12 Money Myths Wasting Your Time & Energy

In this video I discuss 12 Money Myths Wasting Your Time & Energy, these are common money beliefs that I think hold people back, and if you watch this video you can check if these apply to you.

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Timestamps:
0:00 - Start Here
0:05 - Myth: Coffee Habit
0:58 - Myth: All Debt is Bad
2:52 - Myth: You Need a Financial Advisor
4:10 - Myth: You Need To Track The Market
5:22 - Myth: Young People Don't Need to Invest
7:11 - Myth: You're Too Late to Invest
8:09 - Myth: You Need X Before Y
9:43 - Myth: All Credit Cards Are Bad
10:44 - Myth: Higher Cost = Higher Quality
11:38 - Myth: You Need to Buy a House
12:47 - Myth: Rich Live Lavish
13:55 - Myth: You're Born Good At Money

PS: I am not a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

[humphrey]

Make sure to Subscribe and hit the Notification bell to this channel for more videos just like this one to improve your financial literacy!

[Killerkiki]

I love that you don’t do an intro, you just get right into it. Never change, my friend!

[terid]

Just celebrated my 70th and am fine tuning my game. It is making all the difference. It truly is never too late to start. Thank you for being here. The more I fine tune my game, the better my returns, the more I want to fine tune my game. I'm having a blast, and then again have good income. Guess I'm one of those high income earners who has always wondered where all the money went by the end of the month. I'm finally learning and making much better choices. Thank you again for being here.

[Kaihegon]

Man do i wish i watched more finance videos when i was younger. I was making good money, thinking it'll never end and well it ended and i spent every dollar partying. Do i regret it? No cause you can't be stuck in the past but it would be nice having my own house right now

[creativebodyflying]

I really liked the idea "it's never too late to start investing". Many people think so. I just simply don't like when people put limits "you're too old for this".

[VeroIglesiasM]

Thanks for your videos Humps, I really enjoy learning new things, and it feels reassuring to know that by doing the little baby steps toward stability we have a good outlook instead of worrying about not making a bunch of zeros right now, that would be nice though

[liseduncan]

I am on a (fairly successful) mission to get all of my friends' teenaged kids to start investing. I'm in Canada, so I am encouraging the immediate use of the TFSA we have here. It's a no-brainer for any kid 19 years or older. And, like fitness and finding love, one is never too old to save a little money. I was a fitness coach for years and I still believe that knowing how to reign in the diet is like knowing how to reign in the budget; you may not need to be super tight all the time but knowing how is key to managing unexpected circumstances and staying within your means (or in the case of fitness, within your wardrobe size!). I love your tutorials, Humphrey. Thank you!! Keep this going please.

[Madchris]

I feel like a lot of people I know seem to think the stock market is like some esoteric impossible and strange mythical beast from another dimension. Many companies aren't super crazy complicated. And ETFs make things even far less complicated. And now with online brokerages I feel like its easier to get start than ever, if anything. People need to always do their own research though for obvious reasons before investing and you definetly aren't guaranteed any gains off of it

[joseCalderon]

Solid advice my friend. That's why I am subscribed to your channel 👍. Work on yourself, your health, your career, your personal relationships with your loved ones, be responsible with your money, use your money as a tool to achieve goals that are priceless 👍

[LumiLunar]

I’m a coffee fiend. While I don’t go to Starbucks every day I did buy upwards of $2k worth of coffee equipment. But my whole family drinks it every day and I’ve been using the same equipment going on 5 years now.

On top of that I put whatever I can into investments.

I think a fun experiment would be to put $5 into a portfolio every time you want to drink a coffee but decide against it outside. Instead you make it at home. Put that money into an index fund and see how much money you really have in 10 and 20 years.

You can still get coffee at a cafe but just don’t put $5 into the market when you buy a coffee.

[ancientmeww]

I really appreciate your insights and knowledge. I thoroughly enjoy your channel. Thank you.

[CelticsWin]

I can attest that investing as early as possible is the best thing you can do. I started investing within a 401k when I was 19 years old. I'm now 32 and have $84k invested in 401k. If I continue to contribute to it and maintaining an 8% annual return I'll have $1.7m by age 60 and $2.7m by age 65. I don't make a crazy income either, around 55k-60k annually. Starting early is the best thing you can do, the next best time is NOW.

[T.Webster]

I new to investing and I have watched many of your videos; I really appreciate the content and help with understanding things.
Tip 7(a) was so good it earned a sub! 👍

[wondersofnature]

Thank you for all the tips, it is helpful.

[ddc]

👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼 always giving us great knowledge! Always learn something from you

[TaxinGigs]

3:00 This is fantastic advice. Thank you Humphrey!

[MC-knjl]

Great video. Very informative and well put

[imqevet]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly😊

[arlenenolte]

Thank you - your videos are so educational.

[TechTimeWithEric]

If American schools actually cared for the students, financial education would be taught. I really wish I had taken this more seriously in my late teens to late twenties, but we had no real education and my parents weren’t great role models in this situation. Here I am almost 40 trying to get my financial life and literacy straightened out.