There’s no shortage of money advice out there—friends, family, social media influencers, and so-called “experts” all love dishing out tips.
The problem is, not all of that advice stands up in the real world. Some of it, in fact, is just plain wrong.
For years, I bought into misconceptions and found myself wondering why my wallet was in a constant state of distress.
It took some uncomfortable trial and error (and a few face-palms along the way) to realize that these half-truths and myths were sabotaging my finances.
Sound familiar? Maybe you, too, have wrestled with that question: “Why am I always behind on bills despite doing everything I was told to do?”
If so, you’re in the right spot. Today, I want to call out five of the biggest money lies that keep people stuck in the same old cycle of stress and overdraft fees.
So let’s set the record straight and start unlearning the nonsense that keeps us broke.
1. You must earn a massive income to build wealth
We’ve all heard the line “If only I made more money, I wouldn’t have these problems.”
I used to think exactly that—especially in my early 20s when my budding startup had months where it was feast or famine.
When business was lean, I convinced myself that all my money woes would vanish if I could just boost my monthly revenue.
But guess what happened when I did start earning more? My spending also ramped up, and I was basically back to square one.
The ugly truth is that no matter how much you earn, you can still manage to stay broke if you’re not careful.
If your spending habits remain bad—like racking up credit card bills on stuff you don’t need—your bank balance will suffer no matter what number shows up on your paycheck.
At Small Biz Technology, we see this pattern a lot: entrepreneurs land big clients or see their revenue spike, only to watch it slip through their fingers because they haven’t mastered consistent spending and saving behaviors.
Don’t get me wrong, making more money can certainly help you reach your financial goals faster.
But if you’re telling yourself that a higher income alone will rescue you, that’s a lie that’s holding you back.
The real solution is learning to live a notch or two below your means, setting some aside to invest, and avoiding lifestyle creep.
If you can nail those practices, you’ll find that even a modest income can grow into something significant over time.
2. Debt is always bad
Debt has a scary reputation, and for good reason: high-interest credit card balances can quickly turn into a nightmare.
I remember panicking in my mid-20s when I realized that making minimum payments on multiple cards wasn’t a “temporary fix”—it was a fast ticket to a financial black hole.
So yes, some forms of debt can definitely ruin your life if you’re not managing them wisely.
But let’s be fair here: not all debt deserves to be labeled as the villain.
Strategic debt—like borrowing at a low interest rate to invest in something that potentially yields a higher return—can be a game-changer.
Ray Dalio, who famously founded the investment firm Bridgewater Associates, has pointed out that understanding “good” debt versus “bad” debt is crucial for building long-term wealth.
If you use borrowed funds to purchase assets (like real estate or equipment that helps your business expand), you might come out ahead.
Of course, it requires research, discipline, and a willingness to take calculated risks. But painting all debt with the same negative brush can lead you to miss out on valuable opportunities.
So the lie here is the belief that “debt = evil.”
Truth is, you just have to know how to handle it responsibly.
Make sure you understand the terms, have a plan to pay it back (with some margin for life’s unexpected curveballs), and weigh whether the potential rewards outweigh the risks.
If you’re mindful, debt can be a tool—not an anchor.
3. Saving money means giving up everything you enjoy
Ever hear someone say, “I’m not saving money because I don’t want to live like a hermit”? I sure did. In fact, I used that line more times than I’d like to admit.
For a while, I truly believed that having a good savings cushion meant skipping every fun trip, never eating out, and saying no to anything remotely entertaining.
But that’s an extreme take that usually backfires.
Yes, saving money does call for discipline, but it doesn’t mean you have to trade in your happiness for a life of bare-bones austerity.
What it really comes down to is being intentional.
Let’s say you love traveling: you could skip those random online impulse buys and put that cash toward a special getaway instead.
Or if you’re a foodie, maybe cut down on daily takeout but plan a nicer meal out every couple of weeks.
The idea is to prioritize what genuinely matters to you rather than squandering resources on stuff that leaves you feeling unfulfilled.
Balanced spending can be more sustainable in the long run because it doesn’t rely on willpower alone. It’s easier to keep saving when you’re not miserable.
So don’t fall for the hype that you need to suffer to save. A little bit of strategy and self-awareness go a long way in allowing you to build a nest egg without hating your life in the process.
4. Only rich people and financial experts can invest
It’s easy to feel like investing is a members-only club reserved for wealthy elites or those with fancy finance degrees.
If you see stocks trading at hundreds of dollars per share—or hear about complicated investment strategies—it might reinforce the idea that you’re not “qualified” or don’t have enough cash to join in.
These days, you can invest with just a few dollars and a basic understanding of the fundamentals.
Fractional shares, micro-investing apps, and low-fee platforms have opened the door to anyone ready to start—no bulging bank account or expert knowledge required.
Financial gurus like Suze Orman and Ramit Sethi emphasize that consistent investing over time, even with small amounts, can grow into significant wealth, thanks to the magic of compound interest.
The real key is jumping in early, sticking to a plan, and letting your money work for you—even if you’re not rolling in cash.
Education is more accessible than ever. Whether you’re reading a best-selling book on personal finance or completing a simple online course, the barrier to investing has never been lower.
Don’t let that “It’s too complicated” or “I’m not rich enough” narrative block you from seizing opportunities.
5. You should always play it safe
Lastly, we’re often advised to avoid financial risks: stick with the secure job, keep cash in the bank, and never venture beyond what’s tried-and-true.
Risk can be scary, and sure, there’s a chance it won’t work out. But believing you should never take risks often means missing out on possibilities for growth.
Sometimes, “safe” is another word for “stuck.”
According to many wealth-building experts, being overly cautious can mean missing out on opportunities—like better-paying roles, profitable side hustles, or promising investments.
Of course, you shouldn’t throw all caution to the wind, but a calculated risk can be the spark that ignites real financial growth. Find a balance between caution and courage.
And to round things off (though it’s no small matter)…
These five myths are so common they’ve practically become cultural beliefs.
But the reality is, if you keep holding on to them, you’ll likely continue to struggle with money in ways that might seem impossible to overcome.
Let’s be real: Building financial stability is a process, and it doesn’t happen by accident.
It comes from stepping away from the bad advice, forming healthier habits, and learning the difference between genuine opportunities and well-disguised pitfalls.
So consider this your official permission slip to question everything you’ve been told about money—especially if it’s making you broke.
Take the time to learn the basics of budgeting, find an investing path that works for you, and don’t let fear of debt (or fear of scrutiny) hold you back from making moves.
The more you dig in and do your own research, the more you’ll see just how much nonsense is floating around out there.
Above all, remember that you’re not alone in this; plenty of people are waking up to the fact that standard money advice isn’t always designed to help you thrive.
Challenge the so-called rules, test new strategies, and adapt to what works best for your life and your business. That’s how you break free from the cycle.
Until next time, friends.
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