Money, a fundamental aspect of our lives, is often shrouded in misconceptions that can impede financial growth and sustainability. At Onyx Rising, we specialize in transformative financial wellness as part of our comprehensive suite of services. Through our work with diverse organizations and individuals, we've identified several pervasive myths about money that deserve scrutiny and clarification.
Financial freedom starts with our behaviors and mindset. For most, behaviors learned as a child mimic the beliefs about money held by our parents, their environment, and other adults.
In order to facilitate sustainable positive change, the long-held myths about money must be identified to bring about a self-awareness that change is necessary. The number one indicator of financial success is one’s “money mindset”.
The model below illustrates our holistic approach to debunking the myths and our workshops integrates not only practical skills but how the learner views their thoughts, beliefs, and behaviors regarding money.
Let’s explore five of the prevailing “money myths” and how they may impede one’s journey to financial freedom:
Myth 1: More Money Equates to Happiness
While financial stability can reduce stress and improve quality of life, it's a misconception that happiness increases proportionally with income. Our approach at Onyx Rising emphasizes balance. Happiness is multifaceted, involving emotional well-being, meaningful relationships, and personal fulfillment, which are not solely dependent on financial wealth. However, ignoring the importance of financial well-being DOES adversely impact over all happiness. As stated previously, the key is balance.
Myth 2: Investing is Only for the Wealthy
Many believe that investing is a realm reserved for those with substantial wealth. However, this view neglects the power of starting small and the potential for compound growth. Our financial wellness workshops demystifies investing, showing how regular contributions, regardless of size, can grow over time through strategic planning and patience. The emphasis is on change. Positive change. Sustainable change. Planning and consistency are the keys to investing.
Myth 3: Debt is Inherently Bad
Debt is often viewed negatively, yet not all debt is detrimental. A mortgage debt is NOT inherently bad. Credit card debt if used for necessities IS bad debt, especially when it results in your ability to only pay the minimum monthly payment. Our assessments and strategic planning processes recognize the complexity of financial situations. Managed wisely, debt can be a tool for:
building your credit
investing in your education
starting or growing a business
contributing to long-term financial health and stability
Myth 4: Financial Planning is Too Complicated
Some individuals and organizations feel overwhelmed by the intricacies of financial planning. Onyx Rising, leveraging our DESTINE for change model, facilitates the demystification of financial strategies, aligning them with personalized goals and values. Onyx Rising empowers clients, showing that with the right guidance, financial planning is accessible, manageable, sustainable and demonstrating that financial freedom can be a reality!
Myth 5: Savings Alone Ensure Financial Security
Lastly, the notion that simply saving money guarantees financial security is misleading. In our practice, we stress the importance of a diversified approach to financial health, incorporating savings, investments, and insurance to mitigate risks and ensure long-term security.
Call to Action
Onyx Rising champions the cause of debunking these financial myths, fostering a holistic understanding of money management. Through change management, strategic planning, and targeted educational programs, we empower employees of organizations to navigate financial landscapes wisely, making informed decisions that reflect their diverse needs and aspirations. Embracing these truths can lead to more sustainable, fulfilling financial journeys, aligning with our mission to elevate our clients to new heights of success. Take your first step today: complete the Onyx contact sheet and make a Plan to Rise for the employees in your organization.
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