Over the years, money has been the subject and object of so much attention and intrigue. So it is no wonder that so many things, true and untrue, have been said about it. Still, it is unfortunate that the false ones are thriving, but that's totally understandable as It is easy to believe these money myths (That's why they are myths). Myths like the "India vs Nigeria 99 - 1" football match I heard while growing up.

But not all money myths can be true. Likewise, not all myths are totally false(did I confuse you?) 

In case you forgot, here is what a myth means:

A Myth is a commonly-held but false belief. In other words, a common misconception.

Note: I searched far and wide to gather 10 of the most popular and influential money myths. Some you know, some you don't. But, more importantly, you won't find most of these myths elsewhere.

Now that we've gotten that out of the way. Let's bust some myths. Shall we?

Here are the offending money myths:

Money Myth #1. I'm Not Good At Money Stuff

Who told you that! 

So you've been spending badly for a few months or years now. If you don't know, this myth involves minor psychology. Do you quickly admit to being bad at money management when someone accuses you? If yes, this myth is stringing you along like a puppet master. Believing this myth makes you hand over the finances to your partner, brother, sister, or whoever is offering. Putting your finances at the mercy of other people. I always cringe anytime I hear people say, "I'm not good at money stuff" ha! That's a sign of an impending disaster. If you want your hustle to pay, you have to get rid of this belief.

No one is bad at handling money. You just need to develop the habit.

Getting rid of this myth is simple. First, fake it till you make it, i.e., keep saying "I'm superb at money stuff" until it is absorbed into your subconscious. I guarantee you great results in as little as three weeks.

Money myth #2. Money Is The Root Of All Evil

Obviously, this one was taken from the Bible. In error, I have to say. You should have noticed that the Bible says, "The love of money is the root of all evil." "The love" here means the blind pursuit of wealth. You shouldn't become immoral because of money. In no way does this mean that you should be poor. This myth spawned another one from the Bible also. It says, "It is easier for a camel to go through the eye of a needle than for a rich man to enter into the kingdom of God."  Not a myth per se because it's actually true. But the Bible didn't say that it is easy for a poor person to enter the Kingdom of God either. Entering the kingdom of God is no child's play. Come to think of it, the Bible was only talking about the distractions (like oppressing the poor) that can come with wealth. 

To get rid of this myth, remember that the likes of Abraham and Jacob were wealthy men who did well spiritually despite their wealth.

Money Myth 3. Debt Is Bad

I'm sure you're wondering, "How can debt not be bad?" And I agree. Debt is wrong, but some debts are good. Before you read further, know this. There are two types of debt. Bad debt and good debt. Lousy debt takes money out of your pocket, while good debt puts money in your pocket. Again, Bad debt is a liability while good debt is an asset. Bad debt needs you to use the money elsewhere to pay it off while good debt pays itself. Sounds good, right?

Let's consider an illustration. 

Bad debt

Victor is the head of R&D at his place of work. He has a nice car and lives comfortably with his family. His birthday comes, and he decides to take a loan equal to three months of his salary to celebrate appropriately. He now owes the equivalent of whatever is his salary for three months. That's a classic example of bad debt(not the accounting term--would have been better if it was).

Good debt

Ene is also an employee. She works at a law firm that has been affected by the pandemic. Consequently, she had to take a pay cut. Her financially savvy brother comes to her with an opportunity to invest in his food processing plant when she is strapped for cash. But as a sharp girl, she takes a loan to buy 30% of the business. In her calculations, she sees that her investment will pay off the loan after some time(say 5 years). Summarily, she will own an asset without paying out of her pocket. Ene has minimized her risk and maximized her reward. This is a perfect example of good debt.

In the past, I used to believe that all debts are bad, but I'm wiser now--and so are you(we don tear eye na).

Note: Make sure you cover all your bases before entering into good debt. I won't be able to help out if things go south. 

Money Myth 4. I'm Too Young To Start Preparing For Retirement

Everyone dreams of the day they get to put their legs up and not worry about anything like money. No, especially money. Here is the newsflash: You'd have to retire rich before doing that. Unfortunately, even people in their 30s are not preparing for retirement. They say, "I'm too young; those in their 50s are concerned with retirement plans." This belief is dangerous. Either you start planning for retirement as soon as possible and enjoy the wonders of compound interest. Or leave it too late and be at the mercy of economic forces. Many people are retiring poor today because they left it too late. If you start planning early, compound interest will be your friend. If you don't, inflation is going to prey on you. 

Money Myth 5. You Need Money To Make Money

While it is true that money begets money, you don't always need money to make money. What you need to make money is a skill, not money. However, a combination of money and skill is what you need to make wealth. Thinking that you need huge capital before you can start making money will kill your hustle. This money myth keeps you from thinking out of the box and below your potential. It stops you from investing what you have and shifts your focus from honing your skills. You should have guessed by now. This is one of the most dangerous money myths. Ever.

Money Myth 6. Money Brings Pride

Pride is associated with all types of achievements. So, why is it most popular when associated with money? Truth be told, achieving just about anything in life can bring pride. I see people trying to hide their pride behind a veneer of false modesty, but they fail to realize success is just an amplifier. Immediately they get some success, they blow their cover. Success in making money makes good, bad, and not-so-good traits obvious. Therefore, this myth is pure BS, and it shouldn't affect your hustle. While money might make some people proud, that won't be you and me. It is not money that makes people proud. It is a type of success that amplifies what it sees in you. If you have been passing-up opportunities just because you're afraid people will say you're proud when you move up socially, odds are that you are flirting with this myth.

Money Myth 7. Saving Money Is Good

This myth has been busted so many times I've lost count. It made this list because it is still one of the most popular money myths. Let's face it, cultivating the habit of saving is good, but I'm afraid good is not good enough nowadays. It is not logical for me to save money in an account where I'll be receiving a meagre 1.25% interest when the inflation rate is doing some crazy numbers. If that is not enough, the central bank can also decide to devalue the currency anytime. These two factors alone can reduce the value of the money saved by 20%, if not more!

Saving money is good, but investing is better. Believing this myth may not make you poor, but it will keep you struggling financially.

Money Myth 8. Money Cannot Buy Happiness

I really want to meet the person who invented this myth.

Come on! What has money got to do with Happiness? Having one does not mean you can't have the other. Likewise, Not having one does not mean you'll certainly have the other. Money and Happiness are not mutually exclusive. 

You probably have friends and family who say this often if you are like me. Don't join them in saying it. If you have been saying it, desist from such. Saying that "money can't buy happiness" can really hurt your hustle. It will be absorbed into your subconscious, and instead of creating wealth, you will start giving excuses(God forbid that I repeat it).

In reality, money can actually buy you some happiness. Think of how you'll feel when you can feed the hungry and clothe the naked around you.

Money Myth 9. Money Makes Your Problem Bigger

Okay, so this one is not a myth by any means. However, being rich means that your problems are more significant.

However, the carriers of this myth fail to note that problems will have to be really big before they can become serious problems for you. 

At the end of the day, the degree of pain endured by the poor due to their "small problems"  is the same as the one endured by the rich as a result of their "big problems." So, what's the point of harbouring this disastrous myth? Oh, I said it isn't a myth. I'll leave you to decide that.

Just know that great wealth comes with great responsibility

Money Myth 10. I Just Need To Earn More To Be Rich

While this assertion may be true in most cases, it is not always true. You can't be digging a hole in your pocket and expect more income to stay in that same pocket without falling through. According to Parkinson's second law, "Expenditures rise to meet income."

If you don't stagnate your expenses, you'll always spend all you earn, if not more.

This myth is genuinely a myth because you don't just have to earn more to be rich; you also have to spend far less than you earn.

Here are two more myths for the road

• In a way, it's better to be poor
• It is not my destiny to be rich. Else, I would have been rich by now

Congratulations! Now you know the money myths circulating out there. So, none of these myths can hold you back from getting rich anymore. 

Have I dispelled any of your money myths, or do you think some myths have been wrongly labelled? Please make your thoughts known in the comments below.

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