7 Myths about Money

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Despite the increase in acquisition of formal education, a lot of us still have a bunch of wrong perceptions about money. Sadly, these perceptions have made so much impact on us and how we view and handle money. The lists of such perceptions are quite endless but here are few:

  1. Money solves all problems. Is it not myopic to think money is the answer to all questions and the solution to all problems? Some even think money brings happiness. Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. –Franklin D. Roosevelt.
  2. Money can never get exhausted. It’s funny to know that some people think money has a way of replenishing itself so they can never run out of money and thus there is no need to save money. The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind. –T.T. Munger
  3. A degree or formal education is the key to making more money. Some people do not realize that a degree may land you a fantastic job but it may not guarantee you wealth. Formal education will make you a living; self-education will make you a fortune. –Jim Rohn
  4. Money is not important. Some people just hold the belief that money is not a primary need and should never have number 1 priority when put on a scale of preference.
  5. Money defines or determines a person’s worth or value. This is not true. An individual’s worth should never be measured by how much money they have. The real measure of your wealth is how much you’d be worth if you lost all your money. –Anonymous
  6. Money is contagious. Some of us believe that since we have wealthy parent(s) or sibling(s), we automatically become rich.Money can not be contracted like diseases neither is having money hereditary.
  7. Hard work is the key to wealth. I also held on to this myth for a very long time.Haven’t you thought about how people juggle three jobs /working 80 – 100 hours a week and yet they still do not become rich. Hard work alone can not guarantee wealth rather working hard and working smart can generate wealth.

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