Wayne Dyer is quoted as saying, “When you change the way you look at things, the things you look at change.”

Let’s apply that philosophy to the things you’ve been taught about money and debunk more of those myths once and for all.

1. Debt is a good thing and helps you build credibility.
The truth of the matter is debt is anything but edifying. It’s a tool of destruction to your income and peace of mind. It robs you from enjoying your today by keeping you focused on what you owe rather than what you can sow – what you can invest and GIVE into your future, your family and friends and even your entertainment. Debt is not your friend.

2. It’s a good idea to loan money to your family and friends.
Wrong! When is the last time you loaned someone close to you anything – let alone money – and got it back? And when was the last time you looked at that person who owes you something without thinking about what they owe you, how they took advantage of you, and how they did you dirty? The best way to help a family member or friend who are in need of money is to either GIVE it to them without expecting repayment or help them get creative about ways to come up with the money themselves. A relationship is not worth losing over a debt unpaid when the debt can be avoided in the first place.

3. I’m not even 30 yet. Retirement is too far off to worry about.
False. If you keep spending like you are now for the next 30+ years, you’ll have nothing left to live on once retirement age hits. And it WILL sneak up on you, that is guaranteed. But before you start padding your retirement account, make sure you’ve got three to six months of emergency funding tucked away in case of, well, emergencies. After that, drop a few extra dollars in a retirement account per month, whether it be matching your company’s 401(k) or something you know you won’t try to get your hands on before you reach your Golden Years.

Convinced you’re ready to put these money myth-busters into practice but still need a little more “know better”? Click here to speak with your financial support team today.