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Top 10 Financial Lies We Tell Ourselves and How to Fix Them
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May 2, 2025
We often tell ourselves money lies that sabotage our success. In this video, uncover the Top 10 financial lies holding you back—from “I’ll save later” to “I can’t invest.” Learn how to break free and take control of your finances.
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money management is just as much about
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mindset as it is about math
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Unfortunately many people sabotage their
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own financial progress not because they
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lack knowledge but because they lie to
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themselves These financial lies are
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often comforting and convenient but they
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delay goals increase debt and keep us
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stuck in patterns that prevent true
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wealth building Whether it's denying
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overspending justifying financial
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procrastination or underestimating risks
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these self-deceptions slowly chip away
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at our financial security The first step
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to building a stronger financial future
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is to replace these false beliefs with
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honest actionable truths In this video
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we'll uncover the top 10 financial lies
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we often tell ourselves and how to break
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free from them before they cost us our
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future One I deserve this no matter the
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price This lie is one of the most
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emotionally charged After a long week of
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work stress or hardship it's easy to
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justify a purchase as a reward While
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there's nothing wrong with treating
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yourself occasionally consistently using
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I deserve this to rationalize expensive
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habits or impulse spending is a fast
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track to debt The solution is to replace
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emotional spending with intentional
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budgeting for rewards Create a fund so
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that indulgences are planned not guilt-
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driven Financial health comes from
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balance not deprivation but not constant
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self-pampering either Two I'll start
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saving when I make more money Many
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people believe saving is only for high
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income earners The truth if you don't
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build the habit of saving when you make
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a little you won't magically start doing
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it when you earn more Lifestyle
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inflation almost always grows with
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income The fix is to start small Save a
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percentage of your current income even
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if it's 5% Automate it so it happens
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without thinking Over time you'll
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develop the mindset of prioritizing
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savings regardless of income level Three
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I have plenty of time to worry about
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retirement later This dangerous lie
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relies on the illusion of time While
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retirement may feel decades away the
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power of compound interest lies in
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starting early Delaying even a few years
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can mean the difference between
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financial freedom and a stressful future
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The fix is to view retirement savings as
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non-negotiable Even if you start small
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tools like employer sponsored 401ks Iris
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and automated investing apps make it
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easier than ever to get started and let
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your money grow over time Four carrying
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a balance on my credit card helps my
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credit score This myth is widely
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believed but completely false Credit
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card companies benefit from this lie but
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you don't Carrying a balance only acruse
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interest charges It does nothing to
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improve your credit score In fact high
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credit utilization can hurt your score
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The truth is you can build excellent
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credit by paying off your balance in
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full every month and keeping utilization
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below 30% The fix: treat your credit
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card like a debit card Only spend what
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you can pay off monthly Five I'll figure
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out a budget someday Avoiding budgeting
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is often disguised as being too busy or
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not needing it But the reality is
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without a plan for your money it will
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find a way to disappear Budgeting isn't
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restrictive it's empowering It gives
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every dollar a job and aligns your
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spending with your values The fix is to
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choose a budgeting method that fits your
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style Whether that's the 50 30 20ths
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rule zerobased budgeting or using an app
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like YNAB or Mint start with tracking
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your expenses for 30 days to identify
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your habits Six I'm just not good with
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money This lie shuts down growth before
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it even begins Believing you're
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inherently bad with money is a mindset
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issue not a fact No one is born knowing
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how to invest budget or avoid debt These
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are skills anyone can learn The fix is
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to adopt a growth mindset start small
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seek resources and give yourself
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permission to learn Read personal
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finance books listen to podcasts or take
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a free online course Financial literacy
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is not a talent it's a habit Seven
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buying a home is always better than
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renting While home ownership can build
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wealth it's not universally the better
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option Many people rush into buying
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property under pressure without fully
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understanding the costs of maintenance
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taxes and reduced
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flexibility Renting in some markets and
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life stages can be the smarter move
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especially if it allows you to invest
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the difference The fix is to analyze
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your lifestyle location job stability
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and financial goals before assuming home
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ownership is right for you Run the
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numbers not just the emotions Eight more
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money will solve all my problems While
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money does reduce stress in many areas
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it won't fix deeprooted issues like poor
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spending habits lack of financial
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education or emotional attachment to
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shopping In fact people who suddenly
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come into large sums like lottery
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winners often end up bankrupt due to the
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same bad habits they had before The fix
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is to work on financial discipline and
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money mindset before wealth arrives That
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way when you earn more you'll manage it
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wisely instead of letting it manage you
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Nine investing is too risky for someone
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like me Fear keeps many people out of
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the stock market or investing in general
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They believe it's a gamble or that only
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experts should do it But not investing
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at all is arguably the biggest risk
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especially with inflation quietly eating
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away your cash The truth is long-term
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investing using index funds or ETFs is
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historically a reliable way to grow
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wealth The fix is to educate yourself on
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lowcost diversified investment options
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and start small Let time and consistency
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do the heavy lifting 10 I don't make
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enough to worry about financial planning
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This lie suggests that financial
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planning is only for the rich But in
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reality the people who benefit most from
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good planning are those with modest
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incomes because every dollar counts
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Thinking you don't qualify for smart
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money habits keeps you from budgeting
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saving and investing The fix is to treat
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your current income as worthy of
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strategy Start with simple goals like
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building a $1,000 emergency fund or
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paying off a small debt and build
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confidence through small wins Financial
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lies often feel like harmless thoughts
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or excuses but over time they add up to
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major setbacks Whether it's justifying
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purchases avoiding planning or
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underestimating the power of early
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saving these beliefs hold us back from
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achieving the financial future we truly
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want The good news is that each of these
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lies can be replaced with a truth and a
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practical step forward Building
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financial success isn't about being
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perfect It's about being honest
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consistent and willing to grow By
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recognizing these common mental traps
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and shifting your mindset you take back
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control of your money and create a
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future rooted in clarity and abundance
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The first step to wealth isn't a new job
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or investment It's telling yourself the
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truth
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