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4 Miserable Myths that Get in the Way of Your Financial Success

4 Miserable Myths that Get in the Way of Your Financial Success

One of the most unfortunate things about the way people manage wealth today, is that they trust everything they’ve ever been taught about money.  People automatically expect traditional ideas on wealth to remain relevant in modern times, even though the cost of living now makes past norms unsustainable.  The truth is, economies transform over time, and so does the value of money.  If you’re trying to accomplish financial success using the same approach previous generations relied on, there’s a good chance you’re making a lot of mistakes on your path to prosperity.

 

It’s Time to Get Your Mind Right:

At this point, there’s no denying that if you want to become rich, you need to have an innovative plan. The Certified Financial Planner Board of Standards suggests that “Creating a financial plan helps you see the big picture and set long and short-term life goals… When you have a financial plan, it’s easier to make financial decisions and stay on track to meet your goals.” This all starts with abandoning the damaging lies you’ve ever been told about money.  Here are a few myths to eliminate from your consciousness if you genuinely want to achieve financial success:

 

1.    Risk Should Be Avoided at All Costs:

There’s an old proverb which says, “Nothing Ventured, Nothing Gained.” This particularly applies to financial prosperity.  The only way to acquire any kind of meaningful wealth in life is to take risks.  Start that business, or make that investment.  You’ll either succeed, or learn from the experience.

 

2.    Retirement is for Old People:

Don’t wait until the second half of your life-expectancy to start thinking about what you should do when the time comes to retire.  By then it will be too late to build a substantial nest egg.  If you haven’t started already, set up some savings accounts for your money immediately.  And do some research on what it takes to retire comfortably.

 

3.    Debt is Dangerous:

Debt is a concept which is so frequently demonized that people take its value for granted.  There’s nothing wrong with debt at all.  Debt only becomes a problem when it’s mismanaged.  If you’re contemplating taking on some debt, simply do the math to calculate exactly what it would take to pay it back.  If repayment would be too demanding, then stop yourself from borrowing.

 

4.    Money is All About Numbers:

Financial management isn’t just a mechanical process.  It’s an emotional one as well.  Neglecting to recognize your mindset will push you into making one bad decision after the next.  As you make frugal choices and concentrate on being tactical with your money, remember to invest in your mental health as well.  Your mind needs to be strong enough to deal with the struggles of financial stress, as well as the temptations of financial fortune.

 

Conclusion:

In order to manage your wealth in a profitable way, you have to be willing to see the truth for what it is.  And the truth is that money doesn’t just materialize from sweat and tears.  Money comes from strategy and attitude.  Money comes from organization and efficiency.  Money comes from taking the initiative to manage resources in a responsible way.  So, stop using old myths to chase money, and start using new ones to attract it. If you like what you just read from our blog, you’ll love the various informative courses, workshops and events listed on our websites and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Academy can help you break past your daily struggles and start soaring in success. Exclusive offers are also available on our new site nowrise.com

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