After more than 28 years in private wealth management, one thing has become very clear to me: a big part of financial success is mindset. It’s not just about what you earn or even how you invest—it’s also about what you believe. Unfortunately, many people carry around outdated, limiting, or outright false beliefs about money. These myths can quietly sabotage progress and keep them from building real, lasting wealth.

Today, I want to share three of the most common money myths I see—and why believing them could be holding you back from reaching your financial goals.

Myth #1: “I’ll Start Saving and Investing When I Make More Money.”

This is one of the most widespread misconceptions I hear, especially among younger professionals or those still building their careers. I get it—when you’re juggling bills, student loans, or business reinvestment, saving can feel like something that belongs in your future self’s to-do list.

But here’s the truth: waiting to invest is one of the most expensive decisions you can make. Why? Because of the incredible power of compounding.

Let me give you a quick example:

• Client A starts investing $300/month at age 25 and stops at 35.
• Client B waits and starts investing $300/month at age 35 and continues until 65.

Even though Client B invests for 30 years, and Client A only for 10 years, Client A often ends up with more money—simply because they started earlier.

It’s not about how much you invest—it’s about how early you begin.

Even small amounts, invested consistently, can turn into significant wealth over time. The key is to build the habit early and let time work in your favor.

Myth #2: “All Debt Is Bad Debt.”

This myth causes far too many people to avoid strategic financial opportunities. The idea that “debt = danger” is rooted in a valid concern—there’s no doubt that high-interest credit card debt or irresponsible borrowing can harm your financial health. But not all debt is created equal.

In fact, certain types of debt can be powerful tools when used responsibly:

• Mortgage debt allows you to build equity in an appreciating asset—your home.
• Business loans can help you scale and grow a company, which may increase your income.
• Student loans, when taken strategically, can unlock career paths with long-term earning potential.

One of my clients, a successful entrepreneur, once told me he refused to take on any debt—even if it meant missing out on expanding his business. After some financial modeling, we showed how borrowing at 6% interest to generate 20% returns through business growth was actually a sound move.

The lesson? Smart debt used wisely can help you build wealth faster. The goal is not to fear debt—but to understand it and manage it with intention.

Myth #3: “I Don’t Need a Financial Advisor—I Can Manage Everything Myself.”

We live in a world where financial information is more accessible than ever. From YouTube tutorials to online brokerages, it’s never been easier to “DIY” your investments.

But here’s what I’ve learned after working with hundreds of individuals and families over the years: information is not the same as wisdom.

Sure, you can pick a few stocks, set up an IRA, or even run some retirement projections online. But true wealth management involves much more:

• Understanding your risk tolerance and how it shifts over time
• Navigating market volatility with discipline
• Planning for taxes, estate transfers, and long-term healthcare costs
• Adjusting strategies as life changes—career moves, family growth, inheritances, etc.

One of my long-time clients told me, “I hired you not just to grow my money—but to give me clarity and peace of mind.” That’s the role of a trusted advisor.

If you’re managing everything on your own, ask yourself: Do I have a cohesive plan? Or just a collection of accounts and ideas? Working with a financial advisor can bring strategy, structure, and a long-term perspective that’s hard to achieve on your own—especially when emotions get involved.

Final Thoughts: Break the Myths. Build the Life You Want.

At Manna Wealth Management, I help clients every day break free from the myths and mental roadblocks that keep them stuck. Whether it’s overcoming the fear of investing, making smart use of leverage, or recognizing the value of financial guidance, I’m here to provide clarity, confidence, and a personalized strategy for your future.

You don’t need to be ultra-wealthy to start managing your money like the wealthy do. You just need the right mindset—and the right partner to help guide you.

If you’re ready to break free from limiting money myths and create a financial plan built around your life, your goals, and your values, I invite you to reach out today.