Photo of dollar bills in article about money

Myths About Making Money That Are Keeping You Back

Some of them might surprise you.
March 8, 2020
6 mins read

I know we all want to make money. I know we all want to lead a financially stable life. I also know that a number of us go online, sometimes, to learn a few tricks and tips about money making. But in spite of the articles we’ve read, resources we’ve reviewed and strategies we’ve adopted, it is so alarming that a lot of people still struggle to find the ultimate solution to their money making dreams.

But why has it been so hard for people to make as much money as they’d like, despite the significant amount of theories and tips available online today? Well, it is because a great number of these resources are nothing but myths.

Below are some of the most common money making myths you’ve been led to believe.

Myth 1: To make money, money has to be your No. 1 priority

It is so unfortunate that a lot of resources out there today wrongly advise people to spend more time thinking about ways to make money when, in fact, they ought not to be. More often than not, we find resources suggesting that to make money, you have to make money your No. 1 priority. Little wonder why we find phrases like “money on my mind” and “if it’s not making money, it is not making sense” doing the rounds. This is nothing but a myth. In fact, there is really no concrete correlation between money-thoughts and money-making. Thinking about money day and night doesn’t translate into paychecks, does it? In reality, the more time you spend thinking about money, the less time you have to think about problem-solving.

Learn this today. Money doesn’t come from thinking about it; it only comes from making proactive decisions.

Myth 2: Save your money and let it work for you

With so many online saving opportunities available today, it is not surprising to see many resources advising people to save if they want to become rich. For instance, many people will tell you to invest in the stock market and let compound interest transform your paychecks into millions. While this may sound exciting to you, it is closer to being a myth than the truth. If anything at all, you’ll have to work for 40 years before this plan starts materializing. Instead, invest in yourself by honing skills you can monetize. If you’re always honing new skills, you’ll make incrementally more money. That is a real compound interest. You cannot save your way to wealth, but you can educate yourself there.

Myth 3:  It’s not a time to make money when you’re settling debts

Even without anyone telling us this, it is a common practice for humans to focus mainly on debt payments whenever they are battling with debt obligations. The notion that you cannot save, trade or invest your money while still paying off debt is an absolute myth. Let no one deceive you; you can still work your way toward making money even when you have some debt burden.

With the help of schemes like IVA, you can decide to settle your creditors as you see fit, thereby using your money for other purposes. Thankfully, there are also plenty of IVA companies out there willing to help people address their debt so that they can focus more on their other financial obligations. So if you’d like to do more with your money (invest, trade or save) while still paying debt, you should try contacting the best IVA company around you.

Myth 4: Making money depends on what the experts say

Indeed, everybody wants to get an expert opinion about a subject before making their decision. But if there’s anything we’ve learned from history, it is that expert opinions can actually be myths too. For instance, companies like Pets.com, Blockbuster and MySpace were household names until they crashed. In contrast, many that Wall Street dismisses outperform the market significantly.

My point being? The right investments are not the ones the experts recommend, but the ones that genuinely interest you, whether that’s Bitcoin, forex, stocks or any other investment platform. If you read the news, follow trends and get necessary updates, you’ll have a better opinion about where your investments should go than the “experts.”

Myth 5: It takes money to make money

Do not let the internet or friends dissuade you from pursuing that business or side hustle you have in mind, with claims that you need to have some money at hand to make money. Using websites like WordPress, social media and PayPal, you can create a website, advertise with how-to content and accept payments. As long as the idea you aim to sell solves problems, and you know how to craft catchy content, all you need is a little creativity and willingness to take risks to outwork everyone else.

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