Episode 12 - Busting The Top Ten Money Myths
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In Episode 12 of the Money Mechanics Podcast, Sarah Poynton tackles the top 10 money myths that can hold people back from achieving financial success. From the misconception that you need a lot of money to start investing, to the myth that debt is always bad, Sarah clears up common misunderstandings about money and offers practical advice to help you build wealth.
She dives into why renting isn’t always a waste of money, the importance of multiple income streams, and how DIY investing is more accessible than ever. If you’ve ever been confused by financial advice or held back by myths about money, this episode will give you the clarity you need to make smarter financial decisions and take control of your financial future.
In Episode 12 of the Money Mechanics Podcast, Sarah Poynton debunks the top 10 money myths that have been circulating and causing confusion for many. This episode is the perfect wrap-up for the series, offering clarity on common misconceptions about investing, debt, saving, and financial freedom. Whether you're just starting your financial journey or looking to refine your approach, this episode provides the truths that will help you move forward with confidence.
Key Topics Covered:
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You Need a Lot of Money to Start Investing
- Debunking the myth with fractional shares: Start investing with as little as £5 or £10.
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Debt is Always Bad
- Understanding the difference between good debt (e.g., buy-to-let mortgages) and bad debt (e.g., credit card debt).
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Saving is Safer Than Investing
- Why inflation erodes the value of savings and why investing is more likely to outpace inflation.
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Financial Freedom is Only for the Wealthy
- How financial freedom is achievable for anyone through disciplined money management, intentional investing, and diversifying income streams.
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Renting is Throwing Away Money
- Why renting isn’t always a waste, and how it can offer flexibility and breathing room for other financial opportunities.
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You Must Pay Off All Debt Before Investing
- The Rule of Seven: Focus on paying off high-interest debt first, but investing alongside manageable debt can also work.
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Focus on One Source of Income
- The importance of multiple income streams to secure financial stability and mitigate risks.
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More Income Equals More Wealth
- Why managing your expenses and not just increasing income is key to building wealth.
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You Need a Financial Advisor to Succeed
- Why DIY investing is more accessible than ever, and how you can make informed decisions without a financial advisor.
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Once You’ve Invested, Never Touch Your Portfolio
- Why regular portfolio reviews are essential for keeping your investments aligned with your goals and risk profile.
- Money Mechanics Book: Learn more about leveraging debt and building wealth through strategic investing. Grab a copy here www.sarahpoynton.com/moneymechanics.
- Free Trade: A platform for DIY investing in fractional shares including an offer for a free share upon sign-up.
This episode shatters common myths about money, empowering you to make informed financial decisions and take control of your wealth-building journey. With clear explanations and practical advice, Sarah will guide you through these money myths and show you the truth about investing, saving, and financial freedom.
Follow Us:
- Website: www.sarahpoynton.com
- Social Media: www.instagram.com/moneymechanics.global
- YouTube: www.youtube.com/@SarahPoynton
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