Financial Myths That Can Prevent From Getting Rich

Buddha once quoted, “What you think, you become”. This thought is universal in saying that it not only changes the way you think but it also can affect each and every part of your life. Yes, even a successful approach to money can arise from thinking positively.

However, there are certain myths about money that we might not be aware of and are held back by, and so here is a list:

#1: The higher the income bracket, more tax will be deducted

When you move up from income bracket to the next, you must understand that the amount that is taxed at a higher rate is the amount that exceeds the cutoff amount for the previous tax bracket. For example, if you make $ 30,000 and now make at least $ 33000 for whatever reason, this doesn’t you’ll be taxed at 25 % for the entire salary but only the amount ($ 1150) which is calculated by deducting 33000 from 31850.

#2: I don’t have enough money to invest

While there are genuine reasons for some people to use this excuse, there are online savings options that will give you a good interest rate while also not requiring you to make a large enough deposit that makes you think twice. Just look around, and you’ll find a way.

#3: It’s too late/ early for me to start a retirement fund

Retirement is probably the most important phase in our lives, and whether you are old or young, it is important not to hesitate in opening a retirement account. A 20-year old can benefit greatly by starting early and most old people shouldn’t deter themselves from doing so because in most cases, they only use the money long after they’re 65 years of age.