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Myth #1: Money does not grow on trees.Try telling a citrus farmer or lumberman that money doesn't grow on trees! The pulp and paper industry has yet to discover this idea about money! Funny! Why are they in business so long if money does not grow on trees?
Myth #2: Money cannot buy happiness.It is partially true that money cannot buy happiness. However the famous TV comedian, Red Skelton said, "Money doesn't buy happiness but you can sure buy your own kind of misery!" Would you be happier if you bought your OWN kind of misery? Some people are much happier if they have something to be miserable about. So BE MISERABLE then! You will be MUCH HAPPIER!
Myth #3 Money is the root of all evil.That is a misquote from the Bible. The real line says "The LOVE OF MONEY" is the root of all evil. Try telling Sick Kids Hospital in Toronto that money is evil before their next telethon! Why do you want money? For money's sake? Or can you use it to make your life AND THE LIFE of others better?
Myth #4 You have to pay your dues.What does that mean? That everyone has to slave away 40 hours a week forever? Often the person who says these things is someone who DOES NOT HAVE MONEY. Are the people telling you these things smarter or wealthier than you? Chances are that they are not. Why take financial advice from someone who knows EVEN LESS ABOUT MONEY THAN YOU?
Myth #5 Wealthy people are unhappy.There may be some truth to this. However, do you know average people that are unhappy? Do you know poorer people that are unhappy? So what are they unhappy about? Are they unhappy because they don't have enough money for this or that? Are they unhappy because they don't know how they are going to pay this bill or that one? So if they had the money to do these things are you telling me they would be EVEN MORE unhappy? If you have wealth and spend it only on yourself, YOU WILL be unhappy. Life is not meant to be selfish. We are in this world for a purpose. Your purpose is NOT to accumulate and spend wealth; that is only an aid to doing what you are supposed to be doing. When you have money and you help a child from a poor family in India, is that really going to make you feel miserable? [If it does, then you are ONE MISERABLE PERSON having no idea what your purpose in life is! But you can!]
Myth #6 It takes a lot of money to make money. Okay let us give you an example of the untruth of that statement. Ready?Take just $100 per month and see what it can do. Make sure it is taken out of your bank account AUTOMATICALLY and you will be able to live on less. See tables below.
Myth #7 You have to be born into money. See tables below.
Myth #6 and #7 - Table 1
Some of you are saying, I cannot afford $100 per month! Okay can you afford $25 per month? Many plans will let you invest that much on a REGULAR BASIS, taken out of your account, AUTOMATICALLY. Now it is not going to look as impressive as the above example but, remember this is money YOU WOULD HAVE SPENT ANYWAY, so any sum accumulated is BETTER THAN NONE!
Table 2
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BALANCES
Returns on Investment by Saving Different Amounts with a 10% Return
Amounts are per month.
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Age
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Save $25
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$50
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$100
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22
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$341
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$682
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$1,364
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23
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$689
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$1,377
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$2,755
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24
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$1,071
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$2,142
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$4,284
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25
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$1,492
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$2,983
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$5,966
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26
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$1,954
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$3,909
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$7,817
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27
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$2,463
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$4,926
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$9,853
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28
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$3,023
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$6,046
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$12,092
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29
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$3,639
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$7,278
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$14,556
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30
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$4,316
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$8,633
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$17,265
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31
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$5,061
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$10,123
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$20,246
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32
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$5,881
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$11,762
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$23,524
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33
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$6,783
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$13,565
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$27,131
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34
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$7,775
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$15,549
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$31,098
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35
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$8,865
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$17,731
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$35,462
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36
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$10,066
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$20,131
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$40,262
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37
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$11,386
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$22,771
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$45,542
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38
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$12,838
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$25,675
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$51,351
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39
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$14,435
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$28,870
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$57,740
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40
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$16,192
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$32,384
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$64,768
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41
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$18,125
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$36,249
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$72,499
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42
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$20,251
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$40,501
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$81,003
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43
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$22,589
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$45,178
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$90,357
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44
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$25,162
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$50,323
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$100,647
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45
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$27,991
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$55,983
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$111,965
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46
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$31,104
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$62,208
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$124,416
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47
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$34,528
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$69,056
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$138,112
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48
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$38,294
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$76,588
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$153,177
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49
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$42,437
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$84,874
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$169,749
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50
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$46,994
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$93,989
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$187,977
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51
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$52,007
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$104,015
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$208,029
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52
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$57,522
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$115,043
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$230,086
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53
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$63,587
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$127,174
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$254,349
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54
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$70,259
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$140,519
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$281,038
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55
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$77,599
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$155,198
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$310,396
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56
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$85,672
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$171,345
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$342,689
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57
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$94,553
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$189,106
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$378,212
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58
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$104,322
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$208,644
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$417,288
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59
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$115,068
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$230,135
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$460,270
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60
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$126,888
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$253,776
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$507,552
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61
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$139,890
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$279,780
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$559,561
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So even if you could only save $25 per month, would you have more money at age 61 than if you saved nothing? The answer is obvious!
What could you do with $139, 890? Would it be helpful to you? Could you help others with it?
WOULD YOU FEEL BETTER THAN IF YOU SAVED NOTHING?
Imagine what you could do with almost $140,000 at age 61!!!
Imagine what you could do if you saved $50 per month and had almost $280,000 !
Imagine saving $100 per month and having
$559,561 !
Remember that this is a hypothetical example and no one can guarantee that you will make 10%. However the market average has been over 10% for the past 20 years.
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Ray Croc, founder of McDonalds Restaurants once said," I was convinced that if you thought poor, you stayed poor, and I had no intention of staying that way."