Page 17 - BusinessWest September 1, 2021

DollarsMand Sense How Your Money Myths Limit Your Financial Success
By Charlie Epstein
There are many myths concerning
Wealth Management
ost people do not realize they have myths about their money, with many of money.
them transcending generations of people
And even more people don’t take the time to analyze where these myths come from and why people hold them to be true.
in the same family. I have worked with thousands of people over the past 41 years as a finan-
The truth is that many of these myths — including the one about how money will make you happy and solve all your problems — are false. Worse, these myths tend to limit one’s thinking and limit their financial success.
cial advisor. In the process, I have identified 15 myths people have about their money, which limit their financial and personal success.
A myth is defined as “an unproved or false collective belief that is used to justify something.” The biggest myth we have about money is that “it will make me happy and solve all my problems.”
Do you think money makes you happy?
Are you sure? Want to bet?
Did you know that 90% of all lottery winners go bankrupt within three
to five years of winning the lottery? I’m talking millionaires. And the major- ity have stated they wish they never won the money. They’re miserable, depressed, and suicidal. How can this be?
This happens because the most important thing in their life has been to get money, and now that they have it, they have no idea what to do with it. They often go on a massive shopping spree and buy all sorts of material
WEALTH MANAGEMENT
SEPTEMBER 1, 2021 17
BusinessWest