Do you think you’re telling yourself the truth about money?
We may think we know the facts about our finances, but our beliefs can often overshadow the facts. Our wishes, hopes, and fears can tip the scales away from the truth. This makes it easier for us to believe what we want to about money — and it can happen without us even realizing it.1
The money lies we tell ourselves can change the way we think and act when it comes to finances and since most of us rarely talk about money with our friends and family, the money lies we tell ourselves stick around.2 That can lock us into destructive beliefs and reinforce poor financial habits.
But no matter what money lies we tell ourselves, it’s never too late to set the record straight.
Let’s look at some of the most common money lies we all buy into at some point — and the truth behind them.
What Money Lies are You Buying into?
Honesty with yourself goes a long way with finances.
Financial Lesson:
How to Stop Losing Out to Costly Money Lies
How many of these money lies sound like something you’ve told yourself? At some point, I think we’ve all tricked ourselves with at least one of them. Whether we were rationalizing a decision or letting our emotions impact a long-term goal, we probably didn’t make the best financial choices as a result.
Honesty goes a long way with finances. What we tell ourselves and what we believe about money influences our financial behaviors. If we’re not telling ourselves the truth, our money lies could be costly. They can affect our financial awareness, inflate our confidence, and get in the way of maintaining or growing wealth.11
When we recognize our money lies for the falsehoods they are, we can reset our thinking, change our mindset, and start taking action to make better progress toward our big financial goals.
At Integral Wealth Management, we’re your resource to have honest conversations about money behaviors and their impact on your unique needs and goals. If you’re not sure how financial decisions now may impact your financial future, we’re here to help.