21 Money Myths That Keep You Broke

Where did you get your beliefs about money? Chances are they were not consciously chosen, and that they aren’t a well thought-out integrated “philosophy of money.”

The most commonly held misconceptions about money are actually dangerous deceptions… contradictory beliefs in a reality that punishes those who try to navigate life based on contradictory tactics. In this episode we’ll bust the 21 most common – and most dangerous – money myths…and we’ll expose the liberating truths that will set you free of your self-imposed limitations.

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Spiritual Foundations

One of the things we love most about our listeners is that you’re a smart group of people. We’re honored that you listen to this show for guidance, but when presented with the truth you’re able to figure things out on your own.

In that spirit, this week we’re simply going to present you with a series of quotes from the Bible and let you come to your own conclusions. Let’s begin…

“The thief does not come except to steal, and to kill, and to destroy. I have come that they may have life, and that they may have it more abundantly.” – John [10:10]

“The blessing of the LORD makes rich, and he adds no sorrow with it.” – Proverbs [10:22]

“But if God so clothes the grass of the field, which today is alive and tomorrow is thrown into the oven, will he not much more clothe you, O you of little faith? Therefore do not be anxious, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ For the Gentiles seek after all these things, and your heavenly Father knows that you need them all. But seek first the kingdom of God and his righteousness, and all these things will be added to you.” – Matthew [6:30] -33

“For you know the grace of our Lord Jesus Christ, that, though he was rich, yet for your sakes he became poor, that you through his poverty might be rich.” – 2 Corinthians 8:9

Now to Him who is able to do exceedingly abundantly above all that we ask or think, according to the power that works in us, to Him be glory in the church by Christ Jesus to all generations, forever and ever. – Ephesians [3:20]-21

Tip of the Week

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Psst…here’s a little secret, like the secret menu at In-n-Out Burger. We actually offer several tips in this episode, but you have to listen to hear the others. Aren’t we sneaky?

Feature Presentation: “21 Money Myths That Keep You Broke…and the 21 Liberating Truths That Will Set You Free”

  1. Myth: You can no longer start a business in today's economy.
  2. Myth: I don't have a product to sell.
  3. Myth: I don't have any experience in anything.
  4. Myth: Another breed of people are the only ones who can do big things.
  5. Myth: I must be shown how to do things by experts from institutions.
  6. Myth: Money isn't important.
  7. Myth: You can sell anything online.
  8. Myth: A businessman is in the low order of talent and importance in society.
  9. Myth: Selling is easy and not that important.
  10. Myth: People who just put up the money for an enterprise don't deserve much of a cut of the profit.
  11. Myth: Artistic or technical alent is rare and super expensive.
  12. Myth: Money must be made slowly.
  13. Myth: If you aren't born rich, you'll never be rich.
  14. Myth: I will be successful because I'm going to school. working for a big established organization, having talent, and working hard.
  15. Myth: People are basically bad, or people are basically good.
  16. Myth: Making a profit is sinful.
  17. Myth: Entrepreneurs are bad.
  18. Myth: I am not smart enough to do anything big because I didn't get good grades in school.
  19. Myth: Watch the pennies, and the dollars will take care of themselves.
  20. Myth: I must be certified by some recognized authority before I can do big things.
  21. Myth: To become rich another must become poor.

Here are some snippets from our conversation:

  • Same as it ever was – The truth about why it’s easier than ever to start a business today ([19:44])
  • You need a Wesley – What Star Trek can teach you about building a business ([22:08])
  • It’s right under your nose – The simplest way to create a product or service that people will happily pay you for ([23:52])
  • Get out of your own way – Somewhere someone is looking to pay money for knowledge you take for granted ([24:55])
  • All humans can generate wealth – Why your self-limiting beliefs are the only thing standing between you and a fortune ([25:44])
  • Climb your own ladder – How to kick the “Education Crutch” to the curb and go with what you know ([29:59])
  • Certificates of Appreciation: Why your messed up definition of money will keep you broke forever ([31:42])
  • The brick and mortar conundrum – Why digital marketing is the most important arrow in your quiver ([34:01])
  • The Matrix Principle – Why the people who designed the current system didn’t have your best interests in mind…and what to do about it ([35:55])
  • The salesperson’s vacation – The real reason sales is the highest paid profession in the world and why you should take it seriously ([38:51])
  • Risk and Reward – Why the first money in should be the first money out ([39:57])
  • You aren’t charging enough – Why the craftsman is worth their weight in gold ([40:44])
  • The Gospel of Speed – Why finding a high leverage tactic and putting 100% behind it is the fastest way to create wealth ([41:27])
  • Spit out the silver spoon – How to overcome the fallacy of having to be born rich ([42:03])
  • They lied to me – How Old World thinking sets you up for failure in the New Economy ([45:05])
  • You hold the pen – Why only you get to decide what you write on the blank page of a new day ([46:10])
  • Value for value – Why profit is the proof of a service well-performed ([49:01])
  • Your vision may be blurry – How to have clarity when determining whether something is good or evil ([50:19])
  • You’re good enough, smart enough, and people like you – The danger of allowing academic performance determine your true worth ([51:07])
  • You get what you focus on – Why paying attention to the wrong thing can cost you millions ([52:34])
  • Stop being so needy – How to stop relying on else’s approval to become successful ([53:25])
  • Make infinite pies – The real reason why there is always enough for everyone ([54:22])

Resources Mentioned in This Episode

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Ray Edwards is a world-renowned copywriter and communications strategist, writing for some of the most powerful voices in leadership and business including New York Times bestselling authors Jack Canfield and Mark Victor Hansen (Chicken Soup for the Soul) and Tony Robbins. Ray is a sought-after speaker and author, hosts a popular weekly podcast, and blogs at RayEdwards.com.