Ep 54: Money Lies We Tell Ourselves

We’re all guilty of telling ourselves money lies from time to time. The lies we tell can change the way we think and act when it comes to finances. Are you guilty of any of these specific money lies?

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Think of all the lies you have told yourself over the years. How many of them deal with finances? Have you bought into any of these money lies?

We’ll take you through the full list of lies on the show but let’s talk about a couple that stand out.

“I’ll be happy when I have $1 million.”

Most people have some number in their head. They think if they could just reach that number their problems would go away and they’d be happier.

There’s nothing wrong with goals and target numbers. But if you make the mistake of thinking some magic number is going to flip a happiness switch for you, you definitely need to rethink that.

When it comes to retirement, it’s not all about the amount of money that you saved. It’s about your lifestyle and how you’re going to take distributions from it, and how those distributions will be taxes.

You’re putting too much emotion into a single number. Just make progress toward a goal.

“I deserve it, regardless of whether I can afford it.”

This is very common. People say, “It’s been a hard week, I deserve to treat myself with a little retail therapy.” Rationalizations are numerous.

Deep down, you really don’t need many things.

To hear more of the most common money lies we tell ourselves, listen to the full episode or use the timestamps to jump to a specific section.

Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

1:30 – $1 million

3:40 – I deserve it

4:36 – Save more later

6:14 – Plenty of time to plan

7:33 – Good debt, bad debt

8:49 – Wanting more

9:53 – How to stop lies

 

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