15 Money Myths Most Lower-Class Americans Probably Believe

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Contrary to popular belief, not everything you hear about money is good advice or even true at all! Unfortunately, there are a lot of bad actors out there who give a lot of bad advice all over. Some people are well-meaning, and some are not, but no matter what their intention following their advice can be a bad idea.

Some of the advice that is passed around gains myth-like status, and so many believe it. Then, it gets passed along from other well-meaning people until it is almost pervasive. These money myths are not only not true but can also harm your financial situation if you believe or follow them.

Here are fifteen common money myths that could hold you back if you take them seriously.

Money Changes You

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It can. Many things can. But that doesn’t mean it has to. Not only that but since when was change exclusively a negative thing? You can embrace change, and you can embrace making more money.

Money Can’t Buy Happiness

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This one’s complicated. Happiness is an obscure concept that many people have a unique definition of. But what money can buy you is time to pursue your passions and live a comfortable lifestyle. And what does that make you? Usually pretty darn happy.

You Shouldn’t Talk About Money

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It’s gauche to brag about money, sure. But talking about it amongst other professionals in your field or getting advice about your financial situation from someone you trust? You should absolutely be doing that.

Money Doesn’t Matter

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Money doesn’t have to be the most critical thing in the world to matter. Your financial well-being directly impacts so many aspects of your life. So, it certainly matters.

Debt Is Inherently Bad

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You don’t want to over-borrow and should always pay off credit card balances promptly. But provided you have a plan to pay it back, having debt is pretty morally neutral.

I Have to Stop Spending to Save

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It’s not a flawed method, but so few people consider boosting their income as another way to build their savings.

I Don’t Need a Budget

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Everyone needs a budget. You cannot achieve your financial goals if you don’t know where your money goes.

If You Rent, You’re Throwing Money Away

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Homeownership isn’t the singular path toward building wealth or financial stability. Renting offers people much more flexibility and gives them some breathing room to achieve other small goals first.

A Budget Is Restricting

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It’s easy to see why anyone would think this. But if you’re budgeting correctly, it will free you to spend your money on whatever makes sense without feeling guilty or anxious.

The Only Way to Make Money Is to Work Hard

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Hard work doesn’t always equal more money. It can, unfortunately, often be the opposite; many lower-paying jobs are grueling and exhausting. It’s much more essential to leverage your skills and make strategic decisions if you want to see your income grow.

Being Frugal Means Living a Sad Life

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Frugality doesn’t mean you aren’t allowed to enjoy some of life’s luxuries. It’s more about knowing where and when to spend your money so you aren’t wasting it on things you don’t necessarily need.

You Need to Be Rich to Invest

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Investing is more accessible than ever. And while it requires a good grasp of how the markets work and some patience, nothing says you can’t get started with a smaller sum.

You Can Only Be Rich if You’re Lucky

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There’s something to be said about being in the right place at the right time. But few financially successful people got there by happenstance: setting clear goals and following through on them is an excellent way to control how much income you earn and save.

You Can’t Save Money

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This belief is common among those living paycheck to paycheck. It’s not always easy to save money, but with careful budgeting and adjustments, saving money is never impossible if you want to prioritize it.

You Need a Degree to Be Wealthy

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A college degree can certainly open you up to good money-making opportunities. Still, it’s not a prerequisite to being well-off at all.

7 Frugal Habits of Millionaires

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Most people think millionaires aren’t all frugal, but did they ever stop to wonder how millionaires got so rich in the first place?

Maybe, just maybe, they started out with modest, frugal lifestyles to get to their millionaire status. Here are some ways in which millionaires lead their lives to live up to their millionaire rankings.

7 Frugal Habits of Millionaires

I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money

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I’m super frugal, and one of my passions is sharing my frugal living tips with everyone.

Here are some of my absolute favorite frugal tips to help you get started on your journey to frugal living.

I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money

15 Things That Are No Longer Worth It Because of How Expensive They Have Become

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Everything comes with a hefty price tag these days. From indulgences to essentials, the cost of living keeps rising. We used to consider certain items affordable options, but now they’ve become so expensive that they’re no longer worth it. Here are 15 things that have lost their affordability and make us wonder if they are worth it!

15 Things That Are No Longer Worth It Because of How Expensive They Have Become

28 Practical Ways Frugal People Save Lots of Money

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Saving money doesn’t have to mean saying goodbye to life’s little indulgences. With a few smart tweaks, you can stash away cash for that dream vacation, rainy day fund, or splurge-worthy purchase without feeling like you’re on a constant budget patrol.

Think of it as a side hustle that pays off without the extra hours. Whether you’re looking to conquer debt or simply boost your bank account, these tips are guaranteed to put more money in your pocket, painlessly.

28 Practical Ways Frugal People Save Lots of Money

14 Ridiculously Random Tips That Could Save You Lots Money

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Want to save some money? There are so many ways to save money that are published in articles all day, every day.

It can be tiring to sort through them and find the ones that work for you, so we decided to scour the internet and find some of the best ones to share with you. But we couldn’t decide which ones to share with you, so we just decided to share the ones we liked, which means that these are pretty random!

14 Ridiculously Random Tips That Could Save You Lots Money

 

 

Author: CJ Darnieder

Bio:

CJ is a writer and musician from Chicago.  When he’s not practicing the divine art of stoicism, focusing on achieving a deafening inner quiet, or attempting to reconcile with the inherent powers of the universe, he loves to cook!