Biggest Money Myths (Debunked)

We're looking at the most common MONEY MYTHS and Debunking them!

What are the most common money myths?
What are some money myths people keep saying?
What is a money myth and what is the truth?
How to tell a money myth isn't real?
What are money myths?
What are some popular sayings about money that aren't true?
Does money grow on trees?

00:00 - Intro
00:29 - Rich people are crooks
and evil
01:56 - You get rich by saving
your money
03:22 - The more money you have the happier you’ll be
05:48 - If you want to get rich you need a big salary
07:29 - With High Risk always comes a High Reward
09:18 - You need to be rich to invest
10:28 - It takes money to make money
11:55 - Getting money with your tax returns is a good thing
12:47 - More money -
More problems
13:59 - Retirement is the gift
for working hard for your entire life
17:28 - Money doesn’t grow on trees
18:25 - The best things in life
are free
19:12 - Cash is King
19:48 - Time is money
20:20 - You can’t take it with
you when you die
21:24 - Question

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[alux]

Hello Aluxers, what other money myths were to told as a child that turned out not to be true?

[AMAmedia]

Life gets easier with money, not time.

[watsonkashala]

00:00 - Intro
00:29 - Rich people are crooks
and evil
01:56 - You get rich by saving
your money
03:22 - The more money you have the happier you’ll be
05:48 - If you want to get rich you need a big salary
07:29 - With High Risk always comes a High Reward
09:18 - You need to be rich to invest
10:28 - It takes money to make money
11:55 - Getting money with your tax returns is a good thing
12:47 - More money -
More problems
13:59 - Retirement is the gift
for working hard for your entire life
17:28 - Money doesn’t grow on trees
18:25 - The best things in life
are free
19:12 - Cash is King
19:48 - Time is money
20:20 - You can’t take it with
you when you die
21:24 - Question

[kikky]

Nice content! Few years back i was assistant to a wealthy pen artist and within the short period i worked with him i observed that he had quite a chunk of investment everywhere, stocks, crypto, dividend investing to name a few, so he had revenues coming in from all angles. And in a year his worth doubled. With this i learned that the rich stay rich by investing.

[aljarreauthabe]

Alux definitely helped me become a Management Accountant in just a space of two years instead of +- 7 years because of the knowledge and wisdom they share not just financially but in other aspects that make up life as well, keep doing this because you have changed this kids life from somewhat of a third world country 🇿🇦

[udoit]

The Alux channel does not only provide values. You are a treasure to us on the process to build wealth. Salute to you The Alux Team.

[MrAbid]

Hello Alux, Since you are reading and replying to every comment. I want to tell you that You’re doing a great job and I’m grateful for your dedication to teach us. Thanks a lot.

[ameliajoseph]

This administration putting so many families into difficult situations I pray for our country, we need compassion for the American people! I appreciate your advices Zelinda Greg! Imagine investing $1000 and receiving $10, 350 in 3days.

[kayanfreeman]

What Alux do on a weekly basis is phenomenal, please don’t ever change. You are highly appreciated

[richlandzee]

I'm an engineer and we used to work in a separate building from the plant with a street name called Easy street. Everytime I walk inside the plant, they call us Easy money. Too bad the plant is no longer there. Next time if someone says something like that to me, I'll ask them "Do you think NBA or NFL players get paid much more than engineers? Is that easy money? Go look up how many of those players file for bankruptcies and most importantly find out why. I'm in my early 50s and I have a target like Alux says. Living a modest life with a few splurges once in a while is good enough for me. I don't need 15 million, I'm fairly confident 2 million is more than adequate for myself. As to whether I want to leave my wealth to the next generation, I want to see how my nieces and nephews handle their finances. I'd rather leave it all to charity if I find out they spend their earnings like water without thinking of the consequences. Yes it can be cruel but that's how I feel.

[ntnrocket]

I really wish you would have expanded more on the Time is Money. It's amazing how people waste their time. Also, I love the quote in Wall Street: Money Never Sleeps, where Gordon Gecko said that he learned in jail that money isn't the prime asset in life--time is. I've been very lucky in my life to meet the richest of the rich (Richard Branson, among others) and before that I was very poor, on unemployment and even homeless for a week. People who are successful think in terms of minutes and hours (even seconds) and usually maximize all of it, even if it means they are taking a power nap for 20 minutes. People who are on the extreme other side of the coin, and I lived this for a while, look at time in terms of days or even weeks, like if I didn't do it today, I might do it tomorrow, or maybe next week and so on. Since their money often comes from the state, they know that once they are set up to get it, it will keep coming for a while.

[HamzahandSteve]

Hey Alux, my name is Lwetutte Steven from Uganda. A three-year follower of this channel. I watched a video where you had started building a school in our country, even though I don't know what happened next, I would like to Thank you for contributing towards the efforts of educating our future countrymen and women. This is a great move, especially at such a time when ignorance due to lack of education is causing a lot of havoc in my country Uganda.
ONCE AGAIN THANK YOU ALUX!!

[rajackson]

I got rich when my mom died. My moms last words to me where “I’m proud of you and stay healthy” I liquified all her assets and started my portfolio. Easter 2023 with tears. My money problems are good. I’m happy. I had to leave friends. I’m sad. But I’m preparing. I just got new problems. And I miss my mother. I’m more spiritual. Thank you Alux🤷🏾‍♂️🙏🏿✊🏿✌🏿🇺🇸

[stuarthirsch]

Great video Alux. To me the number 1 falsehood about money is that money is the root of all evil. Money is neither n either good or evil, merely a representation of wealth. Number 2 is that people prep and become become more self reliant out of panic and fear, actually thee opposite is the case. preppers don't panic, it is those who haven't prepped financially or otherwise who panic. Look at the toilet paper shelves at the beginning of the pandemic. Preppers had plenty of toilet paper. Self sufficiency also lessens your dependency on the supply chains and infrastructure. If you can grow and can your own food you need not worry if the grocery store has any or if you can afford it. If you are solar powered and off grid, or can generate enough power to live you need not worry about power outages or paying electric utility bills. The ability and capital required to produce power is wealth that pays you directly and at the retail rate. Myth 3, your health care is determined by your wealth. True we will need health care at some point, that is the purpose of insurance, to evenly distribute the costs of catastrophic, uncontrollable, and unforeseen events. However your health is basically in your hands. If most people lived a healthy life lifestyle will go long way to reducing health care costs. If most people lived a healthy lifestyle health care costs and insurance would be a relatively small expense. Finally the confusion of money with wealth. Money is currency, wealth is tangible possessions which can be traded, knowledge and skills that can be traded, and intangibles such as love, respect, health, and well being that cannot.

[cesaguirre]

Hi Alux, you mentioned before how life insurance can be a great wealth tool to grow money. I hope you can create an episode on this soon.

[nehemiahsakayi]

From the time started listening to Alux in 2020, my life has drastically transformed steadily. Although it has costed me relationships, I've learnt the importance of having a PURPOSE in life. I've learnt the art of saying No to whatever that doesn't seat well with my inner self. Even the books I read are the likes of Think and Grow rich, 7 atomic habits and the like. thank you ALUX for aligning me into the right path.

[alphahighs]

These guys know how to bust 15 money myths

[BellaJournee]

One saying about money I’ve heard growing up a lot is, “ money is the root of all evil”. Which of course is false.

[shawnsalmon]

WORLD always love your content, you are so cutting edge and on top of current events, especially money current events!!! I know about and am very concerned over the dollar losing its world dominance and the BRICSS nations ditching the US dollar.
You touched on what to do, but would love a video going into more detail please, and as always, here's your bonus, I love the Alux's woman's voice, I am addicted to it, and your content, the whole package is what makes it ❤️ !!

[diysense]

@alux Thanks guys. Watching your channel over the years has changed my life. Having said that, I need you guys to please do a video on how to build wealth from side hustles as a busy nine-to-fiver.