Throw away 7 money lies to succeed
Are you really in control of your financial situation? Sometimes you think you’re the one who knows the best about how much money you have, but in reality, desire can overshadow the truth. That makes you believe in your “illusory” financial capabilities unconsciously.
Lies about money will change your thoughts and actions in financial decisions. And because you rarely share personal issues like your salary with family and friends, it’s easy to get caught up in the lies you’ve created. In the end, those lies will cause unreasonable spending habits with economic capacity.
Whatever the lies, it’s never too late to change them. Check out some of the lies below to avoid as much as possible:
1. I would be happy if I had this much money.
With only “this money” in the bank, I will solve many problems and lead a happier life.
Is this saying familiar to you? It’s great that you have a specific income goal, but if you believe that some magic number will turn your happiness switch on, then it’s best to think again.
At the beginning of this lie, it means that we have placed too many expectations on a single number. And obviously, the higher the expectations, the greater the disappointment. Maybe you will never reach that number of dreams, or when you do, you will find that it doesn’t make you as happy as you thought.
Don’t be discouraged because of that, studies show that the process of working to reach that number will leave us feeling satisfied whether we achieve the goal or not.
2. I deserve it, regardless of my financial capacity to meet it.
“I worked really hard and rarely bought anything for myself.”
“Who knows when we will die, we only live once.”
“I’m getting a big contract!”
These are just the excuses we use to convince ourselves that it’s okay to buy something beyond our economic viability.
Whatever the money is used to buy, their sole purpose is to quench the thirst for something that you probably know you don’t need.
3. I have strong financial capacity.
When faced with temptation, most of us lie to ourselves that we are very good at resisting it. But think, when was the last time you decided not to buy something you liked? When was the last time you splurged on frivolous spending?
According to statistics, the average American spends at least a few hundred dollars a month on unnecessary purchases. When stressed, people will tend to spend uncontrollably, which is why when the pandemic broke out in 2020, the amount of spending increased by 18%.
Plus, people who shop with credit cards may be spending more often than we see. Credit card users spend on average 10% more than using cash, not even taking into account the interest costs in the case of installment payments for certain products.
4. I will save more later.
When they want to buy something at the moment, everyone tells themselves that after buying it, they will start saving more. In fact, less than 1/6 of the population is able to save more than 15% of their income while 1/5 of the population does not save money.
Regardless of the reason, when we decide to use an amount that should be in savings, we are prioritizing the present over the future.
And the consequences will come someday, when you start to seriously think about retirement. At this point, it is likely that you will have to work hard to achieve the desired savings, or even not achieve it.
5. I still have plenty of time to plan my finances for the future.
When we think about the future in 10, 20, or even more years, it feels like that time is still very far away. When we realize we have a lot of time, it’s easy to make excuses for ourselves not to make a savings plan.
This lie is a perfect excuse for procrastination, which is why we often use it when we feel negative or uncertain about our financial future. That will make us turn a blind eye to the valuable days that have been missed.
Benjamin Franklin once said about the truth behind this lie: “Failure to prepare means you have prepared to fail.”
6. Have good debt and bad debt.
We tend to attach moral value to debt, treating mortgages and student loans as “good debt” and credit card debt as “bad debt.” This lie has misled us about debt. Since all debt comes with a cost, it’s important to understand how all of this will affect you now and in the future.
So instead of focusing on distinguishing between “good debt” and “bad debt,” know your total interest expense over time and decide if this loan is really helping you achieve your goals. are not.
7. Too much ambition is not good.
We all agree that being greedy is wrong, but wanting more for you and your loved ones is not a bad thing.
When we tell ourselves to be satisfied with what we have, we agree to put in less effort. Although it doesn’t matter if we don’t do something to improve our financial situation for the future. This lie about money will hold back, making it difficult for the financial situation to improve.
When we see wanting more than we already have as a motivator, it becomes easier to seize the opportunity needed to achieve our next goal.
So how do we keep those lies from making us miss our chance?
Have you ever told yourself such lies? We’ve no doubt told ourselves at least one of these sentences when we wanted to spend money, but still wished we could feel some relief. It’s not the best decision for your finances.
Remember one fact: Only honesty goes hand in hand with finances.
What we tell ourselves about money influences our financial behavior a lot. If you don’t accept the truth, those seemingly harmless lies will drain your wallet! It will likely affect your financial perception, increase your sense of confidence, and hinder you from saving and increasing your income.
Once you recognize those lies, reset your thinking and action, make better choices and make more progress on your future growth path.
(Source: Kiplinger)
at Blogtuan.info – Source: Afamily.vn – Read the original article here
