For many, a long-term goal is to become financially free (and to maintain this freedom). The good news is, there are a lot of different paths to get there - and a lot of different actions you can take to reach your financial aspirations!
But there are also a lot of different myths about wealth that can slow down or even prevent people from achieving the abundant life they desire.
Chris Hogan, author of “Everyday Millionaires”, famously says “If you don’t believe you can be a millionaire, you’ll never be one.” And as a Law of Attraction enthusiast, I couldn’t agree more. Our thoughts create our reality! So if you are constantly believing you can’t create wealth, you may be falling victim to what I refer to as ‘wealth myths’.
And believing even just ONE of these myths can create a huge hurdle to building, acquiring, and maintaining wealth. So if you feel something is standing in your way of abundance, I’ve got some wealth myth busters that may surprise you! I was lucky enough (and eternally grateful) to have some fabulous mentors along my journey towards success - but not everyone gets this opportunity.
So, I wanted to share with you my top 5 myths about creating wealth:
1) You Have To Be Wealthy To Invest
Many people think they have to wait until they’re wealthy to be able to invest, but honestly, that’s just a limiting belief that can hold you back from taking advantage of one of the best ways to incrementally increase your bank account. Start small, and be conservative about it until you get comfortable, but there are so many great ways to get started with as little as $500! Just do your research, ask friends and family, and enjoy the rewards!
2) “I Don’t Make Enough Money To Save”
This is one of the biggest myths on the road to riches. No matter what you make, how much or how little, you can always put a bit aside into savings. The rule of thumb is 50/30/20 - if possible.
That means, 50% of your income for essentials (rent, food, etc.), 30% for discretionary spending, and 20% for savings.
Of course, this doesn’t work for everyone, so find your fit - even if it’s 10% of savings. And if you make more, then you can always save more and spend less. There are great workarounds but this is a general rule taught by some smart finance people, and I like to follow it as much as I can!
3) Buying A House Is Better Than Renting
This has long been part of the “American Dream” - to own a home. There was a time when that made the most sense, but that’s not necessarily the case for everyone now. If you’re young and just starting out - and perhaps have a fluid career that might take you to different areas - then renting could be your best option because of the flexibility. Of course, if you’re interested in simply investing in a property without living there, it could make financial sense to do so. But, the point is, the rules have changed and it’s no longer set in stone.
4) Always Have A Balance On Your Credit Card
This is one of those myths that can get people into a lot of financial trouble. I don’t know how or when this started, but having a balance does not improve your credit score. Do you know what improves your credit score? Paying off your balance. :-)
5) Wealthy People Are Just Lucky
That’s definitely a myth and a common refrain among people who haven’t gotten to where they want in life. It’s an easy out and a way to put the focus outside of yourself. But you know what? Only a small percentage of wealthy people “got lucky”. Most wealthy people share certain traits: focus, dedication, hard work, always having their eye on the ball, and never giving up. They have a mindset of abundance and practice gratitude and self-discipline. The wealth is out there to get, it’s not luck.
Do you have any myths about wealth that you’d like to share? Would love to hear them in the comment section! There’s a lot of paths to getting rich, so find what works best for you with the least amount of obstacles. Using the Law of Attraction is always a bonus.
Since we’re on the subject of the path to getting rich, I’ve got something you will love. It’s my Rich With Gratitude System and it’s chock-full of all the tools you need to get into a state of gratitude!
We all know that when you’re in a state of gratitude, then you’re in flow and it amplifies your manifesting power - so don’t miss out. You can get it here.
Natalie Ledwell is a best selling author, speaker and successful entrepreneur. She's passionate about helping others to achieve their greatest dreams and ambitions through her personal development programs and her online TV show, The Inspiration Show.