5 Wealth Myths That Hold You Back

5 Wealth Myths That Hold You Back“I just want to be wealthy.”

Perhaps you’ve felt this way before. You make a certain amount of money, but you want to make a whole lot more. You want to be wealthy, but the reality is that deep down you just don’t think you’ll ever get there.

What does it mean to be wealthy?

Before we get into myths that may be holding you back from being wealthy, let’s define wealth.  See, having wealth does not simply mean making a lot of money. There are plenty of people who make big bucks, but they’re so far in debt they’re not experiencing the good feelings that can come with making lots of money. They’re stressed to the max!

To be wealthy means that you’ve got enough money to be financially free. It means you’re NOT swimming in consumer debt up to your ears, living paycheck to paycheck. It means you’ve got enough cash flow to free yourself up to do the things you enjoy in life, like vacationing when you want, flying off to visit family with a moment’s notice, and more.

Can you really become wealthy?

Whether you make five, six, or seven digits a year, you can become wealthy. I want you to become wealthy and enjoy financial freedom. Look at the following wealth myths and see if you’ve been entertaining any of them. If so, commit to changing the way you think about getting wealthy today.

Myth #1: It takes a lot of money to make money

Not necessarily. There have been many people who have grown their wealth using the magic of compounding leverage over time. Usually, it’s the lack of discipline that keeps people from growing wealth this way. Are you really watching where your money is going weekly? Are you diligent to save a certain amount to use as leverage to grow your wealth? Are you using what you have to increase cash flow?

Myth #2: My income isn’t enough to make me wealthy

There’s a book called, “The Millionaire Next Door” by Thomas Stanley. The author points out that there are plenty of millionaires that you’d never know are millionaires because they don’t flaunt their wealth. They live in average homes, drive economical vehicles, and are quite thrifty. They may not make buckoo bucks, but the money they do make, they are wise with. They’re not as concerned about their income as they are with their spending habits. You can make $30k a year and become wealthy if you live well beneath your means, save a certain amount each month, and become a wise investor.

Myth #3: I don’t know enough about money

You don’t have to be a financial genius to become wealthy. In fact, there have been wealthy men and women who never finished high school. That’s not to say you shouldn’t educate yourself on financial success principles, because that will certainly help. However, you can adopt a mentality that will foster beliefs that will attract wealth your way. Keep in mind that multimillionaires like Steve Jobs (Apple) and Bill Gates (Microsoft) never finished college. They followed their passion and build their financial fortunes over time.

Myth #4 No one in my family is wealthy

Some people think that because they come from a family where wealth is not a reality, they’ll end up struggling financially too. That’s not true. Just because you come from that place doesn’t mean you can’t go on to become a financial success. It may take you learning about financial principles and exercising them regularly, but that’s certainly doable. There are many wealthy individuals that came from lack, and if one person could change their circumstances, that means you can too!

Myth #5 “I’ll never have enough”

This is a mindset that can certainly hold you back from ever becoming wealthy. This is a fear-based mentality. It’s limiting. It keeps you in fear of ever taking the actions steps necessary to begin accumulating wealth. Right now, decide to embrace an abundant mindset; one that will get you thinking, “I do have enough, and I will always have enough!” This will open the energy for you to start thinking differently, and that mindset will have you making better financial decisions and taking wiser actions.

The reality is that there is an ample supply of money exchanging hands around the globe. There’s no shortage of money and there are many ways to accumulate wealth over time. If you’ve been entertaining any of these myths, let them go today and embrace a new mindset – a mindset that help you understand that you can indeed become wealthy!

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