The 3 Biggest Money Myths We All Grew Up Believing
And why unlearning them might be the beginning of real financial freedom.
What if everything you believed about money wasn’t entirely true?
Most of us were never formally taught how to handle money. We learned through osmosis—quiet living-room conversations, cultural expectations, the unspoken tension of unpaid bills, or watching loved ones stretch income that was already thin. We didn’t get financial literacy in school, but we inherited financial beliefs—and they’ve stuck with us longer than we realize.
These money myths are subtle, emotional, and deeply cultural. They shape how we spend, save, and envision our future. The tricky thing is, we rarely question them. They feel normal. Familiar. Even sacred.
But what if some of these inherited beliefs are quietly holding us back?
Let’s unpack three of the most common money myths and the better truths we need to embrace instead.
- “You have to be rich to save.”
- “Debt is always bad.”
- “Talking about money is rude.”
Myth #1: “You have to be rich to save.”
It sounds reasonable. If you’re barely making it, what’s the point of putting money aside, right? You’ll hear people say, “I’ll start saving when I earn more,” or “What’s $50 going to do?” But this belief is not only false — it’s dangerous.
The truth is, you don’t save because you’re rich. You become rich or at least financially stable because you save. Saving isn’t about how much you earn. It’s about building the habit of paying your future self, consistently, even in small doses.
Ten dollars saved weekly isn’t just about the amount, it’s about the signal you’re sending yourself: that your future matters. That your peace tomorrow is worth planning for today. What looks like a small step now becomes momentum over time. You’re not waiting to have “enough” — you’re building capacity to manage what you already have better. And that shift, while subtle, changes everything.
As Dave Ramsey put it:
“Being able to save money later is one of the biggest money myths believed by broke people. Building a solid future starts today, not the day you start to earn more money.” [From 10 money myths that keep you broke].
Building a solid future starts today, not the day you start to earn more money. Even if all you have to set aside is a little bit of money, it’s less you’ll need to worry about saving later.
Need help getting started?
👉 Try tools like YNAB (You Need A Budget), Mint, or even a simple Google Sheets budget tracker to build the habit of saving—even with small amounts.
Myth #2: “Debt is always bad.”
This one runs deep especially in communities where debt is linked to shame, desperation, or secrecy. Maybe you’ve seen it—people hiding their credit card use or warning others to never owe anyone.
But not all debt is created equal.
Bad debt keeps you stuck. Good debt, used wisely, can move you forward. A loan for education, housing, or starting a business isn’t reckless—it’s strategic. The key is learning how debt works and how to use it well.
Understanding credit, building a credit score, and managing repayment builds financial muscle. It opens doors. The goal isn’t to avoid debt at all costs—it’s to be in control of it.
As Ramit Sethi, author of I Will Teach You to Be Rich, says:
“Strategic use of good debt, as opposed to fear-based avoidance, is how many thrive.” From Good debt vs Bad debt
Myth #3: “Talking about money is rude.”
This one doesn’t even sound like a myth—it just sounds like culture.
Don’t ask people how much they make. Don’t talk about what you spend. Don’t bring up money unless it’s to give it away.
The result? Silence. Isolation. Guesswork. Struggle that stays hidden.
But silence doesn’t protect us. It keeps us stuck. When we talk about money openly even with just one trusted friend, partner, or community—we stop guessing. We learn. We grow.
Rewrite the Story You Were Told
Unlearning these myths doesn’t mean rejecting where you came from. It means honoring your roots by choosing better tools, habits, and mindsets.
You don’t need to wait until you're wealthy to start saving.
You don’t need to fear debt—just learn how to use it.
You don’t need to stay silent about money when speaking up can set you free.
If you've ever felt stuck, uncertain, or overwhelmed financially, maybe it’s not your effort—it’s the beliefs you inherited. Rewriting those stories opens the way to a stronger future.
You’re allowed to think differently about money. Start small. Learn. Ask. Grow on your own terms.
If you’re ready to rewrite your money mindset and take control of your finances, start by sharing this article with someone else doing the same. Unlearning is more powerful when we do it together.
