10 Personal finance myths Busted

Financial gurus and advisors are everywhere, you can’t run away from them, nor can you hide from them. The goal of this video is to bust the 10 most common personal finance myths. Myths like “you have to avoid debt always”, “anyone can invest”, “gold is a safe haven”, and so much more. Enjoy!

#personalfinance #education #economy

Timestamp
(1:00) Myth 1: Debt is Dangerous and You Should Avoid it at All Costs
(3:43) Myth 2: Buying a home is a dream come true
(4:40) Myth 3: Gold and other metals are safe havens
(6:28) Myth 4: Bitcoin is A Safe Haven
(6:58) Myth 5: Anyone can start trading or investing
(7:41) Myth 6: Rich people are evil
(8:11) Myth 7: saving isn’t worth it with small amounts
(8:52) Myth 8: You should avoid risk at all times
(9:40) Myth 9: You need to live below your means to become rich
(10:45) Myth 10: You don’t have to analyze your financial habits

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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
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[charlottedale]

I began accumulating wealth when I started following up my investment properly, <The importance of mentorship from an expert cannot be under estimated. Without proper mentoring one tends to opt out of the market early after making lose. That is why I prefer trading with expert Rodger. His technique is mind blowing and highly profitable.

[KKKkiri]

start a retail internet business, build your own web pages, attach a price list, sell a course, set up a business. easy peasy. You have limited downside and unlimited upside for profit.

[Je.rone_]

I agree personal finance needs to be personalized

[robertmaxa]

Borrowing to invest. In principal, being that interest rates are low, it's a sound idea, but, you still have to make the monthly payment. If you work for someone, and get laid off, because of the shaky economy, then what? I've thought about doing this, but the threat of lay off is always looming. In Canada, the more credit you have available to you, the lower your credit score, potentially, could be, because of the potential for abuse. I agree with analyzing spending habits. Personally, I budget $200, every two weeks, for spending. Starbucks, lunches, etc... If any is left over, by next payday, I stash it away, and start again. You mention test driving sports cars, or checking out houses. I think one needs to be realistic. Personally, I know for a fact, I cannot afford to buy my own home, I looked into it. So, instead of dreaming about it, I accept that, and move on.

[WisdomWealth]

Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like.

[wisdom-for-all]

Financial literacy is just as important in life as the other basics. If you think financial education is expensive, just try ignorance 🖖

[brainstormer]

In my humble opinion, the most important step in personal finance is to read the book "Millionaire Next Door". It's a real eye opener.

[ShotByTWade]

I listen to this instead on music for 8hrs a night at work lol.

[dr.thaliaw]

WooHooo!!! Great advice and it’s logical. I was waiting to hear the truth behind gold, silver and Bitcoins. “Mr. I hope you see this video.” Thanks a bunch!!!

[xeneth]

Living below your means is budgeting. More importantly, it is budgeting in savings and investments. Living on 40k when you make 50k so that you can save/invest 10k.

The messages are good, but some are blanket statement that are not 100% accurate.

[WealthbuilderzTV]

Most people have a problem of living beyond their means and end up severely under water. This will put you in a bad situation quickly but I get what your saying though. You have to have a real good quality of self discipline.

[_foresst_]

Iam 14 y/old
And Iam on my self improvement
I was Writing what he's Saying
Really I'm Learning So, Much and Very Lucky to Born in this Era And Investing my time in Useful things 🤴♥️

[wanmanda]

The not buying a house is not a myth. You need roots. No matter who you are.

[brainstormer]

1:01 Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. So, is it wise to complicate matters by taking a loan? In my opinion, debt is dangerous. It's not a myth.

[CSXiong]

I had to almost lose my life in order for me to get my life together! I went through the most horrible time and bounced back!! Great video!

[evelynferebee]

Personal finance ispersonal. What works well for you might not for others. So, find out what works best for you and make it better.

[Talkinglife]

With all the personal finance advice on TV and strewn across all corners of the Internet, it can be hard to know what’s fact and what’s fiction.

[shaereub]

The last tip reminds me of the advice "don't live below your means. Expand your means and quality of life."

[rickytorres]

Very interesting as a deaf and blind person (by the state and federal levels) I never read about pretending to do things you would wanna do without actually going through with it until you are ABLE to. As a mean to "practice" success. As well as the reinforcing loans and debits are not "evil" for any sane person. Better start looking into owning a house and collocating in a data center, pretending to of course! :)

[rubyaraiza]

Financial management is not one size fits all. You have to find what works for you.