We live in a society full of myths, lots of fake news surrounds us and we tend to believe them without questioning it. And it is so with money, From our childhood, we are told certain things about money which we are believing and never think about it. Here I am revealing the top 5 myths which we are believing from a certain time and need to be changed.
- You need Money to make Money
We often hear about this one-liner “you need money to make money” but those days are gone now, we are living in 2020 and trust me you don’t need money to make money.
It is an age of technology and artificial intelligence is taking over humans, You can sell anything from home to any part of this world without stepping out of your home.
Earlier we need huge amounts of money to the business, but we are fortunate enough to born in this era of the internet and can do business by sitting in our homes.
Today, if you have an idea and you want to do business around it there can be no better time than this, all you need is an internet connection, laptop/computer and willingness to do something.
An average person spends more than 5 hours of his time using his mobile phone.
Think of ways by which you can monetize your interests and hobbies and can sell it to people online.
2. Getting rich is ver hard
Getting rich is still a dream for most of us and sometimes we think that it’s not our cup of tea. It is not so, all it takes is little effort and perseverance to get financially succeed.
If you ask me the formula to succeed, it is, stick to one thing and do it for years and you will become successful.
It is as simple as that
Getting rich is not easy but it’s not that hard either.
You can read my post on how to make 100 crores here.
3. I Save only a little so I Can’t Invest
It’s among one of the most popular myths around “ I Don’t Have Money To Invest”.
You get your salary at the begging of the month; you make all your expenses and try to invest what is left.
This way, you are never gonna make much difference.
Try to Save as soon as you get your paycheck in hand.
Commit to yourself that you would save at least 10 % of your income as soon as you get it in hand.
No matter how small your income is
It may be 5000 or 50000. Save 10 % of it and invest it wisely this way you will not face the problem of “ I don’t have money to invest”
Saving is very important and you should know why saving is important
4.Higher Risk Higher return
Taking too much risk can make you broke. In our society, it is widely spread the relation between risk and return. And is believed they carry an inverse relationship but it is not true
In the world of investing there are mainly 2 types of risk
- Risk of low return
- Risk of losing capital
Risk of low return means you get a low return instead of what is being expected
Risk of losing capital means in aiming for higher profits you lose all your money and become broke
These kinds of risks should be avoided in which there is a risk of loss of capital.
Always remember It’s not about how much you make but how much you own.
5. Passive Income Is Hard To Generate
Passive income is easy to generate but most of us fail at it. Because we try to make a long jump in the first go.
But we should start slowly and steadily when it comes to generating passive income.
Ways in which you can generate passive income
- Starting a youtube channel
- Creating a blog
- Online tutoring
- Affiliate marketing
- Writing an Ebook
- Working on Weekends
- Working on a contract basis
All of the mentioned things are not a cakewalk but surely you can start working on them and you can maintain them aside from your education and work.
Just don’t do them with the motive of making fast money. Just do with them with your heart and results will yield in sometimes.