There is so much personal financial information available. There are books, podcasts, web sites, even entire television networks dedicated to financial information. Great ways to get smart about money? Well yes, in moderation. I’m sure you’ve experienced that too much can be overwhelming and stress-inducing.
Even with all these educational and informational resources there are still money myths that lots of people buy into. Do you?
Here are 5 money myths to check in on:
1. You must be rational with money decisions – No one is rational when it comes to money. Everyone has beliefs and attitudes about money that color their decisions. The important thing is to check in on your thoughts and decide if they are useful or unhelpful. And, it’s okay to consciously be checking in with your gut and intuition to make money decisions.
2. You must have a budget – In all my years working with people and their money I’ve rarely, if ever, seen anyone actually stick to a budget. They feel restrictive. Think about how you feel when you hear the word diet. Budgets get the same reaction. That doesn’t mean you shouldn’t be aware of where you spend your money. Instead think of setting up a values-based spending plan.
3. Don’t work with a financial advisor, they’ll just charge you too much – Maybe you love watching, screening, and tracking your investments. Maybe running projections is fun for you. Then by all means do it yourself. Or, maybe you want some professional guidance. Perhaps when the world feels chaotic it’s helpful to you to have someone who can help you assess if you are making good decisions (see myth number 1). If this is the case, then it’s worth working with an advisor you trust; one you believe is looking out for your best interest. Yes, there are some bad ones out there, but there are a lot more who are good.
4. When our kids are in college is a good time for them to start to learn about money – Why wait? The best time to start teaching your kids how to be great with money is when they are very young and forming their beliefs and habits. More on this here. And you can hear more about this here.
And the most insidious myths are the ones you tell yourself –
– like this…
5. I’m no good at handling my money – This is a dangerous thought and most likely outright false. Maybe you just need to learn some more, change some habits, trust your gut and intuition more often. Or… watch how your thoughts change if you focus on what you are actually doing well in your financial life.
Don’t let any of these myths turn into realities for you.
Every good wish,
P.S. Hey, if you’re in financial services and want to learn how to grow in this new reality we’re all in there’s more here.
P.P.S. When you’re ready and the time is right, let me know if you want to have a conversation about how to listen to and understand your own thoughts and beliefs when it comes to money. Email me at ellen@ellenrogin.com and put “money thoughts” in the subject line.
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