Podcasts Business Ray Edwards Show 21 Money Myths That Keep You Broke

21 Money Myths That Keep You Broke

Published: Sept. 4, 2017, 10 a.m.

Where did you get your beliefs about money? Chances are they were not consciously chosen, and that they aren\u2019t a well thought-out integrated \u201cphilosophy of money.\u201d

The most commonly held misconceptions about money are actually dangerous deceptions\u2026 contradictory beliefs in a reality that punishes those who try to navigate life based on contradictory tactics. In this episode we\u2019ll bust the 21 most common \u2013 and most dangerous \u2013 money myths\u2026and we\u2019ll expose the liberating truths that will set you free of your self-imposed limitations.

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Spiritual Foundations

One of the things we love most about our listeners is that you\u2019re a smart group of people. We\u2019re honored that you listen to this show for guidance, but when presented with the truth you\u2019re able to figure things out on your own.

In that spirit, this week we\u2019re simply going to present you with a series of quotes from the Bible and let you come to your own conclusions. Let\u2019s begin\u2026

\u201cThe thief does not come except to steal, and to kill, and to destroy. I have come that they may have life, and that they may have it more abundantly.\u201d \u2013 John 10:10

\u201cThe blessing of the LORD makes rich, and he adds no sorrow with it.\u201d \u2013 Proverbs 10:22

\u201cBut if God so clothes the grass of the field, which today is alive and tomorrow is thrown into the oven, will he not much more clothe you, O you of little faith? Therefore do not be anxious, saying, \u2018What shall we eat?\u2019 or \u2018What shall we drink?\u2019 or \u2018What shall we wear?\u2019 For the Gentiles seek after all these things, and your heavenly Father knows that you need them all. But seek first the kingdom of God and his righteousness, and all these things will be added to you.\u201d \u2013 Matthew 6:30 -33

\u201cFor you know the grace of our Lord Jesus Christ, that, though he was rich, yet for your sakes he became poor, that you through his poverty might be rich.\u201d \u2013 2 Corinthians 8:9

Now to Him who is able to do exceedingly abundantly above all that we ask or think, according to the power that works in us, to Him be glory in the church by Christ Jesus to all generations, forever and ever. \u2013 Ephesians 3:20-21

Tip of the Week

Before I can serve my business, I have to serve you\u2026my audience. I have to produce valuable content that you find interesting and valuable, and that\u2019s exactly what I\u2019m doing on my YouTube channel.

There's a ton of great content there and more to come. What would be awesome is if you subscribe to the channel. When you subscribe, you'll see a little bell icon. You want to click on that. That way you'll get a notification when I put out a new video. I welcome you to leave comments there and let me know what other stuff you'd like to hear about or see on that channel.

Psst\u2026here\u2019s a little secret, like the secret menu at In-n-Out Burger. We actually offer several tips in this episode, but you have to listen to hear the others. Aren\u2019t we sneaky?

Feature Presentation: \u201c21 Money Myths That Keep You Broke\u2026and the 21 Liberating Truths That Will Set You Free\u201d
  1. Myth: You can no longer start a business in today's economy.
  2. Myth: I don't have a product to sell.
  3. Myth: I don't have any experience in anything.
  4. Myth: Another breed of people are the only ones who can do big things.
  5. Myth: I must be shown how to do things by experts from institutions.
  6. Myth: Money isn't important.
  7. Myth: You can sell anything online.
  8. Myth: A businessman is in the low order of talent and importance in society.
  9. Myth: Selling is easy and not that important.
  10. Myth: People who just put up the money for an enterprise don't deserve much of a cut of the profit.
  11. Myth: Artistic or technical alent is rare and super expensive.
  12. Myth: Money must be made slowly.
  13. Myth: If you aren't born rich, you'll never be rich.
  14. Myth: I will be successful because I'm going to school. working for a big established organization, having talent, and working hard.
  15. Myth: People are basically bad, or people are basically good.
  16. Myth: Making a profit is sinful.
  17. Myth: Entrepreneurs are bad.
  18. Myth: I am not smart enough to do anything big because I didn't get good grades in school.
  19. Myth: Watch the pennies, and the dollars will take care of themselves.
  20. Myth: I must be certified by some recognized authority before I can do big things.
  21. Myth: To become rich another must become poor.

Here are some snippets from our conversation:

  • Same as it ever was \u2013 The truth about why it\u2019s easier than ever to start a business today (19:44)
  • You need a Wesley \u2013 What Star Trek can teach you about building a business (22:08)
  • It\u2019s right under your nose \u2013 The simplest way to create a product or service that people will happily pay you for (23:52)
  • Get out of your own way \u2013 Somewhere someone is looking to pay money for knowledge you take for granted (24:55)
  • All humans can generate wealth \u2013 Why your self-limiting beliefs are the only thing standing between you and a fortune (25:44)
  • Climb your own ladder \u2013 How to kick the \u201cEducation Crutch\u201d to the curb and go with what you know (29:59)
  • Certificates of Appreciation: Why your messed up definition of money will keep you broke forever (31:42)
  • The brick and mortar conundrum \u2013 Why digital marketing is the most important arrow in your quiver (34:01)
  • The Matrix Principle \u2013 Why the people who designed the current system didn\u2019t have your best interests in mind\u2026and what to do about it (35:55)
  • The salesperson\u2019s vacation \u2013 The real reason sales is the highest paid profession in the world and why you should take it seriously (38:51)
  • Risk and Reward \u2013 Why the first money in should be the first money out (39:57)
  • You aren\u2019t charging enough \u2013 Why the craftsman is worth their weight in gold (40:44)
  • The Gospel of Speed \u2013 Why finding a high leverage tactic and putting 100% behind it is the fastest way to create wealth (41:27)
  • Spit out the silver spoon \u2013 How to overcome the fallacy of having to be born rich (42:03)
  • They lied to me \u2013 How Old World thinking sets you up for failure in the New Economy (45:05)
  • You hold the pen \u2013 Why only you get to decide what you write on the blank page of a new day (46:10)
  • Value for value \u2013 Why profit is the proof of a service well-performed (49:01)
  • Your vision may be blurry \u2013 How to have clarity when determining whether something is good or evil (50:19)
  • You\u2019re good enough, smart enough, and people like you \u2013 The danger of allowing academic performance determine your true worth (51:07)
  • You get what you focus on \u2013 Why paying attention to the wrong thing can cost you millions (52:34)
  • Stop being so needy \u2013 How to stop relying on else\u2019s approval to become successful (53:25)
  • Make infinite pies \u2013 The real reason why there is always enough for everyone (54:22)
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