7 Wealth Myths: 

Money doesn’t discriminate; it doesn’t care who you are or where you come from.

No matter what you did yesterday, today begins anew and you have the same rights and opportunities as everyone else to become wealthy.
Yet the sad reality is that the majority of Australians will never achieve financial freedom.
On the other hand a small group of Australian property investors are becoming very wealthy.
This week, I begin exploring the common myths about money that hold many people back from achieving their financial goals.

MYTH # 1: IT TAKES MONEY TO MAKE MONEY
Despite what some people believe, it doesn’t really take a lot of money to make money.

MYTH # 2: I DON’T MAKE ENOUGH MONEY
Almost everyone makes enough money to become an investor.
The truth is most people don’t have an income problem, they have a spending problem.

MYTH # 3: MY JOB AND SUPERANNUATION WILL TAKE CARE OF MY FINANCIAL FUTURE
If you accept my definition of financial freedom as having enough passive income to finance the lifestyle you desire, without having to work;
you will never achieve this through your job or superannuation. Instead you will need to take control of your financial future by investing.

MYTH # 4: I’M NOT SMART ENOUGH
In our country everybody has the ability and opportunity to become rich. Bill Gates Steve Jobs
Successful people come from different backgrounds and while some have university degrees, others never finished high school.

MYTH # 5: INVESTING IS COMPLICATED
Developing your own financial freedom is only as complicated as you make it.
Sure gaining the knowledge to become financially independent is challenging, but many new things seem more difficult than they are until you develop an understanding of them.

MYTH # 6: INVESTING IS RISKY
The dictionary definition of “invest” is: “To commit (money or capital) in order to gain a financial return.” The word “risk” doesn’t even get a look in.

MYTH # 7: YOU HAVE TO KNOW HOW TO TIME THE INVESTMENT MARKETS
It’s often said that timing is everything when investing, but that’s not really the case.
Sure timing matters – you don’t want to buy property at the peak of the boom, but successful investors find that timing isn’t really that important.