4 Misconceptions About Money

The myths surrounding money are numerous and widely held, especially among the young. It’s a shame, because pursuing myths will lead you astray, waste your time and, taken to extremes, ruin your life. Here are 4 popular misconceptions about money that experience has taught me are more often fiction than fact.

  1. Money will help me find love:

In my experience with women, they’re not attracted to money. They are, however, attracted to ambition and intelligence, especially when it presents as humor. Everyone’s attracted to people who are self-confident, non-needy, and able to laugh at themselves.

  1. More money less problems:

Money doesn’t end anxiety. It gives you something else to be anxious about: losing your money. Granted, those without enough money to eat or keep a roof over their heads have lots to worry about.  To quote the great philosopher Christopher Wallace better known as Biggie Smalls who said it best “Mo Money Mo Problems”.

  1. Personal Loan Rates Vary Greatly Per Lender:

Most people think that the rates of different lenders vary greatly. The truth is that usually, lenders would charge only 1% to 5% interest fees. The extra amounts are fees that a lender would charge aside from the interest fee. For you not to be misled, you must always ask the lender what exactly the fees are before you borrow.

  1. Paying Others First:

Don’t pay others first, pay yourself first. You are taught not to be self-centered but when it comes to money, be self-centered — pay yourself first and bill collectors next. This seems impossible when you first start, but it works like magic once you commit and you will actually see yourself cutting unnecessary expenses and creating more income to meet your REAL requirements.

Copyright ©2016 Jay Colby All Rights Reserved.


About Jay Colby

Some would categorize me as an entrepreneur, life coach, son, friend and all of the above. I’m just another person trying to find my way in this world. Until recently, I was unsure what my path in this life would consist of. Like many others I was between I know what I want to do but not sure if that’s what I’m supposed to do. I am currently finishing my degree in something that has nothing to do with becoming a writer or entrepreneur so automatically it qualifies me to become one right! Follow me as I go through this journey called life to impact and encourage one person at a time.
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34 Responses to 4 Misconceptions About Money

  1. emotionsoflife2016 says:


    Liked by 3 people

  2. Eartha says:

    The concept of paying myself first took me a while to learn in life. Once I began practice this concept, I felt more in control of my finances – the money I worked for.
    Great post! #1 I live by. 🙂

    Liked by 9 people

  3. kbeezyisviral says:

    Keep speaking the truth and educating people. I appreciate you, brother. Much love and respect. Peace and blessings. Happy new year–may it be a healthy, happy, and prosperous one.

    Liked by 6 people

  4. This is a great eye-opener! Thanks, Jay!

    Liked by 4 people

  5. Always nice to read about the pros and cons of wealth.

    Liked by 4 people

  6. Kim Gorman says:

    My grandmother always used to say that, “pay yourself first” even if it’s just a dollar.

    Liked by 1 person

  7. my10centsweb says:

    Jay this is good stuff!

    Liked by 4 people

  8. najjihuh says:

    Wow this actually blows my mind!

    Liked by 3 people

  9. boompawolf says:

    Is there a certain percentage you should pay yourself first?

    Liked by 4 people

  10. Cheila says:

    It’s funny that we have this idea that “when we get our finances straight we will be so happy”. This might help but usually there are so many other things we need to work on, masked by this.

    Liked by 5 people

  11. Tie says:

    Hi Jay,

    Thanks for the great read. I agree with paying oneself first, and having ambition

    All the best.

    Liked by 5 people

  12. Such a great article, debunks a lot of things actually 👍🏻👍🏻

    Liked by 2 people

  13. akucbol says:

    Cheers for sharing Jay !

    Liked by 1 person

  14. fantasyduke says:

    This Post is really what I need at this Point In time!! Giving the whole emphasis I place on finance’s as a student!! Thank You Sir Jay!!

    Liked by 2 people

  15. Ruby Gee says:

    So agree with you Jay! Pay yourself first! Then pay off that debt. Add to this money doesn’t buy complete happiness just fills in a gap for a little bit. Great blog! Xo💕

    Liked by 3 people

  16. SandraJ says:

    Interesting and to the point. Although, having lived with and without money, I definitely prefer the stress of having money over the stress of having none. I can always give some away, which makes me happy. 😉

    Liked by 3 people

  17. rothpoetry says:

    The idea that we can live life on a maxed out set of credit cards is one of the biggest myths. All that does is makes you a slave to a master you chose, but wish you hadn’t. Pay as you go except in extreme emergencies. If you can’t pay it off in thirty days, you don’t need it!

    Liked by 3 people

  18. Point 2 reminded me of Consolation of Philosophy by Boethius. If you haven’t read it, I highly recommend it! That particular section is a conversation between Lady Philosophy and Boethius, a jailed philosopher, where they’re discussing what makes people happy vs. what they think makes them happy and why.

    Liked by 2 people

  19. Thanks for sharing, Jay.
    Great thing to think and change in our mindset.

    Liked by 1 person

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