From a young age we are exposed to many myths about money and wealth. Those myths may come from our family, relatives or even friends. The myths we grow up with will have a tremendous effect on how we manage our financial wealth when we reach maturity.
Today I want to discuss few of those myths.
Understand the Myths.
Myth #1: Work hard and you’ll be rich
Many of us believe that having a high-level position in a company or a company of our own assures us that we are on right track for financial wealth. With so many cut-backs and financial recessions, anybody can find himself out of job at any given moment. Working hard doesn’t assure you that you’ll ever be rich.
Myth #2: Saving is good
From the first day that we got our first nickel, we were taught that saving enough money will mean that one day they will gain financial wealth. Can saving assure a financial wealth?
Although saving might assure that you’ll have some money one day, it is definitely not the way to reach a true financial wealth. You should learn how to invest your money in different routes to achieve better and faster rates.
Myth #3: Being in debt is bad
Another myth we grow up on is that being in debt is bad and we should avoid it in any cost. Well, the truth is that not all debt is bad. It depends on what you do with the money you borrow. If you invest the money you owe in ways to gain more money then you actually use the debt to cover itself and even return an income, which is not bad at all.
Myth #4: Investments are a dangerous business
Many people live under the false assumption that investing in the stock market is equal to gambling in the casino; this couldn’t be farther from the truth. Investments are not as dangerous as long as you how to manage your risks. If you truly understand the investment that you’re about to make than the risk is far lower and you know more or less what to expect.
The CEO Game.
November 12th, 2009 at 9:34 am
I like the moral doctrine of this game. Have you seen this game http://erpsim.hec.ca/ ? Its very popular at my University. For more on video game morality, check out “Class Struggle” on wordpress:
http://wp.me/ptcfd-1l
http://wp.me/ptcfd-J
November 13th, 2009 at 6:01 am
Social comments and analytics for this post…
This post was mentioned on Reddit by theceogame: Loved the article
In my opinion the sooner we all face some of those money related myths the sooner will be able to achieve a better financial wealth….