JENNIE: Steve Siebold busts money myths that prevent financial independence

Community

Author of How Money Works

AUGUSTA, Ga. (WJBF)— A recent study from George Washington University shows Americans are still -failing- at personal finance. And it could not come at a worse time, with the pandemic causing market volatility, job and income losses, and a level of financial stress most Americans haven’t experienced since 2008.

Do you ever have these thoughts? “I will always struggle with money” or “Only lucky people get rich.”

You’re about to meet a self-made millionaire who has interviewed more than 1,300 of the world’s wealthiest people over the last 3 decades. He says these are the top myths people associate with money:

  • Making money is hard
  • Money is evil
  • You need an Ivy league education to become rich
  • Money will make you happy
  • Middle class means you’ve reached the American Dream

Steve Siebold is author of the book How Money Works, which you can order from Amazon. He joins me now from Fort Lauderdale, Florida and Steve, you say it’s time to break the biggest myths and misconceptions about money!

Myth: Making money is hard.
Truth: The reality is, right now, the streets are paved with gold. Making money is about solving problems. The world is full of problems which means there is a lot of money-making potential. The bigger the problem you solve, the more money you can make. Start by looking around and figuring out what people struggle with the most, and then use your talents and skills to help them solve those problems.

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

Myth: You need an Ivy League education to become rich.
Truth: Most people believe formal education is the only education you need to become successful. The rich respect formal education, but they tap any form of education available to make their dreams a reality. Whether it’s interviewing very successful people, reading, listening to educational programming or attending seminars, self-education is a powerful tool and the real key to building wealth.

Myth: If you fail, move on to the next thing.
Truth: If you fail at something you shouldn’t automatically move on to the next thing. Rather, be persistence and understand that failure is not fatal. The process of failure can even be encouraged to learn from one’s mistakes. The truth is, success is reached by failing over and over again. The most successful people among us are really just professional failures who never gave up.

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 make 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. The truth is, if you raise your expectations and strive for more ambitious heights, you can strike it big and make your dreams come true.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories