7 Money 'Myths' That Keep You POOR

Common money myths that are not true.

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Many people have a bad relationship with money and we are told many "myths" about money that are not true. These myths cause us to have a bad relationship with money. In this video, I debunk some common myths about money.

1. Rich people wear Prada and drive sport's cars

Social media often portrays "rich people" as people who are extremely materialistic; however, majority of rich people live entirely different lives. Many rich people become rich not from high salaries and status symbols, but from being frugal, living below their means, and being patient.

2. Money is evil

We often view money as inherently evil; however, many people believe this because they never take the time to get to know money. Money is what you make of it, and you can either be friends or enemies with money. When you take control over your personal finances, money will be your best friend; however, if you have debt and loans, then money will be evil. Money isn't evil, but the lack of money is evil.

3. Someone else can solve your money problems

We put a lot of faith into people who we have never met before, thinking that someone else can solve our financial problems. Personal finance is about developing habits like frugality, budgeting, and minimalism to have a healthy relationship with money. If someone else solves your financial problems, you will not have the skills to remain in a healthy relationship with money.

4. Life is expensive

We often think that life is very expensive; however, the reason life is becoming more expensive is because we have an abundance of things to buy. The more wants you have, the more expensive life becomes. The less wants you have, the more affordable life becomes.

5. More money is the only answer to your problems

We often think that the only answer to our money problems is to make more money; however, the is another solution to money problems and it is "spend less." Living a more minimalist life, being frugal, and finding enjoyment in simple things will get your expenses lower and make life more affordable.

6. The more expensive something, the better it is

We often associate quality with price; however, just because something is more expensive doesn't mean that it is better. A lot of price is determined by the brand and the packaging. Sometimes products are the exact same, but with different prices because of the packaging.

7. The past is better than the present

There are many problems in the financial world with inflation, market crashes, and other panic, and we often view the past as a better time than today. I believe that we look so fondly on the past simply because we know what happened. The world is always crazy, and I believe the best way to combat it, is to simply take control over your personal finances.

[joycegonzales]

Money isn’t good or evil, it’s just a tool.

[IsauraAbreu]

Living a minimalist life has change my life

[shawnjohnson]

We used to sneak up the long winding driveway to the scary old lady’s house and she would come out and invite us in for warm cookies. We always wondered how she knew we were coming and get those cookies made in time, lol. Probably the dog barking and a freezer full of cookie dough. Also, she probably wasn’t that old. Everyone’s old when you are 10.

[fwebster]

I think life started getting more expensive in the 50s when consumerism really took off. Before that life was pretty simple and people were very self-sufficient. Our family realised that and started working on becoming more self-sufficient about 15 years ago and it has made a huge difference - Top of the list was growing your own vegetables

[luciagonzalez]

You are so right People cry about the economy, but malls and restaurants are packed everywhere....Americans are suckers for buying name brands and paying for the marketing and fancy packaging.

[Peg]

Austin! Your channel is the best antidote for my depression 🥰 thank you for what you do!!

[taniaagius]

How i enjoy these sensible talks. Your parents made a great job raising such a smart son. Sure they are proud of you. Usually all parents have a hard time trying to teach their children how to live frugally. Your parents don t need to do it

[ellenroehl]

Many farmers are millionaires who wear overalls and drive old, beat up pickup trucks.

[thats_toyaya]

I tell people all the time that most rich people are not wearing their money. I'm so happy I stepped outside of the social density a long time ago.

[AnnMitt]

The YMCA swim instructor told me that when she receives the $10, 000 student loan payoff from the Federal government, she will buy a new Apple I-phone and new I-watch.
That made me sad for her.

[MyMy-bjde]

Austin, I love you! Just yesterday I was talking about money, about how people say money is evil and that I do not agree with that myth! Money is a tool but thinking that it is evil has kept many people poor. Anyone who dislikes Money is free to send it to me! I will give it a good home! 😏

[lisalamphier]

"It takes money to make money" HUGE myth that stops a lot of people in their tracks. It keeps them from thinking creatively or even trying. Also "you can't take it with you". Okay, maybe you can't but investing a bit in your old age is a great idea. You'll someday thank your younger self. Great video! I love how Anna talks about her addiction to romance novels in Dopamine Nation. I get that. I sometimes escape with chick fiction (not quite the same genre) so I could sort of relate. She inspired me to set my Kindle aside and go to the library instead.

[lindamelindasefcic]

What I have learned:
More needs=need for more money=need for more money=need for more work=more work=less time to spend on other things, but more money. For the things I dont even need.
Nowadays it works like this: me deciding what is enough for me. Working the amount of hours needed for that/investing. I use the time out of working hours for everyting else I want to.

[pensacola]

It is a complicated question, with no one size fits all answer. Everybody wants money, but there should be a balance. But some people are just poor, and they need more money.

[janebaker]

In my area I AM that old lady! I love how your talks focus on the philosophical of money rather than the 'how to', , it's such a vastly interesting subject. Ive always felt that money is like blood, the blood that courses through our veins. We always need some, even if it's very little. I've had the luck to know a few comfortably off people, maybe moderately affluent and it's true they often live more simple and plain lives than me or people on benefits (welfare). I live well and comfortable on quite little partly as my wants are modest and partly because God seems to put some money my way if I really need it. (But not like in those church testimonies, I've never yet had a mystery cheque in the post.)
As for life being not so expensive as we think. I now visit Paris once or twice a year and it's not totally the romantic place of glamour like in a 1950s movie.
It can be of course but you can live in Paris for a couple weeks on a really shoestring budget and still have an enjoyable time, if you know how, but that's my secret.

[pablomarionette]

Love your channel Austin! It got me on a pragmatic start to financial minimalism. Gracias mi hermano!

[schrodingerssquirrel]

Money is amoral. It is an inanimate object used as a tool to measure time and energy.

I am the one to march up the walk, Knock on the door, And bring that old lady a casserole in the hopes of making a new friend.

[temismontenegromontenegro]

That when you become rich you won't have any problems.
Thanks for another inspiring and wonderful video!!! Having financial control is like going on a diet, you have to refuse invitations to go out with friends, you avoid many things in order to lose weigth. On a frugal life, I avoid all temptations to spend money because in Brazil, if you return an item to a store, they never give your money back. You can change for another item but you have to pay the difference.
CONGRATULATIONS!!!

[marianhunt]

Deregulation and corruption is huge in the financial industry. How many times have our investments and pensions and savings disappear or been devalued. Difficult to have confidence in the system because of it.

[mohammedghamdi]

One of the best videos on youtube about money. Thanks