9 money myths we hear all the time—but can actually hold you back from getting rich

There’s so much money advice out there that it can be difficult to differentiate the good ones from the bad ones.

To save you some trouble, we asked nine financially savvy business owners and Advisors in The Oracles to share the biggest money myths that can stunt your financial success:

 

“The more time I spend thinking about money, the less time I have to think of the next great idea that can make money. Overthinking always limits creativity.

Instead, I just trust my gut. When something doesn’t feel right, it’s usually for a good reason, even if I can’t put my finger on why. Your gut is a collection of past experiences — and mine has never steered me wrong!”

—Barbara Corcoran, founder of The Corcoran Group, podcast host of “Business Unusual,” and Shark on “Shark Tank.”

 

“Don’t be romantic about how you make money. Whether you’re an entrepreneur or an employee, your current revenue stream isn’t necessarily how you’ll make money in the future.

When you climb the ranks, it’s easy to lose creativity and that desire to change the status quo — until you’re replaced by someone who still has those things. Never let money make you comfortable. Always be innovating and thinking ahead.”

—Gary Vaynerchuk, founder and CEO of VaynerX; five-time New York Times bestselling author of “Crushing It!”

 

“Many people will tell you to invest in the stock market and let compound interest turn your paychecks into millions. The problem with that advice is that you have to work for 40 years.

Instead, invest in yourself by learning a skill you can monetize. If you’re always sharpening new skills, you’ll make incrementally more money. That’s real compound interest. You can’t save your way to wealth, but you can educate yourself there.”

—James Sixsmith, founder and CEO of Trade Context, co-founder of SpeedUpTrader, and former professional hockey player. Follow him on Instagram and LinkedIn.

 

“Companies like Blockbuster, Pets.com and MySpace were household names — until they crashed. In contrast, many that Wall Street dismisses outperform the market significantly.

The right investments are the ones that genuinely interest you, whether that’s Bitcoin, stocks or any other asset classes. If you talk to people, read the news and actually use the products you invest in, you’ll have a better understanding of where your investments should go than the ‘experts’ do.”

—Dan Schatt, co-founder and CEO of Cred. Follow him on LinkedIn.

 

“An annuity salesperson convinced my client to sell his Tesla stock because of market volatility, so he gave up control and liquidity in exchange for ‘security.’

But when he lost his job, he had to pay an early withdrawal fee to access his money. His $500,000 annuity was only worth $300,000, compared to the $3.2 million his stock would be worth today.

The salesperson didn’t disclose that he owned stock in the annuity and was working on commission. Always question others’ interests and how they align with yours. Are they getting a commission, or do they only make money when you do?”

—James Daily, founding partner of Daily Law Group. Follow him on LinkedIn.

 

“The highest rate of return on your money is not in a house or savings account, where it will sit and get eaten by inflation. Invest in your primary asset: Yourself — and your business, if you own one.

This multiplies the abilities that create your income, so you can achieve financial independence. When your money is still, it’s ill. When it’s flowing, it’s growing.”

—Corrie Elieff, co-founder and chairman at YESA; founder of Cardone Canada.

 

“Don’t let the idea of starting a business — or even a side hustle — intimidate you; the barrier to entry in business is lower than ever. Using tools like WordPress, PayPal and social media, you can create a website, advertise with how-to content and accept payments for free.

As long as you know how to sell and you’re solving other people’s problems, all you need is a little creativity and willingness to take risks and outwork everyone else.”

—Bedros Keuilian, founder of Fit Body Boot Camp. Follow him on Instagram, Facebook and YouTube.

 

“I do my best thinking between midnight and 3 a.m., when I’m free from dinging email and text alerts. Figure out when your mind works best, capitalize on it, and don’t feel bad if it’s not during the standard 9 a.m. to 5 p.m.

“The world’s wealthiest people didn’t become successful because they were coloring inside the lines or doing what everything thinks they’re ‘supposed’ to do.”

—Michelle Luchese, co-founder and chief product officer of wedding band company Manly Bands. Follow her on LinkedIn.

 

“Real wealth isn’t just about having a lot of cold, hard cash. It’s also proportionate to your happiness, health and overall quality of life.

So don’t just focus on what’s in your bank account. Set aside time to take care of your mind and body. Stick to doing things you’re passionate about. Surround yourself with positive energy. When you do all these things, money and success will eventually follow.”

—David Hoffmann, co-founder and CEO of GlobalTQM, a division of the international trade company Global Regency. Follow him on LinkedIn.

The Oracles is a mastermind group of the world’s leading entrepreneurs who share their success strategies to help others grow their businesses and build better lives. For more, follow The Oracles on Facebook, Twitter, and LinkedIn.