EP084 3 Myths Sabotaging your Financial Fitness

Many people find themselves in debt or suddenly realize that they aren’t making any savings or building a retirement nest egg. It can be hard to know where and how to start clearing debt. You may feel that you don’t have the financial knowledge to create a plan, start saving or make investments. It is also easy to make excuses or tell yourself stories to feel better about not doing anything to improve your financial situation.

 

Today, I share three myths that are sabotaging your financial fitness. I reveal how you can break the cycle of not taking action and how you can build upon your first steps towards financial fitness. I discuss the benefits of setting up a financial plan to clear debts and begin saving or investing. I also highlight the need for a budget that still lets you live a fun and fulfilling life as well as emphasize the importance of having an emergency fund and saving for retirement.

“You don’t need to know everything to take positive action. Start with one positive action.” – Tracey Bissett

 

This Week on Young Money:

 

• How to overcome the paralysis of not taking action through a lack of financial knowledge.
• How to build on simple beginnings and move towards financial fitness.
• Why you need a dedicated plan and methodical approach to clearing debt.
• Setting a budget that still allows you to have a fun and fulfilling life.
• Why you should save consistently and regularly, regardless of how large or small the amount you set aside.
• The power of compound interest.
• How to grow an emergency fund or save for retirement.

The 3 Myths Sabotaging your Financial Fitness:

 

1. You can’t do anything because you don’t know anything or everything about finance.
2. There’s an easy fix to dealing with debt.
3. You do not have enough money to worry about savings or investing.

 

Get Your Young Money Questions ANSWERED!

 

Want to learn more about how you can stay financially fit or share a myth sabotaging your financial fitness? Leave a voice message to get all of your Young Money questions answered.

 

Remember – there is no silly question when it comes to your financial fitness.

 

Rate, Share & Inspire Other Young Millionaires-in-the-Making

 

Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Visit our website to learn how easy it is to leave a review on iTunes.

 

Don’t forget to share your favorite episodes on social media!

 

Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.

Check out this episode!