Top Money Myths

We all bring money beliefs, habits, and anxieties into the way we deal with
our everyday finances. Our value standards and behaviors about money affect
not only us, but also the people we love. Any unchecked control issues that
play out over money can derail relationships and even impact the lives of
those we care about after we’ve passed on. The following are money myths
that underlie some of our greatest fears or our cherished-but-wrong-headed
beliefs and habits. If you want to take a new path to financial competence
that is proven, easier, sound, and even enjoyable, follow along as we help
you become more open-minded about your personal financial present and
future.

1. Having money means fewer worries and ease of living.
It is tempting to believe that people who have money are wise, selfdisciplined,
self-confident and untroubled. Yet having money does not
by itself lead to feelings of security, and at times not even to feelings
of financial security. How you feel about life and how comfortable you
are about money management is not determined by the size of your bank
account, but by your values and priorities.

2. Financial matters are too complicated to understand
and master.
Financial competence is like most life challenges: The fundamentals are
mastered one at a time. We begin by learning the financial basics and the
practical steps we must take to resolve the financial concerns in life. To
succeed, we must patiently explore our own needs and values and be willing
to seek appropriate guidance from skilled partners, family members, friends,
or professionals when advice is needed.

3. Financial planning and investing should be left to an expert.
We all need to take responsibility for our patterns of spending, difficulties with budgeting, and willingness to plan, save,
and invest for future life events. We need the courage to communicate with partners and other family members. Then we
are in a position to choose financial experts wisely and deal most constructively with them.

4. Credit and debit cards are convenient devices that make purchasing easy.
With credit and debit card use, one side of the exchange transaction is missing—the act of consciously paying money for
goods or services received. We benefit by consciously planning our everyday purchases and limiting impulse buying to a
budgeted amount each month.

5. A lot of money is the best gauge of success in our society.
While this myth forms the basis for much of society’s interactions, it is nevertheless a myth. Yes, the accumulation of
money is one driving force. When we really look at the sad (and sometimes tragic) lives that have been governed by
wealth, however, we can see its uselessness as a primary success indicator. Even opinion polls disagree with this widely
held notion about the power of money. They show “life satisfaction,” “a happy marriage,” and “feeling in control” as more
cherished signs of success than “a lot of money,” and these values win out by a very large margin!

Source:
You and Your Money: A No-Stress Guide
to Becoming Financially Fit
Lois A. Vitt
Karen L. Murrell
ISBN: 9780131003101