Money Lies You’ve Been Told—And What Actually Works
- Mar 14
- 3 min read
by Jacqueline Crider
When it comes to money, most of us have been fed a list of rules, restrictions, and "right ways" to manage money. We've heard it all: Cut out your daily latte, avoid debt at all costs, budget down to the last penny. But what if I told you that a lot of this conventional wisdom is not only outdated but potentially harmful to your financial well-being?
Here are the top money lies keeping you stuck—and the truth that will set you free.
Money Lie #1: Budgeting Is the Key to Financial Freedom
The Lie: Budgeting is the ultimate financial control. Track every penny, you'll be on the path to wealth.
The Truth: Budgets often feel restrictive leading to burnout. Tracking expenses can provide insight, yet isn't a one-size-fits-all solution. Many people start strong only to feel frustrated and give up entirely.
What Works: Instead of a rigid budget, create a Financial Blueprint. Focus on where you want your money to take you, not just where it’s going. Establish goals, set priorities, and give every dollar a purpose that aligns with your values.
Money Lie #2: Debt Is Always Bad
The Lie: Avoid debt like the plague. The less you owe, the better off you are.
The Truth: Not all debt is created equal. While high-interest credit card debt can be a financial quicksand, not all debt is toxic. A mortgage on a home that appreciates in value or a business loan that increases your income potential can actually be strategic.
What Works: Understand the difference between ‘good debt’ and ‘bad debt.’ Use debt as a tool for growth, not a weight that drags you down.
Money Lie #3: Extreme Frugality Is the Only Way to Save
The Lie: If you just cut out enough “unnecessary” expenses, you’ll find financial peace.
The Truth: Deprivation leads to resentment. Sure, skipping the occasional splurge helps, but constantly denying yourself will backfire. Instead of small, joyless savings, focus on the bigger picture.
What Works: Instead of agonizing over every purchase, increase your income streams, automate your savings, invest strategically. You can build wealth without feeling deprived.
Money Lie #4: There’s a Right Way to Handle Money (You Need to Follow It)
The Lie: Follow the gurus, stick to the plan, success is guaranteed.
The Truth: Financial success is deeply personal. What works for one person might not work for you. Blindly following traditional advice can lead to frustration, especially if it doesn’t resonate with your lifestyle or goals.
What Works: Create a financial plan that feels right for you. You are the expert on your life—trust yourself to build a strategy that aligns with your unique goals, values, and circumstances.
How to Break Free from Money Myths
The first step to financial freedom is identifying which of these lies you might believe. Are you following outdated advice that doesn’t resonate? Do you feel guilt or shame when you make money decisions that stray from traditional norms?
A powerful way to understand your financial instincts is through my Financial Spirit Animal Quiz. This quiz will help you uncover your unique approach to money, giving you personalized insights to build a financial strategy that works for you.
Email fms@pbjteam.com for Financial Spirit Animal Quiz.
The Bottom Line
You don’t need to follow someone else’s money rules to succeed. Your path is as unique as you are. The key is to build a money strategy that aligns with your values, feels good, and works for your life—not against it.
You are more than capable of creating financial freedom on your terms!
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