11 Money Mindset Myths That Are Keeping You Poor

by David@MoneyNing.com · 52 comments

Spilled coins

I’ve been busy lately. Instead of sitting in front of my computer waiting for the same email (more likely spam) to come through, I’ve been calling, asking and searching. During the last couple of weeks, I:

  • Asked my car insurance agent to price match an insurance policy that I found online.
  • Call my Internet service provider to extend my new customer discount.
  • Went to get a free piece of chicken from KFC.

Frugal Living is Easy, Not

Most of these types of posts usually have people bragging about how much money they saved and how you can too if you follow the steps they outlined. They make it sound so simple but it’s almost always misleading. It took a while to search and compare all the insurance policies available, to wait on the phone to find a customer service rep for the Internet service provider, and to be in a room full of people at KFC (actually, it was quite fun seeing so many people but anyway…). Instead, I could be spending time golfing, being with my family, or reading a book.

Let’s be clear. Saving money, or more broadly, taking action, isn’t easy and takes quite a bit of work. If you feel like you can always save later when you need to because it’ll be a quick phone call away, then you are mistaken and will get discouraged when you actually need to do it.

I still remember talking to people a few months ago when they just lost their job and needed to reduce expenses in a hurry. A few of them could easily knock $50 a month off their Internet service costs, but the lines were so jammed they just couldn’t get through.

How you think of money can have a huge impact on your financial future. And there are many myths out there that don’t do us any favors. Here are 11 that could be keeping you from the promised land.

Money Mindset Myth #1 – A Penny Saved Is A Penny Earned

Not losing that penny by saving it is helpful, but creating meaningful wealth takes so much more than not giving that penny to the cashier. In addition to saving, you must also multiply those cents you’re saving to truly feel the effects. Even if the adage is accurate, it’s also incomplete, and certainly not something you can base your future fortune around.

Saving pennies is good, but you also need to earn more money.

Money Mindset Myth #2 – I Don’t Need Money Help

Paying for people to coach you in precision pilates is a want, but paying for financial help may be a need. If you have zero experience straightening your finances, then going it solo will absolutely hinder your growth.

Investing in a money coach will lead you down a safer road lined with superior choices, better decisions, and ultimately, a finish line you’d probably never reach alone.

Invest in a coach and train for financial success.

Money Mindset Myth #3 – Budgeting Saves Me Money

As noble as that might be, it isn’t accurate. Write down everything you earn, subtract everything you spend, and allot a certain amount towards savings. Then you’re golden, right?

No, not really. You can record your pluses and minuses all day, but if you’re not acting based on those numbers, then your budget means nothing.

Carefully plot and plan, then follow through on your budget to see optimum success.

Money Mindset Myth #4 – If I Earn More, I Can Spend More

You worked 60 hours last week. Dog tired, you come home and collapsed into bed. The exhaustion is fine; at least your paycheck will be fat.

When it’s time to reap the rewards, you happily head out with your paycheck in hand, to shop.

“Look at all this overtime! I deserve a ‘little’ something for working so hard!”

That’s why you’ll stay right where you are in your finances.

That “little” something extra is called overtime pay, and THAT is your reward. Stick all your “extra” earnings in a special fund or savings account, then leave it there and watch it grow, rather than disappear.

Money Mindset Myth #5 – If I Don’t Risk It, I Can’t Lose It

Playing a smart financial game means taking intelligent risks. You’ll never make a mint if you don’t make smart investments. Fail to take SMART risks with your money, and you’ll keep the blooms from blossoming on the branches of your money tree.

Stock valuations are volatile, but individual investors can still profit on the expansion of the economy by buying into a broadly diversified index fund that tracks the total market — as long as they have a long term vision.

Know a good investment when you see it and be smart enough to make it.

Money Mindset Myth #6 – I Make Enough

You bring home your check every two weeks. Your house payment is always made on time. And your bills are current. Yet, you have nothing left for savings, and little, if any, for life’s extras. You might make enough, but you’ll never reach financial independence if you can’t get ahead. You don’t want to be 50 without any retirement assets.

Assets determine your worth, and if you want to grow your financial portfolio, you must find a way to start saving and investing.


Money Mindset Myth #7 – My Today Is Taken Care Of

Too many people live in the moment. Even in today’s economy, it’s difficult to look past now to see the promise of tomorrow. Yet, right now is when it’s essential to plan ahead. What will your reserves be like as you head into retirement? Not putting away what you can now is a near guarantee that you won’t have enough when you need it in the future.

Take advantage of easy options like payroll deductions into an employer-matched 401K. Even those who invest may be doing so too conservatively for their age bracket and miss out on the advantages of compound interest. Remember that money coach we talked about? Ask him or her how to best proceed.

If you don’t have one, then at least start saving into a retirement fund today, so that you can start planning for future success.

Money Mindset Myth #8. I Only Need to Save for Retirement

Saving doesn’t stop once you pad your retirement accounts. We hear a lot about planning for life after full time work, and some of us will save for that. There are also closer milestones to plan for though. Marriage, starting a family, and home ownership tend to occur in the 20s and 30s, but many people don’t plan for these expenses, creating more excuses to go into debt.

And it’s not just that one time expense either. Living with another person, having kids, and owning a home all changes monthly budgets considerably. Spend some time to plan and eliminate any surprises that can come your way.

Money Mindset Myth #9 – I Can Incur Debt as a Means to an End

Many have picked up the cultural cue that debt is necessary to get by in life. And it starts early in life too. Student loans are viewed as essential to gaining competitiveness in a tough job market – a short step away from justifying credit card debt to support your lifestyle while going to school. Some educational debt might be necessary, but experts recommend incurring no more than an entry level-salary in your chosen career path.

You should also reduce consumer debt by choosing cheaper entertainment, going on a spending freeze, or using shopping apps and discount programs to save on consumables. Most importantly, stop blindly spending. Make the decision to take control of your money. No one is at the mercy of their situation — there’s always something you can do to spend less, save more, and improve your financial outlook.

Money Mindset Myth #10 – Thinking “Plan B” Isn’t Necessary

Far too many people would rather save for a vacation than for an emergency fund beyond a credit card. Even if you can only save a little at a time, it will eventually pay off – especially if you choose an option like a high-yield savings account. Set aside the equivalent of six months’ living expenses and designate it exclusively for financial emergencies.

Money Mindset Myth #11 – I Can Stay in That “Dead-End” Job

Sometimes, the most dangerous job isn’t the one that doesn’t pay well, but the one that pays decent enough that you don’t try to look for another one. The long term is important. Are you working in a dying industry? Does your job offer advancement opportunities?

Look at your colleagues in your field? If you are younger and there aren’t anyone over the age of 50, it might mean that you’ll be phased out of a job by the time you reach that age.

Don’t be complacent and keep striving for better job prospects. Your financial future will depend on it.

Which one of these money mindsets are holding you back?

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{ read the comments below or add one }

  • Steven Pearson says:

    A very good article for people to take to heart. However, regarding #10 what exactly is a “high yield savings account”? I see this mentioned in so many articles and it just floors me every time I read it. I grew up earning 5-1/4% on my savings at a Savings & Loan and they paid 5% at banks. Nowadays you get anywhere from .01% to .15% depending on where you park your money. You can’t even get close to 5% if you lock in a CD for 5 or 10 years. My advice to all young people is to save save save until you think you have enough and then save some more because you don’t. Unfortunately most young people won’t realize or understand this until a few more decades have past by and by then they are going to wish they had listened. But don’t keep too much money in a bank, that’s a loser to your finances. Invest in a low cost index fund or other equities and live below your means and you should do just fine.

  • Freedom at Hand says:

    You’re basically talking about lifestyle inflation with #4. Save the raises and you’ll do extremely well over time. Spend the raises and you’ll be exactly where you started after a full life of work.

  • Kate says:

    I saved for retirement until I was in my early 40s. Four (count them FOUR) times my savings were wiped out by stock market crashes. After the fourth time, I said to myself, “Self, you are 40 years old and you have not had any fun to speak of, because you have been trying to save for your old age. Now all that money is gone into the oubliette, and you have nothing to show for it, including no happy memories. To hell with that. Spend your money and trust in God. I spent the next 20 years travelling, visiting friends, helping my parents and finally buying nice furniture and fixtures (no longer “waiting until I got married”). Today I live on Social Security and a nest egg I built up the last two years I worked full time, and I am positive that if I’d saved all that money, it would have gone into the toilet just like all the rest. Sometimes you have to decide what life is all about, and LIVE.

    • David @ MoneyNing.com says:

      We talk about saving often here, but it’s definitely a balancing act. You can’t be miserable all your life just to save for the future. The future is important, but so is today.

  • Nina says:

    I can’t advise young people enough to plan their future and save some of their earnings, especially if they don’t have a retirement plan where they work. My husband and I are seniors and gratefully he gets his retirement check and social security as do I once a month. Mind you, we just bailey make it from month to month. The economy does make it difficult for us, but we are grateful for what we get. We do feel the government should make it easier for seniors after all we all have worked hard most of our lives and deserve some breaks financially.
    But again, to our young adults who are starting out in life, please make the effort to pay yourself first and put it in a savings account, you’ll be happy when you get to be our age.
    My mom told my siblings and I the story of her aunt who was very frugal and saved fifty cents a week during the depression and eventually could buy a lovely home after she had enough money saved up. This is a true story that we heard over and over. Now I tell our children and grandchildren the same story. They love it.

    • David @ MoneyNing.com says:

      Thank you for sharing your story. It’s amazing how much even small savings add up.

      If we can all save early and often, then we can all have a financially comfortable retirement!

  • Kurt Hoffmann says:

    Under #6 the author states, “Assets determine your worth.” Not true. Assets minus debts determines your worth. It’s called your net worth, and it’s much more important than the value of your assets. If you have assets of $1 Million and debts of $100 Million, you are insolvent and bankrupt. Extreme example but it makes the point.

  • Revolutionary says:

    People WAKE UP and realise YOU are being financially RAPED by a small minority of filthy rich individuals and corporations with the backing of their corrupt buddies in government. The wealth is being sucked dry out of the worlds economy by these criminal larcenist sociopaths and their insatiable greed for YOUR money. That’s right YOUR money. They only got rich because they thieved from humanity. Think about it and keep on thinking. And before anyone derides this posting as the ravings of conspiracy nut; look around you, open your eyes and engage your brain.

    Think of all the taxpayers money that bailed out the banks. Did the government have a referendum to ask YOU is this what YOU wanted to happen? No. They just gave it all away to the banks because YOU can pay for it. Have things got better? No. It’s gotten worse. When Gordon Brown said no more boom and bust he was right but I don’t think he meant it to mean BUST and BUST.

    And how do you take a smart risk as this article suggests with your money assuming you have surplus cash? This planet is fueled by fraud. Markets are rigged but not for your benefit and the only thing a money coach will do for you is coach you out of your money. Beware of all financial advise. When someone tells you what to do with your money they are not thinking about helping you put food on the table for YOUR kids they are thinking about putting food on the table for THEIR kids. And they are also thinking about about that luxury holiday Villa and Maserati that they will be enjoying thanks to their clients.

    Ponder human nature for a while. Your brain is your best asset so THINK about what those two little words ‘human’ and ‘nature’ mean in their little dance together. And whilst you are thinking about the nature of people consider this- have you always done what was best for the other person? Can you give an honest answer? Can any of us be that honest? Is it any surprise that as a species the scales are tipped in favour of corruption as opposed to benevolence? I’m not condemning all humanity but there are people out there in the finance industry who’s instinct for self preservation coupled with a lust for opulent wealth and power has created a toxic nexus that has embroiled the ordinary citizen into a life of penury.

    There is no justice. The so called elites are free to steal billions from the people, launder money from drug cartels and manipulate markets and LIBOR rates etc. etc. etc. without fear of prosecution or imprisonment. And don’t be fooled by the punishment of these institutions by fines. That is a smoke and mirrors. The fines are puny compared to their corporate turnovers. But if you steal that’s a whole different ball game. How is it right that a bank can thieve billions but yet a young mother who steals a £10 pair of jeans from a supermarket gets a three month jail sentance? Think I’m joking, think again- http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/anger-as-judge-jails-young-mother-for-stealing-10-jeans-15072473.html

    – ARE YOU WAKING UP YET because the day may come that you will have to steal to provide for your children. And guess where you’re going to go if you’re caught.

    Are we as a people really that disinterested that you don’t care what these institutions and so called elites do to you- NO JOB- NO HOME- NO FOOD- NO CLOTHES- NO MONEY- and lets throw in defecating in the streets because you’ll have NO TOILET as that’s attached to the home. And then YOU might have to steal to survive. Are you really that content about the corrupt actions of the filthy rich to end up incarcerated with nothing but a cell full of thieves, pederasts and rapists for company? Is that really your life goal? YOU CHOOSE.

    Morals only exist for YOU. That’s right governments will keep telling you that you have a moral obligation to pay back all the banks criminally acquired debt for the sake of future generations. And by the way they didn’t have a referendum to ask you if you wanted Austerity. Lets put this record straight NO-ONE has a moral obligation to pay back money someone else thieved. If your local neighbourhood bank robber knocks off your local bank do you have a whip-round the local community to make good their losses? NO.

    I always thought the ‘filthy rich’ was a very apt moniker because they are quite simply filthy, no better word to describe them. They are a morally bankrupt den of thieves and criminally insane villains who have destroyed the homes, jobs and livelihoods of millions. Condemned millions to hopeless poverty, and caused more financial damage to the world than the whole of the Second World War. Think about that- they have caused more havoc than Hitler and this is the legacy that all those brave allied servicemen and women were killed and maimed for.


  • Tony says:

    I’ve never read such a load of rubbish! If you follow this advise you are going to get into big trouble. There are only a few gems of financial advise that really work. Don’t get into debt is the most important. Don’t spend more than you earn. Don’t be greedy and plan for the future.

    I’m 58 years old and have been retired with a good steady and secure income since I was 42! I’ve never had a business and never ‘made investments’, especially in manipulated stocks. My wife and I have a very good life thanks to my planning since I was a teenager.

  • garyx says:

    Julianne, don’t be such a pessimist. Don’t lose hope, as there’s still GOD who loves you. Remember always to pray in times when your losing hope. I’m sure he will not fail you.

  • Ayoola says:

    As long as you are a salary earner, there is a limit to financial freedom. The best advise I can give is for an individual be a business owner and build the business to expand.

  • Bananas says:

    I’m 51, live below the equator in the Lucky Country and have just been made redundant from my secure Government job due to budget cuts. I have fought hard to get where I am.
    I’ve had an interesting and good life (when you look at the big picture). Now my secure and regular source of income has been taken away from me because of Govt mismanagement.
    I’m not down and out, not yet anyway.
    Ah well – let’s start with a new chapter in my life – I wonder where this will take me?
    Like Mar said – “Believe in youself”
    You can do anything you like, as long as you pay your taxes and follow the laws of society. Doesn’t matter where your from or what country you live in.
    If you’ve earn’t the money, you have the right to spend it on anything you want or need.
    My adult children are set up nicely for their future because they work hard for it. I didn’t give it to them. So I have no worries there.
    I’m living for today, for tomorrow will take care of itself and me.
    Cheers and enjoy what you have, and if it’s not enough go and earn it yourself.

  • mar says:

    You are your biggest treasure. Just believe in yourself. Once you believe in others that’s the start of your confusion. You are so rich…maybe you just don’t know it.

    What is it that others can do that you can’t do?

  • Mohammad says:

    A great and interesting classic to read on this subject is:
    The Rishest Man In Babylon by George S. Clason. Good luck to all!

  • Lord Koos says:

    “…individual investors can still profit on the expansion of the economy”


    Buy gold or forget it…

  • julianne says:

    to Sally “…who will bring in a new way of getting their hands on it.” –
    it’s true. but theres no way to control the situation; even if we are very committed to fairness …fairness seldom happen. just hope the honest (those who work, every day, like myself) can have food and shelter to the day i die..

    robbers in the past used to come with masked veils, creep around and takes action deep into the night. once reported, gets harsh and stern treatment from law enforcers.
    these days robbers wear suits, puts on a tie, comes with ‘legal backing’ and walks through your house, clean you of every penny. ruling parties bow to them, open their doors, and deem them as nonoffenders.
    There is no safe place in the world. everyone honest is doomed to suffering. there is no place to rest. i dont think i’ll ever have children. why bring them to term? these times are cursed. they will only suffer.

    no one,

    NO one

    is fair.

    • Paulo says:

      Move to Scandinavia. You will be taxed 60% of your income but you will never be “one of these little old ladies living on the street pushing a grocery cart”.

      • Thomas Prahl says:

        Not 60%. Only 40% but then all helth-insurance costs are included.

        Free Hospitals. Free education. If you get unemployed you can get up till 2 years unemploymentsupport. (approx 1800 USD after tax a month)

        I sometimes smile at you americans calling europeans communist. We are not, but we build up a society where the stronger ones help the weaker ones. Even the rich people in europe support this way of organizing a society

        Thomas Prahl

        • LittleG says:

          The problem with conservative Americans (and rich people) is, they have taken the anti tax policy to the extreme and have weakened the power of government to effectively manage social problems.

          As a result, when people visit the uptown areas of U.S cities, they see crumbling physical infrastructure, unhappy and struggling citizens and poverty. The last time I read child poverty and hunger in U.S is 25%.
          It’s become a cut throat society to say the least, one you would not aspire for.


          • Arminius Aurelius says:

            Sad to say the U.S.A. has done a complete about face since the 1955 to 1965 era. We used to be a prosperous and growing country where opportunities were available for all willing to put in the effort. When I was in the Navy in the mid 1950’s, my ship had a crew of 3000. We spoke about getting drunk, etc. but no one ever spoke about doing “good dope.” It was almost non existent. Ever since Lyndon Johnson’s “Great Society” and his expansion of the Vietnam War, the U.S. has been getting deeper and deeper into debt.

            Hollywood promoted and romanticized the Drug culture. Now these 1960/1970 drugged up Hippies have graduated to become members of Congress. 49% of the “Great Society” do not pay any taxes whatsoever. Since 1950, the U.S.A. has threatened, intimidated, bombed and invaded over 30 poor 3rd world countries who were no threat to us. In the process we murdered millions of innocent men, women and children. We have troops based in over 135 countries around the world but none on our own borders. To what end? The New World Order ?

            Back when I was a young man, the major newspapers used to have investigative reporters who would seek out and expose corruption in Washington. That is no longer the case. Now papers such as the New York Times are nothing more than mouth pieces / echo chambers for our greedy self serving “public servants” in Washington just as the Communist Russian newspapers Pravda and Isvestia were back in the 1960’s / 1990 era. Once the role model for the world, greed and power has destroyed Capitalism. As they said in the film Wall Street, greed is good is the new mantra of the banksters, Wall Street and our bought and paid for politicians in Washington.

            Welcome to the New World Order.

        • BingoWings says:

          Exactly. Thank you, Thomas. Keep spreading the word.

    • Webdude says:

      Most people want to be fair, or at least consider themselves to be fair. The trouble is, most people are egotists, thus have difficulty seeing what is fair, or don’t care.

      Sounds like you haven’t learned the #1 Money Rule: You Don’t Get What You Deserve – You Get What You Negotiate. Unfortunately, negotiation is not taught in grade schools, nor in most colleges. Scions of the old rich may have learned it through formal training, or from their parents. Nouveau riche learn negotiation from the Hard Knocks School of Life. Even if you are a naturally savvy negotiator, there are still fine points to learn.

      Most of us, who aren’t driven by greed and the desire to screw other people as much as possible, will never get rich unless we manage to invest well, or at least learn some rudimentary negotiation skills. Think about your biggest purchases. For most people, those are homes and vehicles. Chances are you were an amateur up against professional sales people. How did you do? How many thousands, tens or hundreds of thousands of dollars does your instinct tell you were lost due to being hustled by the sales pros?

  • Sally says:

    We scrimped, saved, went without holidays to pay Insurances, Endowment Mortgages, we had kept updated so we would not be caught in the not enough to pay mortgages, also a second Endowment to pay our daughters uni bills and buy starter flat, my husband lost his IT contracting business during the last recession. With the recession and paying our Endowments we had to use savings, which was for a while keeping us afloat and paying off Inland revenue debts and mortgage payments we lost all our Endowments. But we could not continue paying them, when our savings ran out.
    We also paid income Insurance to be told when he became unemployed that he was not eligible for payout as he was a Consultant, working for his own Ltd Company. We were not told that when we were sold it.
    Whatever we did to be self sufficient and have a few holidays when we had some time and money after retirement it has been stolen off us.
    So we are unable to have holidays or days out, or even recarpet rooms that have carpets that are twenty years old!
    So enjoy life while you have the wherewithal to do so as you will find it impossible to stay one step ahead of the Institues and Government who will bring in a new way of getting their hands on it.

    We also paid into a small pension all his working life to find that we are now not eligable for government help or respite care without we pay with all our joint pension. So a very bitter couple say go on those holidays and treat yourself as we have been ripped off all along the way.
    lost all our Endowment
    Policies which we had kept updated so we would not be caught in the not enough to pay mortgage

    • Code says:

      It seems there should be SOME recourse or way to hold someone responsible, especially the insurance payments which should at least be reimbursed since you never had coverage the whole time. Have you informed your state’s Attorney General who overseas insurance in your state? I don’t understand your comment about the pension, but it doesn’t sound right either.

    • david ward says:

      Our carpets are twenty five years old ! So what !

      • John says:

        David, have a bit of compassion please, that was completely uncalled for!

        • Arminius Aurelius says:

          You say ” have a bit of compassion ” , baloney ! Life is what you make it . Yes it is possible to have good luck and or bad luck . But with a bit of effort and foresight you can recover and get ahead. There are other opportunities in life if you put in the effort . Carpets / 20 years old , who cares . I have furniture that is 30 + years old and still quite comfortable . Some people buy antique furniture that is 80 – 100 years old . AS a business man , I bought bankrupt restaurants and worked 12 hours a day , 6 days a week in order to succeed for 34 years . I am financially well off but to this day I still buy ” new used ” cars with low mileage . My last car was a 2008 Lincoln Town car with 13,900 miles on it . Bought it in April 2008. New it would have cost about $ 43,000.00 , I paid $ 23,500.00 for it , saved $ 20,000.00 . When the stock market crashed in late 2008 , I jumped in and bought Gold 1 ounce coins with the savings. My investment is up 125 % from $ 750.00 an ounce to $ 1660.00 . Am now waiting for the next market crash which I expect this year .

  • Britany says:

    For me, this is the best solution “change your mind and change your numbers”. In this way, we can live a life we want.

  • Rick says:

    Actually, a penny saved is more like (est.) 1.4 pennies earned, since you have to earn 1.4 pennies then have an after tax income of 1 penny to spend a penny.

  • Pedronio says:

    Always live expending the half you earn.

  • Eilleen says:

    I always believed that I would die young like the rest of my family so that’s how I lived. Or I would die in a plane or car crash because I traveled so much. I never saved a penny for retirement because I never believed I’d see such a day. Well people, I’m now 54 and healthy! Now I see my future as one of these little old ladies living on the street pushing a grocery cart! I better move somewhere warm!

  • Pascal says:

    Why have fear of our future? Who knows his future? A good daily plan is for me enough as it has positive impact on the future. Think positive, react positive and everything will simply be better.

  • Mackenzie says:

    Overtime pay… the list of exemptions for overtime pay is long, and rules out basically everyone salaried, using a computer, or in seasonal work.


  • Krystyna says:

    Don’t go to stores. If you don’t go, you don’t buy.

  • Marbella says:

    Several good advice, but a well balanced budget over a month, half a year ahead and a long term budget over several years together allows you to save money the best way.

  • Wonga says:

    I’m actually thinking of starting to have a retirement plan next year when I finish all my loan repayment. 25 years before retiring is, I guess, not too late to start.

    Thanks for the reminder. Nice tips!

  • Shane says:

    Nice tips, financial tips and tricks don’t always work. I try to use the role of 4ths, 1 to rent, one to food and entertainment, one to bills, and one to savings.

    • david ward says:

      Please stop renting and buy !

      • Max Rover says:

        Value for my money (and time) suggests otherwise.

        • BostonBull says:

          This is one common misconception here in the US that the ultimate agenda is too own property. This is like any other investment and you can make money with the right know how but saying someone who pays rent needs to own a house instead of renting as they are “throwing their money away” is not accurate.

      • Bleep says:

        Renting in the US is usually more financially sound than buying, unless you can buy with cash or are in a non-recourse state and are willing to strategically default.

        In fact you might be surprised to know most young professionals on Wall St. working in the finance/real estate sectors rent, not buy.

  • Sherry Vosburgh says:

    Where does one find a money coach (in Belgium)? I already have a Financial Administrator who manages my pension, gives me a weekly allowance and decides on major expenditure. He gets 3% of my yearly income. He acts as a brake on impulse buys – a topic you could cover – but doesn’t really teach/coach me on money matters. At least I have a house but am paying off bank loans – now interest-free as a kind friend paid the bank off and I pay her monthly. I love spending, and I find the only way to stop is to stay home.

    • benoit says:

      Hello Sherry,

      Start with reading the book “how to be smart with money” by Ducan Bannantyne. It will teach you a lot, then you might not even need a coach.

      Best regards.

      • Elton says:

        reading is one thing, but being coached by someone who has a stock of actual experience is another.

        I have read books and tonnes of prints about personal finance but up until i experienced the ugly side of being brook did i learn the expensive lesson of not having someone coach me to be financially healthy.

        Bankruptcy was my most effective cost. And the most expensive too!

    • Pat says:

      You should not be giving away 3% of your income to anyone. Learn to do it yourself. Read a couple personal finance books.

  • Jean says:

    Yea, having a money coach can defintely be a good investment if you’re inexperienced. And very true that too many people live in the moment and don’t think about tomorrow. I can’t even rest in the present unless I know I have some sort of plan for the future.


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