Money has a lot of myth and this myths make generating money difficult. You will be surprised how much you believe in several wrong facts compared to the real deal about money. You see growing up, we all had different believes about money since our parents made us believe so. This myths have become a part of us, affecting our day to day lives and believes about money. I will be sharing a few myths that we have been made to believe.
Education is money
A lot of us has been made to believe that the more educated we are, the more money we make. This is one believe our parents planted into our minds which then in turn affects our ways of thinking. In most cases, people believe that if you are not well educated, you won’t be making a lot of money. It is believed that going to college is what get you good money and I am sure so many people still believe it. I am not saying education is not good, it is a very good investment as we invest in ourselves but education shouldn’t directly proportional to making wealth. Wealth can be made in all level of education.
Never get a loan
A lot of people have said this over and over again that getting a loan is a bad thing but the fact still remains that 3 out of 5 persons have a loan to pay. There are good and bad loans, in some cases, a student loan can be a bad loan when you are getting into debt over a degree that isn’t going to add any value to you when you are done. Also getting a loan for a house you can’t afford to pay before the loan period elapses is a bad loan. On a better note, getting a loan for something that will yield revenue is a good loan or debt.
A home is a asset
An asset is anything that brings in revenue for you and your home only becomes an asset when it is generating revenue for you. It is regarded as a liability if you are the one living in it because it will only keep taking money from you for unforeseen repairs, taxes, and many more. A home becomes an asset if it is bringing passive income in form of rent or it is flipped for a higher value than it was originally bought.
Rich People Are Thieves
This is one thing I heard from a friends father. He made it clear that being rich means you have to steal from the poor and be corrupt but this hasn’t been true all along. So many rich people make their money legally by selling products and services to people and not stealing.
Conclusion
Getting rid of this myth can be a very good start to wealth creation. As the mindset of a person towards money determines the understanding and action towards money.
@futurekr first of all very nice article. I agree with all the myths that you have described. We need to make assets not liabilities to get more income , home is a kind of liability as per my thinking.
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I am happy we are on the same page but a lot of people might not agree with us.
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Stealing is never a good way to make money, it is rather an act of wickedness.
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Yes it is totally a wicked act
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Definitely a good point of view, friend, I repeat it again. I congratulate you for this sentence which is true in all its extension.
However, education is power and often turns into money.
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Thanks a lot @lanzjoseg for visiting my post.
I definitely agree.
But there are some people who may not have the privilege to get some degrees, this should not make them feel less.
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My Mum always taught me to stay away from loans as much as I can, but I learned earlier that there are different types of loans and not all is bad as it only depends on what the loan is used for.
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Some loans are usually profitable at the end of the day while some loans are actually really bad.
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Exactly these are myths, this according to you, to begin with education is not a guarantee of wealth I know perfectly well, I am a doctor and in my country I did not even earn to make a decent market, of course, I know that it also has to do with the conditions in Venezuela since previously doctors were very well paid and in other countries they are. But as you say, it is not a guarantee of anything. It's all about knowing how to invest the money you earn.
The loans have their advantages and disadvantages as everything in this life, you just have to know how to take the right one. As you say having a house does not generate wealth unless you use it for a lease for example, but will be more expenses for you. Many people have within their dreams to buy a house, which for me is not, I am more thinking about investing that money in my life, perhaps in travel, living rented savings and enjoy more.
And finally, many people are jealous of the rich, but they do not think about the sacrifices they must have made to get where they are and surely they are sacrifices that not everyone is willing to assume. It is very easy to talk and criticize but it is not so easy when it is your turn to face the sacrifice.
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Thanks for visiting my post friend, sacrifices are things people do not like to hear about any more but they like to admire the rich ones.
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