Welcome to my new series “Money Myths”, this is the first edition of five. Through this series I want to debunk common money myths that are typically taken as truth. Just because personal finance enthusiasts the world over have told you these myths time and again does not make them true. I aim to set you straight so that you can start leading a financial gratifying lifestyle.
Money doesn’t buy your happiness…..or so they would like you to think. Yes, I’m here to tell you that money in fact can buy you happiness. I’m not greedy, nor am I materialistic, I simply believe that money can fix a lot of problems and prevent some as well. We all know the statistics of divorce, these days you have about a 50/50 chance of making it a lifetime with your partner. What’s more, money tends to be the root issue of divorce. It stands to reason that if you take money troubles out of the equation then the divorce rate would be drastically lower. Also, consider the love of a parent for a child. My parents did everything they could for me growing up, and I can see myself doing the same when I have children. This includes things like the best education, and perhaps paying for a college degree as well. This is a large expense, one that could be made easier with an added influx of money.
Since we are essentially discussing wealth accumulation I want to add another myth, that we don’t have any control over how much money we make. Quite honestly this couldn’t be further from the truth. First, consider your day job. A college degree, hardwork, and just giving it your all can lead to promotions and more money. I didn’t stop at my bachelors degree, I went on and received my MBA and I’m better off for having done so. In fact, I wouldn’t have the job and money I do now if it wasn’t for that. Next, you are doing yourself a disservice if you think you are limited to the money you make at your day job. I’m a finance guy by day, and a finance blogger by night. I’ve found a way to diversify and increase my income while leaving my day job uncompromised. This additional money is paving my way to financial freedom even though it takes up more of my free time now.
Stay tuned for the continuation of the this five part series debunking common money myths!