5 Money Myths Keeping You Broke

👉🏻 The TL;DR (4 minute read):

Be careful who you take advice from online - today I am breaking down 5 common money myths I see that may be holding you back from financial success!

🚨 There are only 85 days left of 2025! Don’t let your goals get away from you! Check out the Personal Finance Dashboard or the Basic Budgeting Template! 

MONEY
Bad Money Advice Keeping You Poor

There’s a lot of bad money advice on the internet and unfortunately, some of it has been repeated so many times it’s started to sound true.

Social media has made it easy to perpetuate harmful advice.

So today, I’m breaking down 5 personal finance myths that are quietly keeping you broke and what you should do instead.

If you want to learn more about this topic, check out this weeks youtube video!

💡Myth #1: It’s too late to start investing.

The best time to start investing was yesterday, but the second best time to start is TODAY!! The earlier you start, the better.

For example, starting at 25 vs. 35 can mean a 6-figure difference by retirement. But that doesn’t mean starting at 35 is pointless.

Your goal should be to automate your investments, and get started today if you haven’t already.

Accounts to consider could be a 401k, 403b, IRA, or a brokerage account. No amount of money is too small to start!

📊 Pro tip: The Personal Finance Dashboard can help you visualize how your money grows over time as you track your net worth.

💰 Myth #2: You need a financial advisor to invest.

Financial advisors can be helpful but they’re not necessary for most scenarios. Many advisors charge 1% of your total investments which is A LOT - so unless they are adding significant value, it’s not something you need especially early on in your financial journey.

Instead, start with a simple, low-cost index fund strategy. I share more about my investment portfolio in this video that breaks down my net worth.

I also really love the Vanguard Investor Education platform - it has a ton of info to learn the basics of investing for free.

💳 Myth #3: Credit cards are bad.

Credit cards aren’t the enemy - impulsive spending is. When used strategically, credit cards can actually help you stretch your money as far as it can go through cashback and rewards.

The key is you need to use them responsibly:

✅ Use them for planned expenses only
✅ Pay in full every month
✅ Track your spending in one place

I use an AmEx Platinum, Bilt Rewards, and AmEx Blue Cash Everyday card for my regular spending. I am also working on a credit card youtube video which will be coming soon!

I track all of my expenses inside the Personal Finance Dashboard!

🏡 Myth #4: Renting is throwing money away.

Renting isn’t “wasted” if it buys you flexibility, opportunity, or time to save for a home that actually fits your lifestyle.

And buying isn’t “automatically” superior - especially when interest rates are high and prices are overinflated in your market.

I’ve been digging into the rent vs. buy conversation a TON over on my youtube channel, and I recommend starting with this video if you are considering buying but not feeling so sure about it.

💸 Myth #5: If you can pay for it, you can afford it.

Affording something is more than just about having cash in your account or being able to make the payment.

It’s about whether it aligns with your goals, values, and long-term security.

This holds especially true when it comes to making decisions around living and lifestyle - like upgrading your apartment or buying a car.

Sure, maybe you can make the payment, but how does it impact your life?

Be careful who you take advice from online!!

I only take advice from people who are doing better than me, OR who have legitimate education on the topic. This is super important especially when it comes to anything related to your money!

If you enjoyed this newsletter, I dive deeper on this topic in this weeks youtube video!

💡 Not sure how much you’re spending? Start by tracking your numbers in a tool like the Personal Finance Dashboard!

WEEKLY RECOMMENDATION

Becoming Frugally Chic: I’ve been loving the Frugal Chic content coming from Mia McGrath! She recently has gained a lot of traction on the topic - it’s all about being intentional with how you spend and investing in everyday luxuries. Right up my ally!!

RESOURCES
What’s Happening This Week at Break Your Budget

• This week on Don’t Depend on Daddy: I am sharing a full routine roundup - including my morning, evening, workout, and travel routine! I get into the details around exactly what I do and how much these routines have benefitted me.

• Money Myths Keeping You Poor: If you enjoyed this newsletter, I dive deeper into everything I shared in this weeks youtube video!

LOOKING FOR MORE?
Check out ALL of my Money & Career Resources!

• Read by books, Own Your Money and Own Your Career!

• Take your financial power back with The Personal Finance Dashboard, my comprehensive money management tool!

• Up-level your career and get promoted with the Own Your Career Template!

• Just getting started on your financial journey? Check out the Basic Budgeting Template!

• Learn exactly how to put together a plan for your finances with the 4-Week Financial Plan!