The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Articles
  • Books
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

5 Money Myths that Are Hurting Your Finances

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Personal Finance
Reading Time: 3 mins read
Money Myths, Pot of Gold
19
SHARES
316
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Learn How To Invest In The Stock Market w/Teri Ijeoma. Click Here to Enroll in the Trade and Travel Program Now. Learn More.

If you’re struggling to balance your budget each month or just keep finding yourself on the verge of a financial crisis, it may be time to shift your perspective on how to manage money.

Many of us are standing in our own way when it comes to managing money effectively because we have false beliefs about making and spending money, or we believe some common misconceptions about budgeting.

If you’re ready to turn your financial situation around, it may be time to re-evaluate your relationship with money.

Here are five money myths that are hurting your finances.

Myth #1: Things Will Be Better If I Just Made More Money

This is a popular misconception where we believe that making more money will simply take care of our financial problems.

The truth is that you can be successful with managing money no matter what income bracket you fall under — you just need to adopt some habits that will make it simple to budget, organize your finances, and spend within your means.

Whether you are below the poverty line or earning six-figures a year, you will run into the same financial problems without good budgeting and spending habits.

Myth #2: I’ll Worry About Budgeting Later

If you’re a person who says “I’ll worry about my budget later, when I have to,” you’re essentially ignoring your finances until there is a problem. That can be a major financial mistake.

Maintaining a realistic budget needs to be an ongoing process and you need to have a fairly accurate idea of how much money you have in your savings account, what your baseline expenses are each month, and where your hard-earned money is actually going.

Postponing all budgeting activities until there is a problem is a recipe for financial disaster.

Myth #3: One Time Won’t Do Too Much Damage

Even though it may be very tempting to just ‘let go’ when it comes to spending once in a while, or to ignore the budget this month because you have other things to worry about, that “one time” can end up costing you more than you realize.

Consistency is one of the keys to success with money management and you need to avoid giving yourself the option to fall off track.

 

Myth #4: I Can’t Afford to Get Financial Help

If you’ve always struggled with budgeting or you have no idea how investment planning works, you may be setting yourself up for financial ruin in a few short years. When looking for assets to invest in, be sure to do proper research as not all types of assets are allowed in IRA’s.

Invest in a financial planner or get help from a tax accountant to avoid any major money mistakes in the near future.

Myth #5: My Money Problems Aren’t My Fault!

It’s easy to blame financial problems on someone or something else — a low-paying job, family emergencies, missing out on a raise, or having to pay more for taxes — but taking responsibility for managing your money is the first step to success.

You can make many life decisions that will put you in a better financial position and avoid self-defeating thoughts and habits that will make it difficult to make positive changes.

If any of these misconceptions sound familiar, it’s time you stopped believing these five money myths and started taking a proactive view toward fixing your finances. That’s a great start and a key step in getting back on track economically, or taking your finances to the next level.

Tags: money myths
Previous Post

5 Tips for Managing Your Child’s College Expenses

Next Post

5 Ways to Get Debt Free

Related Articles

Recession vs Technical Recession
Personal Finance

The Difference Between a Technical Recession and a Recession

by Lynnette Khalfani-Cox, The Money Coach
How to Build a Strong Foundation – Beyonce Style
Personal Finance

How to Build a Strong Foundation – Beyonce Style

by Lynnette Khalfani-Cox, The Money Coach
A Student’s Guide To Filing Taxes
Personal Finance

Breaking Down the ‘Penalties’ of Single Tax Filings

by Lynnette Khalfani-Cox, The Money Coach
tax refund
Personal Finance

Making the Most of Your Tax Refund

by Lynnette Khalfani-Cox, The Money Coach
Here’s How to Handle Stock Market Volatility
Personal Finance

How to Manage Your Finances with Inflation on the Rise

by Lynnette Khalfani-Cox, The Money Coach
AskTheMoneyCoach
Credit Cards

The Split-Second Shopping Decision That Could Save You Hundreds of Dollars

by Lynnette Khalfani-Cox, The Money Coach
Financial Advice on TikTok
Personal Finance

NEWS DIGEST: Breaking Down TikTok Finance Myths on Good Day New York

by Lynnette Khalfani-Cox, The Money Coach
Financial New Year's Resolutions
Personal Finance

Why Your New Year’s Resolution Should Start on Thanksgiving Day

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox
Featured

The Long View: Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America’ Podcast

by Lynnette Khalfani-Cox, The Money Coach
Next Post
debt

5 Ways to Get Debt Free

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Articles
  • Books
  • Get Coaching
  • Contact Lynnette
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist