Breaking Money Myths

Breaking Money Myths 

Remember the show Myth Busters. I loved that show. Welcome to financial myth busters. Grab your overpriced latte that’s stopping you from buying a home and retiring at age 27 and let’s go myth busting. 

Hi, it’s your friend Eva, and I’m in debt. No savings, no retirement and absolutely no business giving financial advice. But here we are. We do personal finance without judgement and shame. No extreme crazy advice, just real, practical money strategies, share, like, subscribe, and sign up for my weekly newsletter!  But before we start, I’m not a financial advisor. When it comes to financial advice or any advice you find on the internet, do your own research.  

We are going to grab some of the most outdated, crusty old money myths by the collar and toss them right out the window because they’re holding you back from building real wealth and living your life. 

☕ Myth #1: “Your daily latte is why you’re broke.” 

Oh, the classic “latte factor.” I swear this myth has more lives than a soap opera character. 

Newsflash: Your $6 oat milk latte isn’t the reason you don’t own a penthouse. The real culprits? High housing costs, stagnant wages, massive student loans, credit card debt, and not investing early enough. If you get that latte 5 times a week, that’s $1560 a year. That’s a nice chuck of cash. It’s not enough to buy a house. Let’s say the house you want to buy is 300K. FYI, housing in my area starts at 400K and that’s for a 2-bedroom condo in a sketchy area that needs work. I’m not joking.  

20% down is 60K. If I’m to save my coffee money, it will take me 38 years to save for the down payment. 

Those who are giving you that advice, purchased their home when they could afford a home with one income. My parent’s generation could practically buy a home with a handful of almonds and handshake.  

If that coffee brings you joy? Put it in your budget, enjoy every foamy sip, and stop blaming the barista for your financial problems. 

💳 Myth #2: “All debt is evil.” 

Not all debt is the same. There’s “bad debt”, high-interest credit cards for random Amazon hauls at 2 a.m., and then there’s “good debt”. Reasonable student loans, a home mortgage, starting a business. It all must be done wisely. 

Learning how to use debt strategically is powerful. Saying “all debt is bad” just keeps you stuck, scared, and missing out on opportunities. Rich people use debt strategically.  

💡 Myth #3: “Cut out ALL fun spending until you’re debt-free.” 

Ever heard of a sad budget burnout? That’s what happens when you try to live on nothing but instant noodles and zero joy for years. You won’t make it past 6 weeks. Then you will rebound and go on a spending spree.  

It’s like dieting. You live on water and broth, suddenly you’re face down at a all you can eat buffet. 

A budget without fun is a budget that will fail. You need to include fun money — guilt-free. You can’t hate yourself into wealth, friend. 

🏠 Myth #4: “Renting is throwing money away.” 

Oh please. Renting gives you flexibility, fewer maintenance headaches, and sometimes even lower total costs. 

Buying a house is great if it aligns with your goals and you’re ready for all the extra costs, repairs, taxes, surprise raccoon tenants. Have you ever heard animal control capturing a racoon. It’s blood curdling. Raccoons maybe all sweet and adorable but they’re mean and vicious. 

🏦 Myth #5: “A savings account is enough for your future.” 

Saving is important, but if that’s your only plan? Inflation is just chilling in the corner, eating your money’s value like popcorn at a movie. 

You need to invest. Even small amounts. Even if you feel clueless. Future You will thank you, probably from a beach somewhere. 

Seriously, you need to learn about investing. Please learn from a reputable source. Fidelity, TDK, there are lots of financial services companies that have webinars online. The one I have my account, has weekly presentations. Some are 101 basics to more complicated ones. They want you to learn so you invest more money, and they also make money. It’s a good thing. They provide a good and needed service. 

We busted some dusty myths and hopefully gave you some new ways to look at your money. 

What money myth have you been told that you’re ready to toss? Let’s help each other out. 

Thanks for hanging out with me today — now go enjoy that latte. You’ve earned it. 😉