15 Common Myths About Becoming a Millionaire Holding You Back From Being Rich
Everyone talks about becoming a millionaire or retiring a millionaire. Though this is definitely a milestone we’d all love to achieve, there are a lot of misconceptions about being a millionaire. The following are the top 15 misconceptions about becoming a millionaire.
1. You Must Be Born Into a Rich Family
Inheriting money is the easiest way to become a millionaire, but that doesn’t mean it’s the only way. Most millionaires weren’t born into a wealthy family; they’re self-made. If your dream is to one day be a millionaire, you don’t have to worry that you don’t have your family’s finances to fall back on.
2. You Get to Relax All Day
Media often portrays millionaires as people who live a life of luxury and can lounge around their pool all day long with nothing to worry about, but that’s a fantasy. Most millionaires work hard to increase their income and maintain their lifestyle.
3. Success Comes Easily to Those Who Work Hard
You might have heard several productivity gurus online talk about how working hard will lead to wealth and success in no time. While this might be the case for some people, for most, it takes several years to begin turning a profit from any new business venture or career.
4. You Must Have a Luxury Car
Most people assume millionaires drive the most luxurious cars that money can buy, but that isn’t the truth. Many millionaires are wise with their finances and prefer buying a reliable, quality vehicle rather than splurging on a luxury sportscar.
5. You Must Be Greedy
Generosity is one of the most important principles of many millionaires. They understand that people who horde their money and refuse to help others rarely get far in life, but those who look out for others and are generous get back the same good energy they put out.
6. You Need a Degree From a Top University
Whenever people find out that someone is a millionaire, a particular image comes to mind. Many people picture someone who went to one of the top colleges and graduated top of their class. While education definitely plays a role in securing certain jobs, where you went to school doesn’t affect your ability to become a millionaire.
7. You Can Buy Anything You Want
Have you ever heard of lifestyle inflation? For many people, the more money they make, the more they spend. You would be surprised to see how many people make six figures a year and still live paycheck to paycheck. Being a millionaire isn’t just about how much you make but also how much you spend.
8. You Have to Work in Law or Tech
Are there a lot of millionaires who make their money by working in a tech or law firm? Of course! But the majority of millionaires are actually entrepreneurs. Though running a business isn’t easy, it’s clear that this is the most common path to wealth.
9. You Have No Worries
There’s no living person who can claim that they have nothing to worry about. You must have heard the saying, “Money can’t buy happiness,” and many millionaires have claimed this is true. While money makes life easier, it doesn’t mean you have nothing to worry about. Wealthy people have worries just like everyone else.
10. You Must Be Lucky to Be Successful
Many people believe you have to be lucky to be successful, but if you ask any millionaire, they’ll all tell you that you need hard work and consistency. While several people come into a fortune through luck, most gain their wealth through calculated risks and smart financial decisions.
11. You Must Make All Your Money Before You Retire
Many people still believe that you have to accumulate all of your wealth before you retire, but many millionaires continue to make money well into their retirement. You don’t have to get up and go to work every day to make money. Through smart investments, you could continue to receive passive income during retirement.
12. You’ll Need a Financial Advisor
Being wealthy doesn’t mean you need to hire a financial advisor. One of the big differences between millionaires and the rest of the population is financial literacy. People who earn a lot of money ensure that they understand the basics of investing and managing their finances.
13. You Must Take Big Risks With Your Money
It’s true that you have to take risks to earn wealth sometimes, but the idea that millionaires are taking big risks to earn bigger rewards isn’t true. Wealthy people take wise, calculated risks and diversify their portfolios to earn their money.
14. You Must Be Dishonest
The people who believe they need to lie and trample on others to get to the top rarely reach where they want to be. Being wealthy doesn’t mean you should no longer have any regard for anyone else; it also doesn’t mean you’ll never need to ask for help from anyone else.
15. You Have to Start Young
A common myth is that there’s a certain age when you begin accumulating wealth, almost like there’s a deadline for earning money. But you can become a millionaire at any age. There are so many different ways to earn money that regardless of whether you’re 20 or 60, you can make smart financial choices to earn you money.
She started her blog, The Money Dreamer, when she realized the 9-5 job was not the lifestyle she wanted anymore. After designing for a while, she wanted a more meaningful life, which was freedom, so she decided to venture out. She took action so that she can live her dream life and decided to help people to live theirs by helping them how to save, budget, and invest.
