5 Common Money Myths and Traps of Future Professionals
Blog > 5 Common Money Myths and Traps of Future Professionals
Everyone has a mindset about money. Our mindsets directly influence our attitudes, our choices, and our actions. They determine the direction we take in life as well as our success with money. What if you discover that you have a negative money mindset? Are all the things we believe true? Or is there possibly a myth - or a lie – or a negative family story we are hanging on to?
A myth is a “widely held - but false - belief, thought to be true.” Once we identify a myth, we can replace it with a truth AND change our mindset. Ever heard the phrase ‘get out of your own way’? A trap is a mental bias or way of thinking that often sabotages our potential for success. You’ve likely experienced this in your own life.
As educators, leaders, and guides for the next generation of soon-to-be professionals, you have a powerful influence on helping your students transform myths to truths. In this article, we are going to expose 5 common myths and traps about money. This will help you and your students uncover mindset barriers, get unstuck from things that trap your progress, and begin to move forward with a positive money mindset.
#1: THE “I JUST WANNA…TRAP”
I just wanna train. I just wanna cook. I just wanna coach. I just wanna do hair. WHATEVER your craft is! All this stuff about money, numbers, business, finance - it is just NOT my thing!
In a study that Qnity performed for a top beauty brand, the number one comment during research-based interviews on business building skills was the phrase: I JUST WANT TO DO HAIR!
This is the same for many service industries - the professional just wants to deliver their craft!
It’s an avoidance trap. If you want to fully prosper, you don't have that luxury. You have to wear many hats in the workforce today. In fact, 93% of people surveyed in one study said they do at least 3 different jobs at their work.
The sooner you realize that YOU are accountable for your success - the sooner you will be empowered to control your money and your destiny.
#2: MONEY WORDS DON’T MATTER
Money isn’t rocket science - but the words people use can be SO confusing! Financial terms can definitely sound like a foreign language if you aren’t familiar with them!
It’s estimated that the vast majority of American adults ages 18-35 are financially illiterate! Transforming literacy means that WORDS MATTER!
Learning some basic money terms will set you up for success. It can give you confidence and help you avoid challenges. It can also help you avoid being duped by dishonest people. You don’t deserve that!
Money is something you will interact with every day for the rest of your life. One of the most damaging and popular money myths is that it’s complicated and confusing. But it doesn’t have to be! The first step to getting out of confusion is education.
#3: YOU HAVE TO BE GOOD AT MATH TO BE GOOD WITH MONEY
Math anxiety is really common. Some research shows that 50% of Americans suffer from some degree of math anxiety. Maybe you actually CHOSE your career because you didn’t like math or numbers.
Being good at math and being good with money are NOT the same thing.
You do NOT need to be good at math to be good at money. In fact, there are many people with amazing math skills that are TERRIBLE with money. And there are plenty of people who are terrible at math but AMAZING with money.
#4: YOU HAVE TO CHOOSE BETWEEN YOUR CRAFT OR MONEY
Contrary to myth #4, you can be great at your craft AND have the money skills to match your art and heart.
Meet Jeffrey. Jeffrey worked at one of the best salons in the world. For a long time, he believed that if he focused on reaching his number goals, he would lose his creative edge. Because this was his mindset, he wasn’t promoted to education director - a position he REALLY wanted.
Jeffrey started to put some focus on his numbers. He opened up his mind to a simple two-minute tracking method that we taught him. Not only did Jeffrey get promoted, he actually became MORE creative. He became part of a team that won multiple hair competitions AND he made tons more money! Credit Jeffrey for opening up his mind and looking at his mindset.
#5: BEING GOOD AT YOUR CRAFT IS ENOUGH
Hey, maybe if you’re a rockstar at what you do, you’ll make a ton of money. Maybe you have the mindset that your money success will take care of itself if you do good work and take great care of your clients.
There is some truth to that. Many have made tons of money with this approach. But it’s a wake-up call when you realize it’s often not enough. Just because you make a lot of money doesn’t mean you’ll have true money success and freedom. We can all think of a pro athlete that was paid a fortune but is now broke.
How about those that live out the myth of the starving artist?
You can be the BEST at your craft, but that alone does not guarantee money security or success. Money doesn’t usually “work itself out” - you need to know some basics. Basics around how to make money, grow, manage, and keep money are essential.
Want to hear the other myths?
Consider bringing MONEY to your school. Click here to book a demo.
