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25 Myths Broke People Believe

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Broke or poor—what’s the difference?

As Dave Ramsey says, poor is an attitude. It says you can’t get ahead and you’ll never win with money. Just stay where you are and sulk in your bad luck forever.

Broke is something you’re just passing through. We’ve all messed up by believing some of the prevailing money myths in our culture. The turning point comes, however, when you’re willing to own up, claw your way out, and never live in the lie again.

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We asked Dave’s blog readers and radio listeners for the most common excuses they hear from friends and family who are up to their eyeballs in debt and unwilling to change. If you find yourself struggling with any of these 25 myths, click on the following links to learn how to change your life and start on the true path to financial peace.

But . . . I Just Can’t Save.

1. I'll save next year when I'm making more money.
2. At my age, it's too late anyway.
3. Why save money? You can't take it with you when you die.
Related: How to Save $1,000 in One Month

Cars Are the Exception.

4. Old cars just aren't as safe.
5. What’s wrong with a 72-month car payment?
6. My car is an investment.
7. Buying used is just inheriting someone else’s problems.
Related: 5 Tips You Need to Know Before Buying a Used Car

Carve Out Time to Plan Your Money

Family Comes First.

8. Whatever you want, dear.
9. I just want my kids to have it better than I did.
10. But that new RV will help our family bond.
Related: Teaching Kids About Money: More Is Caught Than Taught

I’ll Do It Later. (I Promise.)

11. We'll pay it off when the tax return comes in.
12. I’ll start my budget next month.
13. I’ll worry about the future when it gets here.
Related: 10 Numbers That Will Revolutionize Your Budget

Debt’s Not So Bad, Right?

14. If everyone stopped borrowing money, the economy would fail.
15. I must be able to afford it if I was approved for the loan.
16. I need a house payment for tax purposes.
Related: 6 Reasons People Stay In Debt

I Earned This.

17. You’re only young once, right?
18. But we’re on vacation.
19. I work hard. I deserve it.
Related: 7 Characteristics of Debt-Free People

Poor, Pitiful Me.

20. Why make more money? Uncle Sam will just take it all away.
21. The little man can’t get ahead.
22. If I earn too much I’ll lose my public assistance.
Related: 7 Types of People Keeping You in Debt

No Worries. I’m Covered.

23. My rich grandparents are going to leave me money.
24. I can’t afford insurance. But hey, my weed eater has a three-year extended warranty.
25. It’s okay. I have overdraft protection.
Related: 5 Budgeting Myths You May Be Falling For

If you want to win with money in the long term, you have to stop making excuses in the short term. It's as simple as that. Change your attitude, and you’ll begin to change your life.

What do you hear broke people say all the time? What was the biggest money myth you used to believe?

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