Source: Dumb Little Man
When it comes to money myths, there are thousands floating around. But, did you know that these myths could be holding you back from actually earning more?
We’re going to debunk 10 different myths surrounding money and hopefully, they’ll help you be aware AND break any bad money habits you may have.
You Can’t Invest Unless You’re Rich
Investing is for the rich, right?
This is actually a myth and anyone can invest. You don’t need a lot of money to start investing, and there are even apps which do it for you. For example, you can hook the Acorns app up to your checking account. Each time you use your debit card, it’ll round up your purchase to the nearest dollar. It’ll stock these extra cents away until you reach $5 and then, it’ll invest in a portfolio for you.
Purchasing Your Home is Better than Renting Your Home
It seems like everyone is in a hurry to buy a home. Maybe, people mistakenly believe that buying saves money over renting. However, stop and think about it.
Who is responsible for the property taxes and repairs if you rent? Your landlord.
But if you buy your own house and become your own landlord, those things can really add up. Also, rent is usually cheaper than a mortgage, depending on where you live.
You Don’t Earn Enough to Save Money
Everyone wants an emergency fund or a healthy retirement or savings account, but only a few people have it. The myth that you don’t earn enough to save money is simply not true.
Maybe you don’t earn enough to have everything you want, but you do earn enough to save.
Set up a direct deposit savings account and route $25 or $50 from each check in there. Leave it there and it’ll grow. You can’t miss the money that you never had. If you’re afraid that you’ll impulse spend, stick it in a secured account.There’s No Way to Make Money Fast
Where there’s a will, there’s a way.
If you’re not making enough money to support…
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