Money ''Lies'' People Tell Themselves.

This week’s newsletter was inspired by a chapter in the book we are currently reading in our community. The title of the book is "Just Keep Buying" by Nick Magiulli. It is a simple read, and I strongly suggest that you find time to read the book.

Nick the author looked at one of the greatest “lies” told in personal finance. The lie is that one can become wealthy by cutting expenses to the bone. Achieving financial freedom does not only need discipline but a combination of discipline with growing one's income and investing.

So what are the other lies (I prefer the word "myths") that we tell ourselves??

"I will start investing when I have money"?

As you progress in your career and start to earn more, your definition of “big money” increases. You will keep shifting the goalpost.?

You can start investing with any amount of money once you have set aside money for your essentials and emergency fund.

A multiplicity of apps means you can start investing and saving with as little as $5 or N5,000.??

"I'm too old to start investing"

There is no such thing as being too old to start investing (especially if you have no savings or investments of any kind).

Advances in medicine and better lifestyle means that people are living much longer and leading more productive lifestyles. Regardless of your age, there is always a productive niche.?

"Insurance is a scam"

That's also a big lie. Although the claims payment process can sometimes be slow. Insurance can and should be written more simpler. At its core, though, insurance is and will always be a viable option. The absence of insurance means any losses that come to pass will be sorted from your pocket. So why not at least have an option or multiple options? Not every insurance firm is difficult.?

"Investing must be complex"

I must admit that there is a wide variety of investment options, some of them so esoteric even for finance people. This, however, doesn't mean that you have to invest in all of them or any of them.?

The best investors and asset managers would advise you to keep your investments simple.?

The three biggest ingredients that you need are consistency, continually increasing your income, and diversification.

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