Money Myths Of The Poor

From tender age, we were exposed to myths about money and myths of being rich. Be it from our parents, brothers, sisters, relatives, or friends. The myths that we have determine our financial well being in our adult lives.

I call them myths because they are not true. Or, at least they are not giving you the complete picture.

We can't blame our parents for the myths in us. They already gave us the best they could. And don't forget that times change. Things were true then may not be true today.

If you want to move ahead financially, you have to be aware of the myths that you have about wealth and money. And do not let the myths stop you from living a wealthy life.

Money Myth 1: Work hard and you'll be rich.
Many of us think that by having a job with a big company would ensure that we're on the path to financial freedom. With so many layoff announcements, we might be out of job anytime. I'm not saying that you'd be one of them but the fact is there is no job that is guaranteed.


Recently, my friend was laid off in less than a month in his new job. Having a job is merely helping you to cope with daily expenses, providing you shelter, food and clothing. Do not be misled that a job or your employer will turn you into a rich and wealthy person. No one cares more than you about your wealth.

Money Myth 2: Saving is good.
When I was small, I was told by my mother that I must learn to save. I thank my mother for inculcating the habit of saving in me. The habit of saving helps me to develop discipline. Many people think that when they save enough, one fine day they'll be rich.

But is saving alone enough to make you wealthy?

I came to realize that if I only depend on my savings to get rich, I'd have to wait for a long time. That's the problem with savings, it takes a long time for you to get rich. Saving alone is not enough. You have to learn to invest your money in other investment vehicles to grow your money faster.

Money Myth 3: Debt is evil.
The other common myth about money is debt is bad. Did your parents ever tell you that borrowing was bad? Mine did. Not all debt is bad, actually. It depends on how you spend your loans that you're getting. If you take a credit card loan to buy a flat plasma TV, it's a bad debt. On the other hand, if you take loans to start a business or invest in real estate, the debt is good.

If debt is bad, can you imagine what would happen to companies if they are not allowed to take loans from the banks? As a general rule, if you use debts to buy things that increase in value over time, they are good debts. You must know whether the debt you're taking is good or bad.

Money Myth 4: You need money to make money.
When I ask my friends what's stopping them from starting their own business, the common answer is "I don't have money. And it takes money to make money." I do agree that it takes money to make money. But does it really to be your own money?

Everybody has limited resources when it comes to achieving our financial goals. I do not expect you to have everything when you plan to build your own business. You might need financial backing, manpower, expertise, or a coach to guide you. If you lack resources in any areas, find the resources. Someone else will definitely have it. It does take money to make money, but you can use OPM - other people's money.

Money Myth 5: Investing is risky.
Many think that investing is risky because they lack education in investing. Investing itself is not risky if you know how to control the risks. Most of us invest based on a tip from a friend or broker without doing our own research. When you lose money, you say that investing is risky. And you tell yourself that you'll never invest again.

To be frank, everything we do has a risk in it. Learn to manage risks by educating yourself. You can educate yourself by attending seminars, reading books, or even from the Internet.

Money Myth 6: Wealth reflects in material possessions.
Material possessions reflect your level of wealth. This is a misleading measurement. Someone who is driving a Porsche might not be rich and he might highly in debt.

Wealth does not reflect in material possessions. Wealth is a state of mind. Wealth is how fast you can become rich if you're stripped of everything. As Henry Ford once said after he was asked what he would do if he lost all his fortunes, "I'll become a millionaire again within five years."

We possess one or more of the above myths, consciously or unconsciously. But what is more important is to be aware of the myths and replace the myths with facts. By doing this will tremendously improve your financial well being.

ABOUT THE AUTHOR
PT Cheng is the owner of FinanciallyRich. Get excellent tips on how to be your own boss, have more money, and free time. For future articles, subscribe to his FREE newsletter at http://www.financiallyrich.com/subscribe.asp and receive a BONUS report.

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1000 Ways to Make Money

1. Produce Christmas cards which are printed on the front with, for example, "Happy Christmas from the Smith Family". Or, instead of the name 'Smith', pick one of the dozens of other popular surnames. Sell packs of these cards by direct mail to people listed in telephone directories.
2. Make money from renting out expensive children's toys. The toys you rent out will include remote controlled models and computerised games. Use a little van to deliver the toys to customers. Paint in toy town colour scheme. Call the van a toy mobile or similar suitable name.


3. Introduce to your region a service which mounts maps for businesses. Keep a stock of local, national and international maps. Mount these maps in a professional manner to suit the wall space available at offices. Send out leaflets about your services to office managers.

4. Bring out a regular publication for ambitious amateur musicians. This publication might include ads from : 1) Employers seeking musicians. 2) Retailers selling equipment accessories and supplies. 3) People selling used equipment. 4) Musicians seeking to make contact with other musicians. Also publish interesting editorials and letters.

5. Design and manufacture kits for making models with cocktail sticks, for example: model churches, castles, windmills, houses, etc. Buy the cocktail sticks in their unpacked state from the manufacturer. Sell your kits by mail order from ads in craft magazines or distribute to model shops.

6. Establish a directory of products no longer made. This directory might include sections on toys, novelties and household goods. Design the directory for business people and inventors who want to know both what has been made before and what ideas might be revived and/or modified.

7. Make cotton gloves especially designed for coin collectors. The gloves prevent the grease and moisture from fingers getting onto coins. Package the gloves and sell them from ads in coin collecting magazines or distribute to shops which sell collectible coins.

8. Bring out a correspondence course about how to write cookery books. The course might include information about: How to devise recipes, how to present them in written form and what makes a successful cookery book. Produce a prospectus and advertise in women's magazines.

9. Begin a business which rents out large and expensive astronomical telescopes to householders who want to develop their interest in astronomy. Publicise your service at the local astronomy society and use local advertising to attract clients.

10. Set up a company which produces a compendium of strip games, for example: Strip poker, strip snakes and ladders, strip lotto, strip snap, and strip ludo. Sell by mail order from adverts in X-rated magazines.

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About the Author

The author is a free ebook collector for the past 3 years and has a grand collection of 3700 free ebooks on different topics to his credit.You can visit my homepage at
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10 Common Money And Success Myths - Part 3

by Ian Canaway

Here we continue to discuss a few commonly held beliefs, or "myths," that hold many of us back from achieving success...

Myth 6: If you weren't born into money, you'll never be rich.

Fact: Millionaires are made every day. Many of them are self-made millionaires - people who started with nothing or close to nothing and amassed fortunes. Simply because they decided to and they didn't let anyone dissuade them from their goals.


If you believe that you have to be born into money to be rich, you're missing out on all the riches out there, waiting for you to claim.

Myth 7: If I win, someone else has to lose.

Fact: This is absolute, high-grade, premium quality nonsense. There is enough opportunity and enough money in this world to go around so that everyone can be a winner. In fact, there is more than enough to go around.

The only reason they're not winners is because they don't believe they can ethically and morally do so. (Remember "the earth is flat" story?) As soon as we get rid of that belief and take a step into the unknown, we begin to realize how much wealthier you can be. You also realize how your being a winner can only help others win as well!

You can become rich by using ethical and legal means - without having to cheat or hurt others. In fact, that's the only way I recommend that people do it.

The easiest way to become rich is to create value in other people's lives. There are no losers in that scenario.

Myth 8: Making a profit is a sin.

Fact: If you cheat or hurt others to make a profit, then yes, in that case, making a profit would be bad. But if you create value for others, then making a profit is always good. By creating more value for others, you're helping them live better lives. There is nothing sinful in helping others, doing a great job at it, and getting paid for it.

Money doesn't turn good people into bad people. Money simply magnifies the qualities that are already inherent within a person. If you're a good person, having more money will only allow you to do more good! If you're a bad person, having more money will allow you to do more bad.

And most of us really are good people. And we have a lot to offer others. And you can only do more good by having more money.

Myth 9: Having more money will mean that I'll have to work hard all day and not have time for my family, friends and leisure.

Fact: There's a huge difference between working hard and working smart. Successful people have learned to work smart! They have learned to find other successful people they can model after so they don't make the same mistakes other people did. And by doing so, you can save a lot of time, money, effort as well as some major headaches.

Getting your business started and running does require work. There's no way around that. But, you can still take time out for your loved ones and for your leisure. In fact, it's highly recommended that you do that. If you're spending all your time trying to keep your business afloat, you're either not going about things the right way or you're just in the wrong business.

Myth 10: If I have more money, people will judge me, and they will not like me very much.

Fact: People will judge you anyway. They are judging you right now! It's what they do, unfortunately. Most people don't know who you are anyway! They don't know the "real" you. They only know who they think you are, based on what little information they have about you. So, let them think or feel what they want. They don't know any better. And you really shouldn't be concerned about those people.

Remember, respect and friendship are earned. If they can't appreciate who you are, then they don't deserve your time, or your thoughts.

Many of these myths that have been floating around for hundreds of years and were typically conjured up by people who didn't know any better. Many of them got programmed into us when we were very young. But, we're adults now. We can think for ourselves. We can choose to adopt only those beliefs that benefit you and drop the ones that are no longer useful or empowering. It's all up to you.

Beliefs are very powerful indeed. They, for the most part, are what dictate the quality of your life. Change your beliefs and you change your life.

Free your mind, and success will follow!

About the Author

To uncover all 10 myths visit: http://www.trafficstrategiesonsteroids.com/tenmyths.pdf for your FREE ebook. Ian Canaway will help you launch your very own money making website today that's 100% ready to take orders and pull in massive profits for you right now. guaranteed! http://www.asuccesfullhomebusiness4u.com

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10 Common Money And Success Myths - Part 2

by Ian Canaway

Here are a few commonly held beliefs, or "myths," that hold many of us back from achieving success...

Myth #1: I don't have what it takes to be successful and wealthy.

Fact: Successful people were not born that way. In fact, many of the most successful people today had very difficult lives. They were regular people who wished for more. And they decided to do something about it - to change their circumstances. Anyone can do the same, including you and I.



Myth 2: I don't have any experience or education in anything.

Fact: Many successful people started with no experience. Many of them also flunked high school and never had any college education.

The only way to get real education and experience in anything is by doing, by "starting." Once you start doing it, you learn very quickly.

Think of all the things that you know how to do. Driving a car, riding a bike, playing sports, reading, writing, speaking...even walking. All of these things have one thing in common: at one time in your life, you didn't know how to do any of them.

And despite how impossible it seemed at the time, you decided to do it anyway. It's the same with everything in life. You learn by doing. You get experience by doing something a few times. Get started. Do it once, twice, three times and you're already on your way to becoming an expert in no time!

Myth 3: To be successful, I have to start a business, and I'm just not cut out to be a businessperson. I don't have what it takes.

Fact: Listen...I know a few people who can barely read or write. Yet they're running their own businesses. It's scary, I know. But think about it...right now, at this moment, you're already several giant steps ahead of them.

The only difference between a person who's thinking about starting a business and another who is running a business is just that. One of them is doing what the other is only "thinking" of doing. They both had the same ideas and dreams. They both probably had the same doubts and fears as well. But one of them decided to start anyway, to take action despite the doubts and fears. One of them decided that if other people could do it, then he could as well.

Myth 4: Money isn't that important.

Fact: Tell that to the family who's starving right now, or to the family who needs money for serious medical help for a member of their family. They'll tell you how important money is.

We've been conditioned from Day 1 to believe that money is not important. We have been conditioned to believe that wanting money is wrong and unethical. And yet the entire world seems to run on money.

It is one of the biggest myths known to man. And it's one of the main reasons why the majority of the people are not wealthy.

Money is simply a way to measure the amount of value you create for others. If you have a lot of money, it means you have created a lot of value for other people. If you don't have the kind of money you'd like to have, that simply means that you just haven't yet found a way to produce the kind of value for others that you're capable of, or the value that you'd like to.

Just look around you at the countries or even cities that have lack of money. You'll find that in these same places, there are usually more crimes being committed, more people taking advantage of others, more diseases, more suffering, more deaths, and none or very little education.

Money may not be the most important thing in life, but let's face facts here... Money is pretty darned important in this day and age. It's how you support yourself! It's how you buy food, water, shelter, and clothing. It's how you pay the medical bills. It's how you help and support others around you, including your loved ones. And we both know that those are very important things.

And by the way, if you feel that it's more important to contribute to others than to be rich, well guess what, when you have more money, you can contribute more! You can do much more for others and you can help a lot more people when you have more money.

Only good things can come from having more money.

Myth 5: Money must be made slowly.

Fact: Nothing could be further from the truth. The only way to make money is to make it quickly! What good is money if you can't enjoy it right now instead of 20 years from now? What good is money if you can't contribute to others now as much as you'd like to, instead of 20 years from now?

The quicker you make money, the quicker you can change your life and the lives of those around you - for the better. There are no rules stating that money should be made slowly.

The only way to make money is to make it quickly! You will also find that the more money you make, the easier it becomes to make more because you begin to shift your focus from survival to abundance and contribution, in the process. And that shift in focus simply attracts more wealth to you.

About the Author

To uncover all 10 myths visit: http://www.trafficstrategiesonsteroids.com/tenmyths.pdf for your FREE ebook. Ian Canaway will help you launch your very own money making website today that's 100% ready to take orders and pull in massive profits for you right now. guaranteed! http://www.asuccesfullhomebusiness4u.com

Click Here to Read More..