You can call them maxims, proverbs, or even mottos, but the most common phrases we hear tend to ingrain themselves as truth over time. If we hear something consistently enough it takes root in our psyche! Some of those sayings are about money but what if they’re not true? If we have the wrong information we could have a view of our money, of business, and even of how the world works that is entirely false! During this episode we talk about some of the most common money phrases that we hear and dissect the truthfulness of those phrases. If something we hear about money is incorrect or flawed, we need to correct our course! We want to make sure that we’re not accidentally basing our personal finance beliefs on some catchy sayings we’ve heard over the years.
Additional links from this episode:
- “Throwing good money after bad” – we talked more about the sunk cost fallacy back when we covered the times when frugality doesn’t cut it.
- “A penny saved is a penny earned” – and if you can not only save that penny but invest it instead, the swing is pretty dramatic. We talked more about this in our episode on the mind altering effects of simple money tricks.
- We cited a Psychology Today article that discussed why folks who have less give more.
- Money can’t buy you happiness but it can definitely improve your life up to about $75k. Earning more than that has diminishing returns.
- It doesn’t actually “take money to make money” and we’d recommend you listen back to our episode with Alan Donegan on starting a business with no money!
- … and we definitely covered many more sayings so be sure to listen to the episode!
During this episode we enjoyed an Aliens on Moonshine by Torched Hop! And as we’ve kicked things off with a bang in 2021, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!
Best friends out!