It’s easy to tell yourself little lies about money without even realizing it. The problem is you’ve been telling yourself those lies for so long that it keeps you stuck in the same place.
If you find yourself spending money you don’t have, justifying purchases you shouldn’t make and avoiding doing something to change your financial situation you may be telling yourself lies about money. If any of these lies sound familiar you may want to reevaluate your mindset.
It’s not my fault I’m broke
If you’re not sure how you’re debt crept up on you so quickly you may be a victim of your finances. You know you have a victim mentality if you’re blaming your financial situation on someone or something. If you feel any part of your finances are out of your control you might be playing the blame game. Yes, life happens and there will be times you’ll have to dig your way out. Having a plan for your money and an emergency fund will help keep the stress level down when disaster strikes.<!–more–>
I’ll put it on my credit card and figure out how to pay it later
If you already have credit card debt and/or don’t have the money to pay the balance off before the end of the month you shouldn’t be using your credit cards. Everyone likes to treat themselves but if you don’t have the money to pay for it now you probably won’t have the money to pay for it (plus interest) later. I’m a huge advocate of living in the now but not if it comes at a cost and additional stress later.
I can’t save because I don’t make enough
You may be overspending or genuinely not making enough money to save. If you’re overspending you need to find ways to eliminate the non-essentials or scale back on your living expenses. If you’re not making enough money try to look for ways to increase your income.
I didn’t go to school for finance so I can’t invest
Let’s be clear, you do not need to work in finance or go to school for finance to invest. There are safer ways to invest your money. I never recommend investing money you can’t afford to lose. Every investment comes with risk so do your homework. When I invest the money it’s gone to me the same way it would be if I bought a pair of shoes or a handbag. If you can contribute to your company’s 401K or IRA plan. If you’re not eligible via an employer and do not qualify on your own for an IRA or ROTH IRA look at investing in an S&P 500 Index Fund and/or government bonds.
I’ll save more when I make more
When you’re living paycheck to paycheck it’s easy to put off saving for retirement. You can’t afford to not contribute toward your retirement. Especially if your employer is matching your contributions. Saving less over a longer period of time can be more beneficial than saving more at a later date. Give yourself a headstart on retirement and find a way to start saving today.
Money won’t make you happy
I think everyone has heard someone say money doesn’t make you happy or it’s the root of all evil. While there are many wealthy people who are unhappy there are also many people who are broke and miserable. I don’t think there is a direct correlation. What I do know is that money will make your life a lot easier and give you the freedom to do more of what you love.
What lies about money have you been telling yourself? Leave them in the comments below. I’d love to hear from you.
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