7 Money "Myths" That Keep You POOR
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- Опубліковано 7 вер 2024
- 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.
What's another money myth?
Money always comes and goes. If you spend money, you're going to earn it equally easily.
Another myth is that "investing and growing your money has to be complicated" and is exacerbated by insurance salesman products...annuities, whole life insurance policies, etc that lock in your money and is costly.
Education about money = self control. it helps but these are two different things.
Money isn’t good or evil, it’s just a tool.
@@oshaba12That's not an opinion though. Money just... is. It can be used for good and for evil. Philanthropy and special interest lobbying are completely opposite where one adds value on a wider scale than the other, but both require the use of money
Living a minimalist life has change my life
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.
haha, everyone is old when you're 10 and nobody's old once you hit another age!
@@ElAgustin Yep. When you’re 50, even 70 starts to look young!
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
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.
Austin! Your channel is the best antidote for my depression 🥰 thank you for what you do!!
I'm so happy!!! Your comment means so much to me! Writing and "preforming" the scenes makes me laugh, haha.
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
Many farmers are millionaires who wear overalls and drive old, beat up pickup trucks.
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.
Yes, most people hide their wealth! Only a small percentage flash it.
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! 😏
Exactly. Agreed 100%
haha, I love you too!
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.
What makes me sad is that someone when to University to teach people how to swim.
"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.
Thanks, Lisa! I always appreciate your comments! Yeah, I thought the "romance novel" addiction was interesting. There's something about a physical paper book that makes reading more enjoyable.
You said that shelter is a need, I agree. However, apparently the Government doesn't see it as a need because they force us to pay property tax. There is no tax on unprepared food, water or medicine because they are deemed needs.
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.
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.
It is interesting. It makes me think a lot when I am writing them (a little too much, haha). Thanks for the comment, Jane!
Hahaha I purchased a "cheap" 924 Porsche in my youth enjoyed the car but it kept me broke it was constantly in the repair shop overheating, power windows not working, steering on an on it went. It ranks as one of my top 10 worst financial decisions. I only drive inexpensive and cheap to maintain vehicles these days.
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.
Awesome!
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.
One of the best videos on youtube about money. Thanks
Outstanding again 👏🏻 I realised that this year & started my journey & channel. My life has inexplicably changed for the better & I’m grateful everyday for it. Xx🧡
Best of luck!
@@ElAgustin thank you 😊
I just subscribed
@@Eagle-zl4gz thank you and welcome to my channel xx🧡
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!!!
I've thought about the diet comparison you mentioned. It's like trying to establish a healthy relationship for long term success!
Wow.. another great video! You're doing a great job with your Channel. Always great information. Make something transpire and bring healing to the Colorado Springs Community!👀 I'll make sure I take my neighbor a cup of coffee and some cookies and sit down for a chat👀🤶👍
I appreciate it! It's very fun and challenging.
Selling my piano, today, $300. Enjoyed it at home for 6 yrs. -- to pay property tax. It went up $889 from one year to the next. South Texas
Also, second couch in my living room for $200. It's one of the sturdiest and most comfortable. It's worth is about $1000. ( No interest, yet, in the new looking grey Italian style loveseat.) I know GOD helps.
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.
Love your channel Austin! It got me on a pragmatic start to financial minimalism. Gracias mi hermano!
"The more expensive something is, the better it is." is true (expect for Luxury / Premium Items for Rich People and that is not necessary to survive) way back and 90's and ealier when Companies have Pride in Durability of the Products and Great their Service is. Ofr example, German of Japan made (in that country) Products were so expensive but the quality is their, and now we have Globalization where Companies can clain they made it, but in reality, it's from China (and you know what I'm talking about, and when comes to Services, again due to Competition and Abundance, companies compete for Quantity but "Cheaper" that will end you up in a bad experience rather than "expensive" but it will satisfy you. In conclusion, the Focus now is Quantity and Profit, not Quality Product or Service, that is "cheap" won't last making life more expensive in the long run.
Amo seus videos. Por isso estou assistindo todos mesmo aqueles de 1 ano atraz.
Great video, Austin. And I love the "Old Lady Next Door" comparison. We've all had that same image in our head of a creepy disheveled straggly grey haired lady looking out from the attic window of her old dilapidated Victorian-Era house. Imagery out of an Edgar Allen Poe story! The lady (and money) aren't as scary if we just go up and knock on the door and get to know them! Happy Thanksgiving to you and your family!
It does sound very "Edgar Allen Poe!" We just have to knock!
Bom Dia Austin
Eu amo ❤ tds seus videos, aprendo e fico motivada.
Amo ❤ sua energia.
Eu sou Shehnaz, nasci em Mocambique, Africa. Mudei para Johannesburg 28 de Julho de 1997.
Sempre assisto tds seus videos quando estou no ginasio e por vezes nao da para comentar. Hoje ainda estou em casa comendo pequeno almoco.
Muitooo grata pelos videos.
Deus ti abencoe. Realize tds seus sonhos.
Amiga Shehnaz
Excellent video and analysis. You are very fortunate to have this wisdom Austin. It took me so long to realize that all these expensive things would get old too soon.
I use to be fearful of money, started earning a lot of it, became more fearful and lost it all. I now have a much healthier relationship with money and am better off than ever.
i’m about to graduate college and enter the “real world” i guess. this video is definitely helpful! I always try to live below my means and i’ve saved up enough to take myself to Europe for a month as a treat! It’s honestly a process of making due with what you’ve got and rationalizing with the things you have. Instead of spending on more just use the things you have until you HAVE to buy new things/ or food even!
Hi Augustin, very inspired by ur channel, since I started watching ur channel,I started saving, I even work less.i really dnt wanna work 40hrs/week.
I sure wish you were right with myth nro 1 but I’m alfraid you’re very wrong. 2015 study: ”British charity Oxfam released a study that found the richest 10 percent of people produce half of the planet’s individual-consumption-based fossil fuel emissions, while the poorest 50 percent - about 3.5 billion people - contribute only 10 percent.” Sounds pretty materialistic to me, don’t you think? Materialism doesn’t necessarily mean spending more than you make, you know.
I think the biggest problem is the lack of emotional regulation. Money management is just a by product.
I really enjoy your perspective on money. Very interesting videos. Please continue making more!!
Don't you worry. I'm in it too deep to quit, haha!
Thank you for explaining how to understand about money I wish I would of know 10 years ago when I throw $100.000 out the window rely someone else taking care of my 💰
The trick is to flatten our emotional curve. This is easy for a joyless middle aged male. Oh dear, I’ve got a new tax code notice. Oooohhh that’s a nice Kit Kat Chunky.
Flatten the emotional curve!
You might get more people to watch longer if you reverse the list, it would make the viewer curious to what will be the all mighty number one :)
Love your stuff, watch all your videos besides the vlogs. 👍🏼👍🏼
haha, I never even considered that but excellent point! Thanks for the feedback!
I know a few well off people. They dress just like me- jeans and a tee shirt. I know my issue is spending. And while I have gotten better there is always something that snaps me back into shopping. Or eating out. Man, if I could have saved all the money I spent on eating out- I'd be rich!!
5'5? You gave the heart of a giant!
My primitive brain hates stuff…😂🤣😂
OMG when we were kids, there was an old lady that did sit by the window and just stared at everyone from her house at the top of the hill. We were all scared and did think she was a witch. Then she stopped being there years later :( she passed away.
Loving your videos, I enjoy the psychological and philosophical aspect to your videos. Working towards getting out of the Rat race and slow life down and enjoy it, before it's all too late.
keep up the good work 👏
Best of luck!
Austin Williams,
However remember always!
If they own big cars and big house 🏠 but..... it's all on Net Cash. Then trust me they are rich.
Being Materlistic Not 🚫 bad thing.... But being Materialst with owning money to others then you are in bad shape
Money is Not 🚫 everything but it's almost everything. Depends how you see it
Money is not evil, it’s some people with money who’s evil. You can do so much good with money.
It makes you more of who you are!
Supreme t shirts actually cost ~$40 and the underwear are like $30 for 3. Not sure where u got that information from
Looking for a scapegoat brand, doesn’t understand those are like inflated resale prices…enjoyed his content, but that line about Supreme was just cringe
Can you please do a video series on book recommendations?
Thank you for another excellent video 😊
Thanks for watching!
Enjoy your story telling. Hello from Canada 🇨🇦. Think about self publishing an ebook
Thanks, Derrick!
Make more and spend less! Both is good!
Hi Andrew. Another great video. Your views are totally in line with my own.
your right about most things about money ..but wrong about some too..in the sence that some people have tons of money ..so I guess you are talking about the average worker
Thank you Agustin 😃 every video of yours is a treat to watch. Valuable information presented in an interesting way. Keep them coming 😃😃
I appreciate it! Don't you worry, I will not stop making them!
Life is chep if you live frugaly but save money for realstates!
So logical!
Agree with you on all the points.life is simple and we don't need millions to live happily.Love from India.🙏
Great video. 👍
Great stuff like always, Mr. Agoo👶teen🤸 😁
Gracias!
Austin What is your t shirt brand ?
Excellent Video...The past like when I grew up in the 50's and 60's. Life was so simple.
Perfect!
5:25 who?
Real truth
Are you getting fitter since quitting the 9 to 5? Looks like it!
Haha, thanks! I go to the gym. My mind is more focused as I just have to focus on video creation now instead of juggling multiple things!
Austin, the wisdom you share is fantastic. But I am hooked on your channel because of your awesome moves for the closing line. 😉
haha, thanks!
Thanks Agustín!
Thanks to you for watching!
Hola, Austin! Thanks for making good Monday morning content. I sent you an email.
Hola! Thanks!
Sorry I addressed you as Andrew, not Austin in my post below.
Very nice
Discontent causes bad decisions with money
👍🇺🇸👍 Austin
What about the guys in Metallica? They can afford designer clothes, sports cars and million dollar mansions (not that I'm interested in those things) Oh, yeah, they sell tons of records, work extremely hard touring and they've made themselves a trademark! I'm also mercentile just not insanely greedy or showy.
They can afford them, but they don't buy them. Us metalheads are very unassuming and not materialistic. You'd never know who has and who has not among us.
@@donnabennett5454 Speak for yourself, I don't always feel like dressing understated and don't shy away from decadence.
Great video Agustín 💪
Gracias!
True🙏
On target 👍
Thanks!
What about starting a family man?
Eventually!
Thanks for another great video!
Thanks for watching!
Love your video, stay warm in Colorado
Getting chilly! First snow a couple of days ago!
That video was really good and made me think a lot xx
Thanks and I'm glad!
❤
Buy Me a Coffee makes supporting fun and easy. In just a couple of taps, your fans can make the payment (buy you a coffee) and leave a message. They don’t even have to create an account! 😁
Sorry, I'm terrible! I've been so focused on making the videos that I keep forgetting. I just made one and it is now in my description! Thanks for your support!
@@ElAgustin I think I may have been your first coffee donation :) If you turn on monthly subscription I would join. Keep up the good work.
Auuuuuugggggooooosssssstttttteeeeeeeeeeeiiiiiinnnnnnnnnnnnn!
You’re not 5ft 5”, you can’t be, can you!? It’s frazzled my brain man 😮.
Whatever your height is, you walk tall my man. Peace! 💯👍🏻🙌😎🫡👌🏻
haha, maybe 5'6 on a good day! It's funny to imagine how you all perceive me. Thanks for watching (and commenting) as always!
What's wrong with being 5ft 5?
@@Epicurus345 nothing bro, nothing at all.
It's a necessary 😈
And all this time I thought "Money grew on Trees"! Well done / well said. Austin! Cajun🦞
Dang, Cajun! You and me really get around in this UA-cam world!! 🙂