Money Myths That Keep You Broke

-


“It’s not lack of money that keeps most people poor—it’s the lies they believe about money.”

In school, on the streets, and even in our homes, we pick up strange beliefs about money. Some sound wise. Others seem harmless. But the truth is, these money myths can trap you in lifelong poverty—if you don’t challenge them.

Here are 5 common money myths I used to believe—and why they’re dangerously wrong.

❌ Myth #1: "I’ll start saving when I earn more."

Truth: If you can’t save GHS 10, you won’t save GHS 1000.

Waiting to save until you “have more” is a trap. Saving is not about the amount—it’s about the habit. If you can’t save out of little, a bigger salary will only give you bigger spending problems.

A jar with just a few coins in it, “Start Small.”


❌ Myth #2: "Budgeting is for broke people."

Truth: Budgeting is for smart people.

Some people think budgeting means you’re poor. In reality, budgeting is what helps people grow and keep wealth. Even billionaires have financial planners. Budgeting is not punishment—it’s permission to spend wisely.

❌ Myth #3: "I need big capital to start a business."

Truth: Most successful businesses started small.

Many side hustles can start with little or no capital—selling digital products, tutoring, printing, or even running errands. If you wait for “big money,” you might wait forever.

❌ Myth #4: "You need to look rich to become rich."

Truth: Flashy spending often hides real financial struggles.

Spending money to impress people is one of the fastest ways to stay broke. True wealth is silent. You don’t need to prove anything to anyone—your money should work for your goals, not your image.

❌ Myth #5: "Money is the root of all evil."

Truth: The love of money—not money itself—is the issue.

Money is a tool. It’s neither good nor bad. It depends on how you use it. If you believe money is evil, you may avoid learning about it—and that ignorance can cost you your future.

📸

  Bible open to 1 Timothy 6:10.

🧠 Final Thoughts

These myths sound harmless, but they shape our behavior, often without us realizing it. If you want to stop being broke—not just financially, but mentally—you need to challenge and replace these lies with truth.


🎯 Takeaway: Don’t let false beliefs control your wallet. Start asking yourself: “Is this really true?” That question might be your first step to financial freedom.

'Download my free ebook here' https://docs.google.com/document/d/1R38rnavYBa85lPovzUY71_3Nc-hvDTiz/edit?usp=sharing&ouid=117063918547230030424&rtpof=true&sd=true

coach. Georgiho De Dn

Comments

Post a Comment

Popular posts from this blog

Pocket Money Wisdom: A Beginner’s Guide to Financial Freedom – Part 1

-
Image
Why This Series Matters – The Ghanaian Money Mindset Pocket Money Wisdom: A Beginner’s Guide to Financial Freedom – Part 1 In Ghana, money conversations often happen in whispers. We talk about the price of kenkey, the rent hikes, or the latest side hustle — but not enough about how to manage and grow money. I learned the hard way that earning more money doesn’t guarantee financial freedom. Without a plan, money comes in one door and runs out the other. That’s why I created this series, Pocket Money Wisdom, to share real, practical, and Ghana-style lessons for building financial freedom — even if your income is small. The Ghanaian Money Mindset We’ve all heard the sayings: “ Money is the root of all evil.” “If you have money, you must share it immediately.” “Rich people are selfish.” These beliefs often shape how we handle money without us realizing it. Some of us feel guilty for saving when family or friends need help. Others think saving is pointless unless you earn “big” money. But h...
Read more

Find Your Next Job Through Savings

-
Image
  How I Started Budgeting with Just GHS 200 a Month “It’s not about how much you earn. It’s about how you manage what you have.” A few months ago, I felt like GHS 200 was nothing. I’d spend it in days—on food, data, small wants—and be broke by midweek. I thought budgeting was for people with big salaries. But I was wrong. Today, I want to share how I started budgeting with just GHS 200 a month, and how it changed everything. 💭  Step 1: I Admitted I Had a Problem The first thing I realized was this: I didn’t know where my money was going. That GHS 200 was disappearing faster than I could track. So I sat down and asked myself: What am I spending on? How much of it is  need  vs  want ? Why do I feel broke every week? That moment of honesty was the beginning of change. 🧮  Step 2: I Created a Simple Budget on Paper No apps, no spreadsheets. Just pen and paper. I divided the GHS 200 into basic categories: Category Amount (GHS) Food & Basic Needs 100 Transpo...
Read more

You Need Financial Education Today

-
Image
  You Need Financial Education Today. REASONS  WHY "No matter how much money you earn, if you don’t know how to manage it—you’ll always feel broke." Most people think financial education is only for bankers or rich investors. But in truth, it’s something everyone needs—especially young people, students, and anyone trying to build a better future. I learned this the hard way, and now I want to help you avoid the same mistakes. Here are 5 powerful reasons why financial education should be your priority today—not tomorrow. 🧠 1. It Helps You Avoid Debt Traps Without financial knowledge, it's easy to borrow money without understanding the long-term cost. Mobile loans, credit cards, or even buying things on credit might feel helpful at first, but if you don’t fully understand interest or repayment terms , it can lead to serious stress.  A person looking worried with loan messages on their phone (or a “Debt Trap” signpost illustration). 💡 2. You Learn to Save Befor...
Read more