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The 3 Myths of Money
Myth #1: Make more money and you will be rich.
The solution to the money problems isn't more money but it's new habits since what sets us financially set for life isn't bigger income but it's smart saving and investing
Myth #2:
It takes money to make money.
The power of compound interest is as real as gravity and for most people who have built financial security has done by one dollar at a time. Hence a big chunk of money is not required for starting. What is required is the capacity to be honest with yourself as we need to face the reality of our situation and decide to do something about it
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The 3 Myths of Money
Myth #3: Someone else will take care of you.
Our Wealth is exactly like our health and our health doesn't just happen. It's not something that takes care of itself as we go through life. Since we can't leave our health in someone else's hands, and the same goes for our wealth. They are both...
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Focus on percentage of income saved, not the dollar amount
Over the long term, it's not as much about the dollar amount you save, but the percentage of your income that you dedicate to saving and investing. By focusing on percentages, you can ensure you're always saving more as you earn more.
Smart retirement planning boils down to a few simple truths.
- Time is on your side. The earlier you start saving money, the more time you give compounding to work for you.
- Take risks when you're young. Although stocks are three times more volatile than government bonds, it earns nearly twice the average annual return.
Budgeting myths
- Myth - I don't need to budget: A budget focus on identifying all the expenses that are likely to occur during the month, quarter, and year. A budget can identify costs that could be reduced or cut.
- Myth - I'm not good at math: Budgeting software on...
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