money myths

Myths About Money That Everyone Thinks Are True (Hint: They’re Wrong)

People tend to have deep-rooted views and opinions on finances and believe myths about money. Of course, there is nothing wrong with that. Everyone has messed up financially at some point and to some degree. It might be that you sent money to what turned into a scam, signed up for a spam credit card offer, or you have succumbed to the belief that debt is a fact of life. Whatever you did, you were certainly not the only one.

However, it becomes tumultuous when popular belief stipulates that these myths about money are true when they're not. They are, quite literally, myths. So, let's bust some of the myths that fool everyone.

5 Myths About Money That Fool Everybody

1. You Can Start Saving Later

The same obstacle that gets in the way of so many of us achieving our fitness goals — "I'll start tomorrow" — is also one of the top 5 myths about money.

Saving is the only way to stop living from paycheck to paycheck. And I staggering one in four Americans don't save every month. Instead, they're squandering it on who-knows-what and wasting their hard-earned dollars. It's a sure-fire way to stay broke.

Budgeting and saving is the key to unlock a peaceful financial future. We should've been busting these myths about money a lot sooner.

2. The More Money You Make, The Happier You'll Be

Perhaps slightly contradictory to the above, the amount of money you make doesn't necessarily translate to your happiness. The founder of Sudden Money Institute very eloquently pointed out that a $75,000 salary was the top of the scale. Making more doesn't typically increase your quality of life. In effect, you've reached the pinnacle of financial existence.

However, this one of our myths about money goes further. A behavioral psychologist from the world-famous Harvard educational institution recognized that the items/experiences you spend your money on influence your happiness as well.

The research found that spending cash on others and experiences is the most beneficial on your mood. But buying products that correlate with your personality also increases your happiness. In short, you don't need a 6-figure+ salary to achieve satisfaction and joy. So, we'd say this one of our myths about money is well-and-truly busted.

3. Insurance Is Pointless

Granted, insurance isn't the most enjoyable thing to spend your money on. But the truth is it's beneficial in the end.

Think of it this way, suppose you experience loss in your family, a house fire, or substantial flooding. In that case, your insurance cover will stump most of the financial and material loss, so you don't have to. It doesn't matter whether you own a home or rent an apartment; covering your bases is vital, regardless of what believers in myths about money have to say.

And yes, life insurance is crucial too. You might have to jump through hoops to get it depending on your current health, but it's worth it in the end. It ensures that the loved ones you leave behind are protected if something unspeakable happens to you.

4. It's Too Late To Start

It's never too late to sort out your financial future! It's a heartbreakingly popular way of thinking, but it doesn't matter how old you are; start now.

Retirement is especially important — and you can achieve the type of twilight years you desire if you begin right away. Whether you want to head off around the world, spoil your grandchildren or start your dream career, it's all within reach. We'll say it again; it's never too late to start working on your finances.


man signing a fast payday loan in Florida


5. You Shouldn't Take Loans Out When Emergency Strikes

Loans can be a saving grace in times of financial emergency. However, it's essential to consider all factors carefully.

For example, with our payday loans near me online, you don't need to have a perfect credit score. We simply ask that you're over 18 and have proof of income and an active checking account. Plus, you'll receive your money – which can be up to $1,000 – to fund your crises in as little as 30 minutes.

If you need to pay for medical bills, urgent travel, or necessary home repairs, follow these steps to get an emergency payday loan from us at Fast Payday Loans, Inc. in Florida:

  1. Complete the short online inquiry form on the website and pick up the phone when one of our expert loan associates contacts you.
  2. They will discuss the entire payday loans near me online process. You will also have a chance to ask any questions. But don't worry if you forget, there will be another opportunity later.
  3. Bring your ID, most recent pay stub, and a blank check from your active checking account to your nearest Florida payday loan location.
  4. Wait while one of our loan representatives verifies your required items. They will then walk you through some simple paperwork if you are approved.
  5. Finally, once you understand the loan terms and the paperwork is completed, you will receive the money you need on the same day!

Get Payday Loans Near Me Online Now!

We've busted the top 5 myths about money here, so you can take your newfound financial truths and crush your cash goals. You're armed with the knowledge you need to make solid dollar decisions. Never be afraid to ask for help when you need it with our payday loans near me online. Fill out the online form to get started today. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.