9 Money Myths Holding You Back From Getting Wealthy

Is now one of the best times to make money? Seems highly unlikely with unemployment up and an economy in chaos. But Steve Siebold, author of the new book “How Money Works: Stop Being a Sucker,” who is a self-made millionaire and has interviewed more than 1,300 of the world’s wealthiest people over the past 35 years, says now is actually a great time to stake your claim to wealth and it starts by overcoming the misguided myths and misconceptions you’ve been led to believe about money. 

For example:

Myth – Making money is hard.

Truth – The streets are paved with gold – if you know where to look. Money is about solving problems. The world is full of problems right now which means there is a lot of money-making potential right now. The bigger the problem you solve, the more money you can make. 

Myth: Money is evil

Truth: Unfortunately, the masses see money as a negative, nasty, necessary evil and they constantly fear and worry about it. Start to see money as your friend. This is a friend that offers opportunity, peace of mind and fun. Develop a healthy relationship with money and start to see it as a medium of exchange instead of an indicator of self-worth. 

Myth – I need an Ivy League education to become rich.

Truth – Most people believe formal education is the only education that helps you become successful. The wealthy respect formal education, but they know you have to tap any form of education available to make your dreams a reality. Whether it’s interviewing very successful people, reading, listening to audio programs, or attending seminars, self-education is a powerful tool. 

Myth – Hard work will make you rich. 

Truth – If hard work was the secret to money, every construction worker and cocktail waitress would be rich. Start thinking big because thinking is the highest paid work. Use your natural talents, abilities and passions to think of solutions to problems people will pay for. Innovative thought goes much farther than a hard day’s work. 

Myth – You should associate with anyone

Truth – Having money doesn’t make you better than anyone else. However, if you want to be successful, hang out with winners. The world consists of two groups: winners and wannabees. The winners get what they want out of life. The wannabees sit around wondering how the winners did it. Being cool is overrated.  Being successful is better. 

Myth – If you fail, move on to the next thing. 

Truth – Diversifying your interests is great. However, understand that if you fail at something you shouldn’t automatically move on to the next thing. Rather, focus on persistence and how failure is not fatal. The process of failure can even be encouraged to learn from one’s mistakes. Success is reached by failing over and over again. 

Myth – All people are equal.

Truth – We should all be treated with equal respect and equal justice, but that does not make us equal in other ways. You will be better in some ways than other people, but will be lacking in other ways. Focus on your own unique talents and leverage them to construct the life you desire. You are not owed a fair life with equal opportunities. You have to overcome adversity and make it happen for yourself.  

Myth – Money will make you happy.

Truth – While having a livable amount of money seems to make life easier, it does not directly bring happiness. Too many people think that a certain marker of money in the bank will help them feel more secure. There is no amount of money that can erase life’s chaos and struggles. Happiness is sought from family, friends, and most importantly, love. Don’t equate money to happiness, find happiness before you ever get any substantial money. 

Myth – Middle class means you reached the American Dream. 

Truth – Aspiring to be middle class is outdated by decades. In the USA, the middle class is a large demographic and it takes minimal ambition to make it there. Some people are perfectly fine with keeping a roof over their heads and food in the fridge. If you want to make it big, raise your expectations and strive for more ambitious heights. Inspire to be world class where you can be your own boss and make your own dreams happen. 

For more information, visit www.howmoneyworks.com.