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Demystifying Financial Myths Recreating Your Thoughts on Wealth Creation

Money matters. The road to financial freedom starts from reconstructing your thoughts about wealth and demystifying some of the false beliefs about money.

 

Myth 1- Saving is for a select few.

What’s your excuse for not saving a part of your income? Are you waiting to earn more? Do you think it is too late for you to start? Do you live from paycheck to paycheck?

If you didn’t cultivate the habit of saving as a child, it can be tough to do so now. Nevertheless, it can be learnt. Whatever your reasons may be, start now. Pay yourself first. Save a percentage of your income immediately you receive it. Don’t save after you’ve deducted all your expenses. Start with 10% (or any other percentage you choose to) and grow it from there. The idea is to defer gratification and keep a part of your income for future use.

 

Myth 2 – You’re too young to invest towards retirement

The days go by faster than we think. Start a retirement plan today and grow it. Talk to an expert and subscribe to a pension scheme. Imagine how much you will earn by investing 10% of your income in a retirement plan for 30 years.

 

Myth 3- You get paid what you deserve.

Actually, you get paid what you settle for. People will pay you what you negotiate for and not what you deserve. If you want to make a specific amount monthly, come up with ways to meet that goal and work towards it. If it means asking for a raise, do your homework well before you ask. If it means getting an extra job or a side gig, go ahead. If it means learning a new skill, start studying. If it means changing jobs, do it. You can earn as much as you want if you put in the work.

 

Myth 4 – Thinking about money is evil.

You become what you think. Your thoughts shape your reality. Once you begin to think about how to become a millionaire you will find ways to become one. Getting a lot of money is by no means an accident. Thinking about making a lot of money is not evil. Remember, ‘As a man thinketh in his heart, so is he” – Proverbs 23:7.

 

Myth 5 – High income doesn’t equate wealth.

Earning more money does not always correlate to wealth. Wealth is planned and intentional. If you spend everything you earn, you are not becoming wealthier. To gather wealth, begin to work on your lifestyle, be disciplined with your money, meticulously invest and be patient enough to see your investments grow. An increase in income should lead to an increase in savings and investment and not spending.

There’s no cap to the amount of money you can make with the right attitude.


Also published on Medium.

  • Charles Frimpong Somuah
    April 9, 2018

    Nice write up

    • Dzifa
      Charles Frimpong Somuah
      April 10, 2018

      Thank you.

  • Jeanette-Marina
    April 9, 2018

    Great points to think about or remind us. Thanks!

    • Dzifa
      Jeanette-Marina
      April 10, 2018

      Anytime!

  • Eli
    April 9, 2018

    Thanks Dzifa

    • Dzifa
      Eli
      April 10, 2018

      My pleasure.

  • dora lomo
    April 9, 2018

    Thank you. This is definitely worth the read.

    • Dzifa
      dora lomo
      April 10, 2018

      Thank you.

  • Ray
    April 9, 2018

    Great post Dzifa. I have personally started talking to my buddies on the importance of financial literacy as most aren’t financially literate. I look forward to reading more from you.

    • Dzifa
      Ray
      April 10, 2018

      Thanks Ray.

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