In Summary
  • Some beliefs we have are based on society and culture. Others are simply messages that have been drilled into us over time.
  • If you want to create wealth you have to be ready to challenge the beliefs that no longer work for you.
  • Here are five common misconceptions about money that we need to challenge.

We tend to act out what we believe. Once you believe a certain route to work is shorter or has less traffic, you will rarely deviate from it.

Similarly, your financial status is a reflection of your belief system. Say you are in debt; it is your way of thinking or believing that got you into debt.

You believed that you needed to impress, so you borrowed. You believed that you could always save later so when you were in an emergency, you borrowed.

You believed success depends on how you look, so you borrowed to play the part.

Some beliefs we have are based on society and culture. Others are simply messages that have been drilled into us over time.

If you want to create wealth you have to be ready to challenge the beliefs that no longer work for you. Here are five common misconceptions about money that we need to challenge.

I will save or invest when I earn more.

Imagine your child telling you that they will start eating when they are older; it’s absurd, isn’t it? They won’t get any bigger unless they eat what now. Approach your savings the same way.

If you know how to save Sh100 each month on your meagre salary now, you will have the habit entrenched for when you earn more and can afford to save Sh100,000.

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