I’ve been in the financial industry for over 15 years now, and I’ve got to say, a lot of the things that experts say about money that sound great just amount to bad advice.
These sayings get stuck in your head, and then at the moment when you should turn left, you turn right, metaphorically speaking. This is how irreversible money mistakes are made. Some of these sayings impact other areas of your life as well, such as success with your business or success with personal relationships. Bad #money advice is like old fish: it can really stink up the place if it’s around too long.Bad #money advice is like old fish: it really stinks if it's around too long Click To Tweet
What follows is a list of supposedly wise money sayings that sound good but don’t amount to much when it comes to the safety and security of your RichLife. I’ll tell you why you may want to give these money memes the boot, and then you can decide for yourself:
Wise Old Money Memes – Smart Or Just Plain Dumb Advice?
High risk equals high return
We’ve all heard this one so much, most people never take the time to think it over. It goes something like this: the more I expose my money to risk, the more money I can make. That’s like saying, the closer I put my money to a fire, the more likely it is to grow. Does that make sense? Heck no! You’re more likely to get burned, which is exactly what happens when people nearing their saving’s goal are exposed to more risk than they should be.
Banks operate under this principle: The more risk you can get rid of, the more money you can make. It’s not a catchy phrase, but it makes you more money.
Money is the root of all evil
This is a meme meant to shame us and make us feel bad for being wealthy and successful. It’s not the money that’s the problem. Money by itself is neutral. It’s what you do with the money that can ultimately lead to good or evil. And YOU get to decide that.
The end justifies the means
If I have to do something bad to get something good, then is it worth it? No. The end and the means are one. If the means did not contribute to human happiness, neither, ultimately, will the end. Eckhart Tolle in A New Earth explains it this way: “The outcome, which is inseparable from the actions that led to it, is already contaminated by those actions and so will only create further unhappiness.”
I’ll save enough when I have enough
Saving money is a habit, not a function of your bank account. It you don’t save when you have $100, you won’t save when you have $10,000. Start now with what you have, and base your savings off a percentage you can afford. Whether its $10 or $100 a month, it’s the habit that counts.
Money doesn’t grow on trees
Um, money is made from paper. Paper comes from the pulp of wood. Made from trees. Not only is this saying not true, it is also meant to shame us into thinking we shouldn’t expect to earn money easily. Just because you are working hard doesn’t mean that getting money has to be hard. When you are living in your area of life purpose, adding value to people’s lives and on a mission to serve others, then the money part can come easy.
Are you ready to join the RichLife community today and take control over the design of your life? Pick up the new second edition of The RichLife, 10 Investments for True Wealth and discover the RichLife that’s waiting for you!!