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MYTH #1 – I don’t need a budget.

Many people are intimidated by budgets. They think budgets are too complicated or will take too long to implement into their daily lives. We need to reframe our view of budgets. Think of how you depend on your calendar to get things done – whether it’s on your iPhone, Google calendar or a paper calendar, you’d be lost without it, right? You need your calendar to make sure you get where you’re supposed to be. Think of a budget as a tool to make sure your money gets you where you want to be in life. In our Money Mamas Guide to MINT, we will teach you the easy tricks to starting and maintaining a budget using the MINT tracker. Your wallet will thank you!

MYTH #2 – I don’t need an emergency fund.

If 2020 has shown us anything, it’s that we need to be prepared for an emergency. If you lost your job, you don’t want to have to rely on credit cards – at interest rates of 15% or higher – to pay for your living expenses. Having an emergency fund of 3 months to a year of expenses saved will help you weather the storm until you find a new job.

MYTH #3 – I can always start saving later.

Well, you can, but you won’t reach financial independence with that attitude! A (figurative) penny saved is much more than a penny earned when you understand the compounding value of money. Time in the market – and not timing the market – is critical to long-term success.

MYTH #4 – Cutting my food budget won’t have an impact on my money.

Not true … every person we’ve worked with has saved hundreds to thousands of dollars when they get real about their grocery budget and dining out. Think about it, after housing and maybe a car payment, what’s your biggest monthly expense? Hands down, it’s food. Our Money Mamas Guide to Chopping Your Food Bill gives you a free, easy way to cut your food budget down dramatically

and without feeling deprived or like you’re missing out.

MYTH #5 – Investing in the stock market is dangerous. I like to keep my money “safe”.

“Safe” in a bank account earning less than one percent interest is not a good place for long-term savings. Any goal with a five year or longer time frame would be far better off invested in the stock market for long term growth. You don’t necessarily need to pay a financial advisor big bucks for advice either. You can build your own diversified portfolio with low-cost exchange- traded funds (ETFs) or mutual funds and there are a plethora of fee-free brokerages to help you get started on your journey.

MYTH #6 – I work hard so I deserve it.

No matter what “it” is that you think you deserve for working hard – dinners out every weekend, driving an expensive car, buying another designer bag – it’s working against your happiness strategy in the end. These things might make you feel good in the moment, or like you’re keeping up with your colleagues/neighbors/friends/Instagram followers, but if you keep doing all of them, you’ll be hard pressed to reach financial independence. The great thing about examining this myth is that you can really find the things that bring you joy and keep those in your life, while eliminating the things you are spending money on just because everyone else is.

MYTH #7 – Credit cards should be avoided at all costs.

Actually, as long as you are able to pay off your credit cards in full each month, credit card rewards programs can unlock extraordinary free travel benefits. You will be amazed by the free flights and hotel stays you can accumulate if you choose your credit cards in a thoughtful manner. Our Money Mamas Travel 101 Guide will show you how.

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