Everyone has the opportunity to have a debt-free life and a life of abundance. When you start to uncover the myths about money found in our society, you will start to recognize the opportunities each of us has to steer the ship in a different direction. You’ll start to make better choices and get ahead.
1. It’s normal to be in debt. Well, how’s that working out for you so far? It didn’t work out for me, so I decided not to be normal anymore.
2. We will never get ahead. If you have a plan to get out of debt and follow it, every year of your life will be easier than the last. If it doesn’t, something is wrong with your plan.
3. If I make a lot of money, it will all go towards taxes. Paying a lot of taxes is a good problem to have. It means you’re making more money.
4. Never trust rich people. Rich people got rich by cheating and exploiting their employees, right? Or they inherited their wealth! B.S. ! According to the book The Millionaire Next Door 90% of millionaires are first-generation millionaires. They are small business owners who create jobs and add value to the economy.
5. People with money have it easy. Most people who look like they have money are just as broke as you might be. Or more so! 80% of luxury cars are leased, not owned. The bank owns them. The owners are renting them. The bank owns their homes. Visa and MasterCard own their clothes, shoes, and purses. The people who do have money made smarter choices to have money. Everyone’s story is different, so you never know what trench those people had to crawl out of to achieve what they have. Rather than looking at them with envy or thinking they are evil, say hello, can you tell me how you achieved your success?
6. We’ll pay it off with the tax refund. If you’re getting a tax refund you are giving an interest-free loan to the government, which is costing you money. Most of the time when the tax refund does come, people don’t pay down debt – they blow it.
7. I need credit cards to build up my credit. It’s harder to build up credit without a credit card, but it can be done. If you live in an apartment, you can pay with a service that will report your rent payments to the credit bureaus. You can get an apartment by having a parent co-sign on the lease agreement. That’s just one example.
8. I work hard. I make the money in the family. If I want to buy something, I’m going to buy it. Budget? No-way.
9. YOLO. You only live once. We’re on a cruise, when are we ever going to get the chance again to swim with the dolphins? It’s just $250 a person, and we’re never coming back.
10. We can reward ourselves just this once. I want to go out to eat! Getting out of debt is a struggle and it can take years. Often it seems like there is no end in sight. You’ve got the spending plan. Your partner is on board. But it’s hard. Month after month. I just want to have some fun. You should have fun when you’re trying to get out of debt. But add it to the plan and the schedule so you have something to look forward to occasionally.
This year, I have shown you these gold pieces:
Source: Apmex, JM Bullion, Scottalanturner.com
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