Sometimes we get something in our head and refuse to look at it in a different light. I know this has certainly happened to me several times and is usually regarding money. It’s time to get rid of the bad information and make the mental shifts necessary to take control of your financial situation.
Here are four common money myths dispelled.
That There Isn’t Enough Money
Some people think there isn’t enough money and that it’s impossible for them to earn more. That just isn’t true! Money is not stagnant. There are trillions of dollars floating around and they get passed from hand to hand. Money does not sit idle.
If you want to earn more money you need to kill this belief. There is plenty of money you just have to be willing to go out and earn your share.
There’s No Point in Saving Small Amounts of Money
If you’re in a season of life where all you have leftover each week is $5 it can feel tempting to just go ahead and spend that too. However, those little amounts of money can add up to something huge overtime.
There literally is no amount of money that’s too small to save. You need to start saving that $5 per week and developing the savings habit.
Extreme Frugality is Better Than Earning More Money
I’ve said it before – I think frugality is a bit overrated. That’s not to say there’s no merit in it I just think it’s become extremely trendy and is often taken too far.
For instance, I keep my expenses low. I don’t have to keep a written budget because I’m not one to succumb to impulse purchases. My spending pretty much looks exactly the same each and every month. And while I might be able to save an extra $10 per week by taking three hours to sort through coupons it’s just not worth it. I’d rather use that three hours to either spend time with my family or earn more money.
It’s imperative that you keep your spending in check. But it’s also just as important that you realize it takes the same amount of effort to earn money as it does to save money.
You could get into extreme couponing and spend 20 hours a week stockpiling a bunch of crap you don’t need or you could spend that 20 hours earning several hundred or thousands of dollars. Both activities require the same level of effort.
Investing is Hard
I used to think this which is a little embarrassing since I know how ridiculous easy investing is now.
If you think investing is too complicated to get started with then I urge to check out a place like Betterment. You can deposit as little money as you like and Betterment will determine your risk tolerance and invest your money in low cost index funds.
Take advantage of online resources and you’ll see that investing is pretty darn simple.
These self-limiting money beliefs can really hold you back if you let them. I know I’ve struggled with a few of these in the past and now that I’ve gotten over them I can see my financial situation taking shape in amazing ways.
Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com.