grownup lives.

I name them myths because they are not true. Or, at least they are not giving you the complete picture.

We can't fault our parents for the myths in us. They already gave us the best they could. And don't forget that modern times change. Things were true then may not be true today.

If you desire to travel ahead financially, you have got got to be aware of the myths that you have about wealthiness and money. And make not allow the myths halt you from life a affluent life.

Money Myth 1: Work hard and you'll be rich.

Many of us believe that by having a occupation with a large company would guarantee that we're on the way to financial freedom. With so many layoff announcements, we might be out of occupation anytime. I'm not saying that you'd be one of them but the fact is there is no occupation that is guaranteed.

Recently, my friend was laid off in less than a calendar month in his new job. Having a occupation is merely helping you to get by with day-to-day expenses, providing you shelter, nutrient and clothing. Bash not be misled that a occupation or your employer will turn you into a rich and affluent person. No 1 cares more than than you about your wealth.

Money Myth 2: Economy is good.

When I was small, I was told by my female parent that I must learn to save. I give thanks my female parent for inculcating the wont of economy in me. The wont of economy assists me to develop discipline. Many people believe that when they salvage enough, one mulct twenty-four hours they'll be rich.

But is saving alone adequate to do you wealthy?

I came to recognize that if I only depend on my nest egg to get rich, I'd have got to wait for a long time. That's the problem with savings, it takes a long clip for you to get rich. Economy alone is not enough. You have got to learn to put your money in other investing vehicles to turn your money faster.

Money Myth 3: Debt is evil.

The other common myth about money is debt is bad. Did your parents ever state you that borrowing was bad? Mine did. Not all debt is bad, actually. It depends on how you pass your loans that you're getting. If you take a credit card loan to purchase a level plasma TV, it's a bad debt. On the other hand, if you take loans to begin a business or put in existent estate, the debt is good.

If debt is bad, can you conceive of what would go on to companies if they are not allowed to take loans from the banks? As a general rule, if you utilize debts to purchase things that addition in value over time, they are good debts. You must cognize whether the debt you're taking is good or bad.

Money Myth 4: You need money to make money.

When I inquire my friends what's stopping them from starting their ain business, the common reply is "I don't have got money. And it takes money to do money." I do hold that it takes money to make money. But makes it really to be your ain money?

Everybody have limited resources when it come ups to achieving our financial goals. I make not anticipate you to have got everything when you be after to construct your ain business. You might need financial backing, manpower, expertise, or a manager to steer you. If you miss resources in any areas, happen the resources. Person else will definitely have got it. It makes take money to do money, but you can utilize OPM - other people's money.

Money Myth 5: Investing is risky.

Many think that investment is risky because they miss instruction in investing. Investing itself is not risky if you cognize how to command the risks. Most of us put based on a tip from a friend or broker without doing our ain research. When you lose money, you state that investment is risky. And you state yourself that you'll never put again.

To be frank, everything we make have a hazard in it. Learn to manage hazards by educating yourself. You can educate yourself by attending seminars, reading books, or even from the Internet.

Money Myth 6: Wealth reflects in stuff possessions.

Material ownerships reflect your degree of wealth. This is a misleading measurement. Person who is driving a Porsche might not be rich and he might highly in debt.

Wealth makes not reflect in stuff possessions. Wealth is a state of mind. Wealth is how fast you can go rich if you're stripped of everything. As Henry John Ford once said after he was asked what he would make if he lost all his fortunes, "I'll go a millionaire again within five years."

We possess one or more than of the above myths, consciously or unconsciously. But what is more than of import is to be aware of the myths and replace the myths with facts. By doing this volition tremendously better your financial well being.