Financial Success – 3 Myths You MUST STOP Believing

Have you ever heard you have to do “these things” to achieve financial success?

“You must have a high income to become wealthy.”
“You need a lot of money to start investing
“Credit cards are bad and should be avoided.”
“Buying a home is always better than renting.”

I’m here to tell you… it’s wrong! The truth is, there are thousands of ways to reach your financial goals, but there are three sure-fire myths that will keep you from actually reaching financial success if you believe them. Keep reading to find out what they are…

Myth #1 – Financial Success Is a Dollar Amount

While this is partially true, reaching your goals is less about the amount of money you have, and more about your mindset. The reality is, financial success can be accomplished with $1 if you play it right. Yes, seriously! You can have $250 or $2.5 million and have financial success depending upon your mindset and how you choose to steward the funds you have been given.

Consider this for a moment, if you take $1 every day and put it into a regular savings account earning 0.45% APY, you would have $390.13 at the end of the year(compared to your $390 investment). Over 20 years, you will have contributed $7,230 and with the addition of $319.09 in interest, you’re looking at a whopping $7,549.09. WHOAH, big deal! I get it. It’s nothing…

But, look at the long term, that same growth and investment of $1 per day, applied strategically, in a steadily growing investment account with an average yearly return of 10% looks much different.

In scenario 2, with only $1 per day invested over the course of 20 years, you’re looking at the same contribution of $7,230, but with a return of $13,590… meaning that account could end up sitting around $20,820.

Now, that IS A BIG DEAL! Think what you could accomplish if you invested your $5 coffee every day….

But remember, these kinds of investments take time, patience, and dedication. And the truth is, if you don’t have the right mindset, you’ll never achieve the freedom you desire no matter how much money you have.

So, check your mindset more than you check your money.

Myth #2 – Financial Success Is a Destination

It’s easy to think, “If I just had $1,000,000 I would be financially comfortable.” Right? I mean, who would complain about having a million dollars? Definitely, not me!

But, in order to be financially successful, we have to remember that it is a lifelong journey and just like with anything else, if you’re not careful you can lose all the progress you’ve made in a single moment.

There will be ups…

I don’t know about you, but I love to listen to Dave Ramsey’s come up story. It’s so inspiring and encouraging to hear how he turned his own life lessons from hardship into powerful, meaningful, and impactful steps that have shifted the future of so many!

More so, however, I love to listen to his fall. No, I’m not a negative person who loves the demise of others. It makes his story relatable. Here is this financial GURU, who is admired by millions, and has a multi-million dollar financial literacy company, who has walked the path of ruin after making so many stupid mistakes (his words, not mine). He is 100% unknowing my mentor.

(Listen to his story here…)

There will be downs…

And the best part, HE OWNS IT!

He went from being a millionaire, to being broke, to building a multi-million dollar empire!

That’s honestly where his credit comes from. He struggled! He had creditors calling his house and job, embarrassing his wife, and just saying awful things (this was before the fair debt collection act – by the way). They were just downright mean.

And instead of letting it hold him down, he climbed out of the hole that he had made for himself and build a mansion on top of it. GO DAVE!!

My point is, it doesn’t matter where you are or where you feel you need to be. As long as you keep going, you’re going to make it.

Myth #3 – Your Financial Goals Should Be Kept Secret

Ever heard the saying “it takes a village”? While this is usually applied to parenting children, it is also true when it comes to your financial choices. Who you surround yourself with is incredibly important to your financial journey.

For example, a financially irresponsible friend may not understand when you need make a change to reach your goals. They may even say things like, “oh, it’s just one coffee”. Or, “you really can’t come to lunch one last time?”.

Meanwhile, a person who truly respects where you are trying to go will support you in making good financial decisions and will ensure they do not become a stumbling block for you.

Recently, I had planned to go to a concert with a friend of mine, but life took an unexpected turn and my brother passed away. Faced a very large expense to help pay for my brother’s cremation and celebration of life, I had to make some changes. When I told my friend that I was unable to go, instead of being supported in my time of loss, I received a guilt trip.

Now, I wasn’t upset with this friend like you may have thought. Instead, I realized that she didn’t have the same priorities as I had and didn’t understand my personal situation. So, instead of trying to get her to see my side, I just simply explained that I understood her disappointment, but wouldn’t be changing my mind.

Make It An Experience

If you’re going to take away anything from this article, let it be this – financial success isn’t about following a rigid set of rules or accumulating a certain amount of money. It’s about creating the right mindset and understanding that financial success is a lifelong journey.

Life is not simply a set of stepping stones to get you to the next destination because ultimately that final destination is…. well…. you know. But – we must enjoy each and every moment along the way.

So let your journey towards financial success be one of beauty, growth, and joy. Enjoy the wins and learn from the lessons, and above all be thankful that you’re still here to experience it all.