Top 5 Lies You've Been Told About Money

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Many of us have been taught misleading ideas about money that hurt our ability to build wealth. These ideas, or myths, prevent many of us from making informed educated financial decisions, limiting our financial growth and financial independence.

Here are the top 5 biggest lies about money that we have been conditioned to believe, and the truth.

Lie #1 - Money is complicated. Money is not as complicated as we are often led to believe. The math is elementary, but the behavior is the hardest part of being better with our money. The keys to simplifying money is to live on less than you make, have 3 to 6 months of emergency funds, be organized with a budget, buy assets going up in value, stay out of bad debt, have insurance, have an estate plan, be disciplined, consistent, and learn as much as possible. Just keep it simple.

Lie #2 - Building wealth takes too long. Patience is one of the biggest keys to building wealth because wealth takes time. Whether you believe "time" is too long, is a subjective call you will have to make. For consistent investments to activate compound interest, it will take years to yield significant returns. You will have to decide if this time is too much for you to handle. Keep in mind that impulsive decisions and the inability to delay gratification will always lead to losses with money. Does it take time to build wealth? Yes. Is it too much time, not really.

Lie #3 - You have to start with money. You don’t need money to start, but you do need a plan, some hope, some work ethic, belief, goals, some discipline, some new information, and a host of other things that are not money. Making money is a by-product of your habits, not how much money you start with. While it certainly helps to start with money, there are countless examples of people who have built wealth, starting from $0. Start with what you have and build from there.

Lie #4 - Wealth is a dollar amount. The truth is you do not have to have billions, or even millions, to have wealth. Wealth is not a specific dollar amount. Real wealth is the freedom to do what you want to do, when you want to do it, and for how long you want to do it. Wealth is all about choices, not necessarily an amount. If you have choices, you have a measure of wealth.

Lie #5 - Money will make you happy. While money can provide comfort and reduce stress, true happiness often comes from meaningful connections and experiences that money that have little to do with money. There are wealthy people who are unhappy and there are people living below the poverty level who have immense joy. Associating money to an emotion, like money, will actually lead to less happiness in the long run.

The bottom line: Although we have been conditioned to believe lies about how complex and difficult money is, the truth is, we can simplify money and personal finances by focusing on a few basics. When we demystify money, simplify money, and correct the lies we have been conditioned to believe about money, we give ourselves a better chance to win with money.

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