Wealth myths begin as the stories, conversations or opinions we heard repeated by the important adults during our impressionable growing years. Here are examples of three common wealth-building myths. Could any of these be part of your belief system?
1. Making money is hard work.
Many of us grew up in families where parents and relatives worked in the fields, factories or shops making an hourly wage. The more hours they worked, the more money could be made. It’s the hours for dollars state of mind. Wealthy people understand the concept of time leveraging and passive income.
It isn’t necessarily how hard you work as it is about how smart your money is working for you.
Time leveraging – How can you use the hours in your day to make more money? Time leveraging is about multiplying effort to accomplish more in a shorter period of time. Wealthy people look to how leveraging their time will net them more money. Examples: Hiring out what they don’t or can’t do well or getting advice from financial experts to save time and money. Time can be an asset or a liability when it comes to building wealth. A key to successful wealth building is to use time wisely and efficiently.
Passive income – Having your money make money while you are sleeping. Today’s wealth is not about how hard you are working but how smart your money can work to earn you even more money. Royalties, rental earnings, interest on investments and savings are all examples of passive income. Passive income is also about establishing multiple streams of income from a variety of reputable resources.
2. Money is earned primarily with a weekly a paycheck.
Many of us grew up programmed to graduate from school and secure a “good” paying job. I was brought up to believe I should find <>one life-long secure job where I would stay my entire career and retire with a pension. Does that sound familiar? Wouldn’t you agree the “one job security” days are pretty much gone?
From childhood, most of us have been taught to rely on a weekly, bi-weekly or monthly paycheck as security. In years past this was true, today there is no longer the security of one steady paycheck. Completely relying on one life-long employer for your retirement is not financially secure or monetarily sound. It’s time to think out of the box and diversify your income - stocks, bonds, real estate and savings. Again, it’s about looking into establishing multiple streams of steady income.
There is more than one way to receive a paycheck. Find a professional financial advisor you trust and can talk openly and honestly about your future plans and goals. Start consistently planning and implementing a financial plan that will help secure multiple streams of income and provide you the peace of mind of not having to rely on one paycheck.
3. Money is too difficult and stressful to handle.
For a long time, and not that far in the past, women were not allowed to inherit, borrow or invest money. Men handled the money and women were given an allowance or stipend. Times have changed but many of the old money myths and programming seem to be still locked in our DNA.
What are some of the old myths we’ve heard about women handling money? Money just slips right through her hands, she’s better at shopping than saving, women just don’t know how to handle large sums of money or, it’s a man’s world when it comes to making money.
Money has no gender! It can be made, saved, invested and spent as well by women as it can by men.
Money is difficult to handle if you’re afraid of handling money. Education is key to abundance and wealth building. If you’re reluctant to handle your money alone, hire a competent trustworthy advisor to teach you how to work with money. Experience is a great teacher. Start one step at a time and soon your confidence will grow.
Myths are financially and emotionally limiting. Isn’t it time to take a good look and begin discovering the unconscious wealth-building myths that may be limiting your financial potential? Here’s the great news - you have the power today, as an adult, to control your financial destiny.
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