5 Money Making Myths Keeping You Broke

January 18, 2015 Sam Saggers

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5 Money Making Myths

Suffering from “return-to-work-itis?”

It’s similar to “Monday-itis” except, of course, much worse.

It’s a common malady, especially among people who would rather do what they want when they want, instead of making the “other guy” rich.

Before you can fire your boss, it’s important to plan your escape route by taking a close look at what you believe about wealth creation.

The following 5 myths have been repeated so often – for any number of reasons – that many people accept them at face value…

Let’s take a closer look at these myths to see if there is any truth at all to them:

Myth #1: It “Takes Money to Make Money”

This is a biggie! How many times have you heard it?

But is it true?

Well… yes and no.

While you do need some money to make money, it takes less than you might think to create wealth.

Maybe you have untapped equity in your home or possessions that you don’t really use or need that can be sold to gather enough funds for a down payment on an investment property.

Using leverage, you’ll turn your few dollars into many more dollars over time.

Myth #2: “I Don’t Make Enough Money”

The problem is typically not one of making too little; rather it’s one of spending too much.

We have seen singles, couples, single parents, couples making $50k or less per annum and even retirees grow their investment portfolios and achieve financial freedom.

It’s simply a matter of consistently making the right choices over time.
And the best thing about defeating this myth? You can start doing it right now!

Myth #3: “I’m Not Smart Enough”

Too often, people equate a university education with intelligence.

Nothing could be further from the truth.

Did you know that many famous – and wealthy – individuals didn’t graduate from college?

For example, Microsoft’s founder Bill Gates dropped out of Harvard two years after founding Microsoft with a childhood friend.

A college degree does not equal financial freedom.

Myth #4: “You Should Pay Off Your Home Loan Before Investing in Property

While eliminating bad debt is a great thing you can actually buy an investment property and pay off your home loan. In fact, buying an investment property can help you pay off your home loan.

By using a combination of smart money management strategies you can use the power of compounding interest to pay your home off quickly and grow your portfolio at the same time.

Myth #5: “Timing is Everything”

It’s great when the timing is right and everything goes great, however that’s not always going to be the case.

Obviously you’ll purchase before the market gets hot so that you can take advantage of as much capital growth as possible, but what do you do if you already have a property in a market that is in a trough and you want to increase your profit?

You boost your profits through a number of strategies that savvy investors have been using for many years, such as renovating your property.

In reality, the right timing is fantastic – but not really essential to making a profit.

If you’d like to discover more about these and other wealth creation myths (trust me, there are many of them out there) register to attend our next Property Investor Night.

At this FREE event you’ll gain the insights you need to shake off those myths that are holding you back from enjoying the lifestyle you deserve.

Seats fill up fast, so book yours now!

Fast Track Yourself to Success
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