You’ve got a goal in mind for your business. You know what it looks like and when you want to reach that goal. Many things in life can trip you up and keep you from reaching your goals, but when it comes to growing your business, one of the biggest obstacles is the myths you tell yourself about money. There are two fundamental methodologies: Purchasing and holding adapted sites to acquire inactive month-to-month pay. Purchasing a place, developing its traffic and income, then selling for a significant one-time payout.
If you’re like most people, you’ve probably been told a few things about your finances that aren’t true. But it’s ok! We’re here to help you separate fact from fiction:
Myth #1: I have to have an MBA to be successful in business
Fact: You don’t need an MBA to run your own business—and it’s not as expensive as you think! In fact, business schools can cost upwards of $100k a year and take more than 2 years. That’s a lot of money to spend on something that isn’t necessary for starting a business. Instead, we recommend learning from experts in their field through books and courses.
Myth #2: If I want to make money, I need to go into sales
Fact: While selling yourself is crucial when building relationships with clients, you can market yourself less than they think they do. The truth is that salespeople are often judged by how much money they make—which means they’re always under pressure to close deals at all costs—even if it means lying or cheating people out of their hard-earned money!
Myth #3: Money is evil. Money isn’t good or bad— people are! While this one myth is true for some people, for others, it’s just not true at all. For some people, having more money means they can do more good in the world. And for others, having more money means being able to fund their passions and follow their dreams.
Myth #4: You need a lot of money to start investing.
Fact: You don’t need much money to start investing, but starting early is essential. The earlier you start saving, you’ll have when you retire. You can read more information on this topic on the MoneyGrower website
Myth #5: Investing is only for rich people.
Fact: Investing is for everyone! If you want to invest but don’t have enough liquid cash on hand at one time, you can use mutual funds or exchange-traded funds (ETFs) as part of your investment strategy. These products allow people with different amounts of money to pool their resources together to invest in stocks, bonds, and other securities. You can investigate more through Investing in the Web.
Myth #6: You should wait until there’s an emergency before saving for retirement.
Fact: Waiting until there’s an emergency means you’re putting yourself at risk of not having enough money when you retire. It will take longer for your savings account balance to grow without any new deposits each year from now until then. So instead of waiting for an emergency before saving for retirement, it’s better if you start early.
Myth #7: I’m too young/old for this stuff.
Fact: The sooner you start investing, the better off you’ll be later down the road.
Myth #8: I can’t afford it.
Fact: There are plenty of investment options for the average person that can help you get started without breaking the bank.
Myth #9: It’s not worth investing in something if I’m not going to make a profit immediately.
Fact: This one is also true for some people—but if you’re looking for long-term growth in your business or career, this isn’t how you get it done! If you want to see real growth over time, then investing now while things are slow will pay off later when things pick up again (and they always do). This is especially important if your business operates on a seasonal basis or relies heavily on holiday sales (think retail stores during Christmas.
Myth #10: The only way I’ll make money is by working hard at my job every day—
Fact: If working harder was the key to a wealthy life, then daily wagers (laborers) would have ruled the world! Working smart with dedication and determination is the key! For example: Investing in stocks and bonds has led to higher returns over time than other investments, like CDs or savings accounts.
The Bottom Line
Financial myths can be disempowering and lead to inaction. Knowing the facts about money and finance empowers you to make better decisions with your finances, whether that’s saving for retirement or investing in a business. With the right knowledge, you can set yourself up for success.
Remember: Don’t fall into the trap of believing these myths—do your research before taking any action. And when in doubt, consult an expert! After all, financial literacy is key to financial freedom.