Money is a tricky subject. We all use it, stress about it, and try to make more of it—but let’s be honest, most of us are winging it. And thanks to a mix of well-meaning relatives, the social media guru selling you a course for only $7.99, and that one friend who swears by crypto but still owes you $50, financial myths spread like wildfire.

It’s time to put an end to the nonsense. Let’s bust some of the biggest money myths out there so you can make smarter decisions and keep more cash in your pocket (where it belongs).

Myth #1: “Debt Is the Root of All Evil”

Look, no one wakes up thinking, “Wow, I’d love to be drowning in debt today!” But not all debt is bad. There’s “good debt” and “bad debt”—and knowing the difference is key.

• Good debt: Student loans, mortgages, business loans—these can help you build a better future (as long as you don’t go overboard).
• Bad debt: High-interest credit cards, payday loans, and financing a boat you can’t afford just to impress your neighbors.

Debt isn’t the enemy—it’s how you use it that matters. Just don’t let it use you. Keeping it to a minimum is key.

Myth #2: “You Need a Huge Salary to Get Rich”

If that were true, why do so many celebrities go bankrupt? (Looking at you, lottery winners and former NFL players.) The truth is, wealth is built on smart habits, not just a fat paycheck.

• People with modest incomes can still build wealth by budgeting, saving, and investing wisely.
• Many millionaires started small and got rich by being disciplined, not by earning six figures from day one.

More money can help, sure—but it won’t fix bad money habits.

Myth #3: “Renting Is Just Throwing Money Away”

Ah, the old “if you rent, you’re just paying your landlord’s mortgage!” argument. While buying a home can be great, it’s not always the best financial move.

• Renting gives you flexibility—perfect if you move often or don’t want to be tied down by a mortgage.
• Owning a home comes with hidden costs: repairs, property taxes, and those surprise plumbing disasters that seem to happen at the worst possible moment.

The key? Do what works for you. Not everyone needs to be a homeowner, and that’s okay.

Myth #4: “Investing Is Only for Rich People”

If you think investing is just for Wall Street hotshots, think again. These days, you can start investing with as little as $5.

• Apps and online platforms make it easy to invest in small amounts.
• The earlier you start, the more you benefit from the magic of compound interest (a.k.a. free money over time).

Waiting until you’re “rich enough” to invest is like waiting until you’re in shape to go to the gym. Just start.

Myth #5: “Pay Off Your Mortgage ASAP—No Exceptions!”

Sure, being debt-free sounds amazing, but rushing to pay off a low-interest mortgage isn’t always the smartest move.

• If your mortgage has a low rate, extra money might be better spent investing where you can earn a higher return.
• Having cash in hand (aka liquidity) is often more useful than locking it all into your home equity.

It’s all about balance. If it makes you sleep better at night, go ahead and pay extra—but don’t assume it’s the only path to financial freedom.

Myth #6: “More Money = No More Money Problems”

Ah, if only. The truth is, making more money won’t magically solve financial issues if you don’t know how to manage it.

• Plenty of high earners still live paycheck to paycheck because they overspend.
• Learning how to budget, save, and invest is the real secret to financial security—no matter how much you make.

More money can help, but if your spending habits are out of control, you’ll always feel broke.

Myth #7: “Credit Cards Are Pure Evil”

Credit cards can be a disaster if misused—but they can also be a great financial tool.

• They help build your credit score (which you’ll need for major purchases like a house or car).
• Many offer perks like cashback, travel rewards, and fraud protection (cash doesn’t do that!).
• The trick? Pay off your balance in full each month—no exceptions.

Credit cards aren’t the villain here—bad spending habits are.

Final Thoughts: Take Charge of Your Money (and Ignore the Myths)

The biggest financial mistake you can make? Believing everything you hear. Money myths can hold you back, but breaking free from them puts you in control of your financial future.

The truth is, financial success isn’t about luck, being born rich, or suddenly stumbling upon a million-dollar idea (though that would be nice). It’s about knowledge, discipline, and making smart choices every day.

So, what money myths have you believed? It’s time to rethink them, take charge, and start making your money work for you!