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Updated by LoansLens on Nov 24, 2016
Headline for 4 Lies about Money that Could Be Keeping You in Debt
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4 Lies about Money that Could Be Keeping You in Debt

Wealth has nothing to do with money. Being able to get out of debt, starting a business, or reaching some other type of financial goal has to do with you and your mindset. Below are four common money lies that may be keeping you in debt.



I know nothing about money

I know nothing about money

Not all financial information may be good, but the “I know nothing about…” lie is basically based on analysis paralysis caused by an overwhelming number of options rather than faulty information.

People can get caught up in comparing every single principle for finances, but there are actually people who do not know as much as you do who are making progress by taking one small step at a time.


I work hard, and so I deserve it

I work hard, and so I deserve it

Nobody is saying that you do not work hard, or that you do not deserve any treats. The root of this lie is much deeper. Why do you need a reward?

There are plenty of times that there is a lack of fulfillment whenever it comes to your job or career, and it is easy to just justify why you want to purchase something to make yourself happier. The real problem is that you are unfulfilled. Instead of making excuses each payday, month, or year, it is time to ask yourself what is going on.

Maybe the truth is that you are working really hard at something that you just do not enjoy doing and you need to make a shift.


It is an emergency

It is an emergency

The definition of an emergency is an unexpected and dangerous situation that calls for immediate action.

That comes down to something that is dangerous and serious, as well as unexpected. Whenever someone says he had an emergency, like his car registration was due, you know that as an adult with a car you have to register it each year. That is not an emergency.


I got it on sale

I got it on sale

When people say this, the issue is not that you got 50% off, it is the 50% that you paid for something that you do not really need.

If you happen to be in debt and do not have any money saved, it does not really matter if it is on sale or not. If it was not a need or an investment for your professional or personal development, then you are just lying to yourself.

You did not need it. That is money that could have been used to pay your debts or save for your kids’ education, or to pay off your home, or anything else.

  • LoansLens provides advice on all kinds of loans online, be it personal loans, mortgage, car loans or student loans. We debunk loan myths and share the best tips on how to get out of debt, what debt consolidation or student loan repayment means, etc. Find more about loans online at

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