Do You Have Limiting Personal Money Myths?
I find that people believe the following money myths, mostly on an unconscious level, yet the unconscious runs our daily lives. Coaches are savvy on self awareness, so take these money myths to heart.
Most people assume that adults are money savvy. However, many folks hold ideas about money that aren’t true. It’s troublesome to form sound financial ideas once you've supported false beliefs over time. Wow, they do become burned into our brains. Change limiting beliefs and you’ll strengthen your foundation for sound monetary selections.
- Money equates with being happy. Actually, a study done at Princeton University showed there is a correlation between financial gain and happiness, to a point. Happiness and emotional well-being improve with a rise in pay, up to $75,000. On the far side that, however, any increase failed to offer further benefits or enhancements.Other analysis shows that the amount of respect and social influence someone receives is the most valued asset. Of course, Money has some influence on these two things
- A disproportionate number of very successful individuals come back from poor backgrounds. It’s staggering what number of extremely successful individuals never finished high school because adversity can build resilience. Average individuals tend to be predictive of average results. If a person learns from their experiences, their resilience seems to naturally carry them forward. Move beyond average.
- There will be enough time later to retire, save money, or pay for the kids' college education. This is a money myth because conditions don't always get better, as this last economic crunch proves. However now is a always a great time for saving.
- Additional education means more cash. There is a difference in lifetime earnings between those with high school educations and those with college degrees. However skill sets vary for earning income when the economic cycle fluctuates. In some fields, those with graduate degrees really earn less.
- Budgeting is the best plan to tighten your belt. A home budget could be a nice plan, however, is there room in that budget for a larger purchase or an emergency item?
Do any of these money myths limit you in any way?
Being real and recognizing and eliminating false beliefs is powerful in opening your mind to new possibilities. Continue learning and your monetary experience can still grow.