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StitcherEver believed that having more would make you happier? Even with money, it’s not entirely true! This is why no matter how financially savvy we are, we’ve all fallen for at least one false money myth. In this episode, Jen and Jill unravel the most common money myths and reveal the truth behind what really makes us happy and financially healthy.
If you're sad with a little, you'll be sad with a lot.
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Check out some relevant episodes
Money Managing Misconceptions
The Internet has spread money advice far and wide but at worst, not all of it is true. This article by Society One tells us a few common misconceptions to keep your finances on track.
What Jen + Jill have to say:
Jen and Jill debunk money myths tied to practical spending. Jen agrees that renting isn’t throwing away money—it’s just not for everyone, and that’s okay because homeownership comes with big costs like maintenance, taxes, and insurance.
The article also mentions credit cards being better than personal loans, but Jill doesn’t entirely think so—especially when life happens (i.e like car repairs, vacations, or school fees). While credit cards can be reasonable, she suggests considering what the loan is for and how quickly you can pay it off. When it comes to a good credit score, owing more isn’t the only way to a good credit history but staying on top of bills and payments and minimizing credit enquiries.
Myths on Money Mindset
Jill tackles the big topic of money and happiness, acknowledging it’s true to an extent, based on research. But the key takeaway is that contentment in your current situation matters most. If you’re unhappy now, more money won’t change that.
Lastly, it’s not true that high income earners are wealthy and they agree to this because if you don’t know how to handle your money or where to put it, you will not be able to build wealth.
Are you a Spender or a Saver?
Jen and Jill say neither. One myth they encounter is people claiming to be either a spender or a saver, as if it’s a personality trait they were born with. But for them, we all should spend and save. If you’re not good at one, you can always build those skills. This gives us the power to do what we want with our money wisely.
Looking back, what’s the worst financial tip you ever believed was good advice?
For Jill it’s cutting up her credit cards. And for Jen, it’s that debt is dumb ( it’s not! 🙂 )
Bill of The Week
Thank you Sarah for sharing your bill about paying off debt of $22k by values based spending, HYSA.
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:
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Enjoyable and informative
Started listening after hearing Liz from Liz gets Loaded recommend this podcast. Easy to listen to and very relatable. Lots of great ideas to incorporate saving into your life.
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