{"id":163913,"date":"2024-01-03T14:38:53","date_gmt":"2024-01-03T21:38:53","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=163913"},"modified":"2024-01-13T10:09:38","modified_gmt":"2024-01-13T17:09:38","slug":"financial-myths-that-even-the-rich-get-wrong","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/financial-myths-that-even-the-rich-get-wrong","title":{"rendered":"10 Financial Myths That Even the Rich Get Wrong"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC3754344804\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">We all occasionally fall victim to fallacies\u2014assumptions or beliefs that just aren\u2019t true.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Consider a deceptively simple logic puzzle known as&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/betterexplained.com\/articles\/understanding-the-monty-hall-problem\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the Monty Hall problem<\/span><\/a><span data-preserver-spaces=\"true\">: You\u2019re presented with three doors, behind one of which is a prize, and you have to guess the door. Before revealing the answer, the game show host makes your life easier by eliminating one of the wrong answers and asks you if you want to change your guess. Should you change it?<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Most people shrug and say, \u201cAt that point, it\u2019s 50\/50, so I\u2019d just keep my guess the same.\u201d This is the wrong answer: You should switch your guess because the other door has two-thirds odds of being correct.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">To make the puzzle more intuitive, reframe it with a thousand doors and the host eliminating 998 wrong answers after your initial guess. They\u2019ve basically identified the right door for you, and your original guess still only has a one-in-a-thousand chance of being correct.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you still don\u2019t believe me, look up mathematical explanations of the Monty Hall problem.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Returning to the point, we all believe in a few fallacies that hold us back, and when it comes to investing and real estate, those fallacies can cost us literal fortunes. Keeping an open mind, consider which of these money myths and fallacies you might secretly harbor.<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_6595d30356e84: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_6595d30356e84\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/financial-myths-that-even-the-rich-get-wrong', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/financial-myths-that-even-the-rich-get-wrong',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/financial-myths-that-even-the-rich-get-wrong', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #1: Renting Is Throwing Money Away<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I\u2019ve been in real estate for over 20 years, and I own an interest in over 2,000 units. And I rent the apartment where I live.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Renting and owning a home each comes with trade-offs. After weighing them, each of us can and should decide for ourselves which option suits us better, but it\u2019s not a foregone conclusion.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Renting offers flexibility. My wife and I live overseas, and we may well decide to move to a new country over the next year or two. We\u2019re not chained to a single location.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Renters also outsource the headaches of managing and maintaining a building to someone else. You can think of it as paying a small premium to delegate the labor to someone else. I haven\u2019t mown a lawn or repaired, well, anything in nearly nine years.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I made the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/renting-over-owning\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">case for renting<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;a little while ago and won\u2019t rehash all of what I said here, but don\u2019t be so quick to assume that homeownership always makes financial sense.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #2: You Can Time the Market<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Professional economists and market analysts with access to the best data in the world can\u2019t predict the market. And you\u2019re going to sit in your armchair and tell me that you can?&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Hubris, I say. Pure hubris.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">No, really, it\u2019s a fool\u2019s errand to try to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/dont-time-the-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">time the market<\/span><\/a><span data-preserver-spaces=\"true\">. To begin with, you have to time it right twice: buying low and selling high. What are the odds of nailing that both times? And since that won\u2019t dissuade you, consider that the next market low might still be higher than today\u2019s pricing.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I don\u2019t know which assets will outperform others in the coming years or when market highs or lows will come along. But I&nbsp;<\/span><em><span data-preserver-spaces=\"true\">do&nbsp;<\/span><\/em><span data-preserver-spaces=\"true\">know that if I invest in assets that cash flow well today, I\u2019ll earn money while someone sitting on the sidelines hoping to time the market misses out.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #3: Real Estate Investing Takes a Lot of Money<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Back in the \u201890s, maybe. But today, you have plenty of options to invest small amounts of money in real estate.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I can buy fractional shares of rental properties for $20 to $100 apiece. I can put capital toward hard money loans at $10 per loan. Or I can buy plots of land for $2,000 to $5,000.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When I want to invest like the rich in private equity real estate for 15% to 25% returns, I invest $5,000 apiece in deals vetted together in SparkRental\u2019s Co-Investing Club.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">You don\u2019t need tens of thousands of dollars to invest in real estate, and you certainly don\u2019t need to invest that much in single assets. My money is diversified among many thousands of units across dozens of properties.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And specifically, because you can invest small amounts, it frees you up to practice&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/dollar-cost-average-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">dollar-cost averaging with your real estate investments<\/span><\/a><span data-preserver-spaces=\"true\">\u2014rather than trying to time the market.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #4: Real Estate Investing Takes a Lot of Work and Skill<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If you buy properties directly, it does take a ton of labor and skill. You have to find a good deal, arrange financing, negotiate with and manage&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/when-to-use-general-contractors-as-a-real-estate-investor\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">contractors<\/span><\/a><span data-preserver-spaces=\"true\">, navigate permits and inspectors,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/2013-01-27-tenant-screening\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">screen tenants<\/span><\/a><span data-preserver-spaces=\"true\">, screen property managers, collect rents, and so on. The micro-skills required are endless.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I don\u2019t do that anymore. I outsource all that to professional asset managers so I can go back to living my life. In fact, most of the members of our investment club don\u2019t do heavy lifting due diligence for each deal. They simply participate in group vetting calls and decide whether they feel comfortable with the risk\/reward ratio of any given deal.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #5: Cash Flow Is \u201cThe Rent Minus the Mortgage\u201d<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Hopefully, no one reading this article actually still believes this. But it\u2019s what the average person thinks and one more reason why some people love to hate landlords.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It shames me to admit that I didn\u2019t understand how&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rental cash flow<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;worked when I first started investing in rental properties. I didn\u2019t know that you had to average out irregular but inevitable expenses like vacancy rate, repairs, and maintenance. And I didn\u2019t know that you have to account for property management costs, even if you plan to manage the property yourself.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #6: It Takes Decades to Become a Millionaire<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As of now, there are over&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.supermoney.com\/how-many-millionaires-are-there-around-the-world\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">59.4 million millionaires<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;around the world. And you absolutely, positively can become one of them.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Don\u2019t get me wrong\u2014you don\u2019t get rich overnight. It takes years of disciplined savings and investing. But the more you\u2019re willing to slash your spending and invest aggressively, the quicker you\u2019ll join the two-comma club.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And hey, it helps to earn high returns. The long-term average returns on U.S. stocks exceed 10%, and I target 15% to 25% on my real estate investments.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Check out the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-math-to-becoming-a-millionaire-in-10-years\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">math to become a millionaire in 10 years<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;to see it for yourself.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #7: I\u2019m Too Old\/Young\/Single\/Married\/Whatever to Reach Financial Independence<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">I\u2019ve heard every excuse for why other people can reach financial independence, but you can\u2019t. Or to invest in real estate. Or to achieve whatever other goal.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Too old, too young. Only single people can do it. Only married couples can do it. Only 34-year-old white males working in tech with hipster glasses and shaggy haircuts can do it.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Being single or married each has pros and cons for building wealth. Sure, married couples can split some expenses\u2014but many are also financially rowing in opposite directions.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And so it goes with every other characteristic that people use to explain away why they aren\u2019t living the lifestyle they want. Stop making excuses, and start taking accountability for every single outcome in your life.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #8: Cash Is Safer Than Any Investment<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Sure, investments sometimes lose money. But cash always loses money.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">It may be a little, such as the annual 2% inflation rate that the Fed targets. Or it may be a lot, such as the 9.1% inflation rate we saw in 2022.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">And that says nothing about the risks to your physical cash in your possession\u2014risks like theft, loss, or simply forgetting where you put it. It makes me froth at the mouth when I see all the crumpled-up bills in the bottom of my wife\u2019s purse, which are just as likely to disappear unspent as they are to wind up in her wallet.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #9: You Should Avoid Risk in Investments<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Wealthy people understand that everything in life comes with risk. Your mission isn\u2019t to avoid risk\u2014it\u2019s to manage it. Take calculated risks in your investments by measuring the risk against the potential returns.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When I invest for double-digit returns, I spread that risk out over many investments. I don\u2019t invest $100,000 in a single real estate investment targeting 20% returns but rather spread that out over 15 to 20 investments. The result will look like a bell curve, with some investments underperforming, some overperforming, and others falling in the middle.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Embrace risk \u2014as long as you can assess it and it fits within your broader investing strategy.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Myth #10: Risk Always Determines Return on Investment<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The average person hears 15% to 25% targeted returns, and they assume equivalently high risk.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Don\u2019t get me wrong\u2014private equity real estate does come with risk. But I would argue that the risk is no higher than, say, the stock market and its&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-vs-stocks-performance\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">7% to 10% long-term average return<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Private equity real estate investments pay disproportionately higher returns because of other factors beyond risk, such as lack of liquidity, long-term commitment, and lack of awareness among average investors. Most of all, the high minimum investment is $50,000 to $100,000 if you invest by yourself and $5,000 if you invest as a member of a co-investing club.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Don\u2019t take my word for it. Check out this&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/equitymultiple.com\/blog\/beyond-the-60-40-portfolio-why-this-classic-model-faces-challenges-today\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">chart<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;comparing the risk and returns for portfolios that include private equity real estate compared to standard 60\/40 stock\/bond portfolios:<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1910\" height=\"1124\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/annualized-volatility.jpeg\" alt=\"We all fall victim to fallacies, even the most wealthy do. But the best antidote is staying informed. Here are 10 myths about investing and money.\" class=\"wp-image-163916\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/annualized-volatility.jpeg 1910w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/annualized-volatility-300x177.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/annualized-volatility-1024x603.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/annualized-volatility-768x452.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/annualized-volatility-1536x904.jpeg 1536w\" sizes=\"auto, (max-width: 1910px) 100vw, 1910px\" \/><figcaption class=\"wp-element-caption\">Annualized returns and volatility between different portfolio allocations &#8211; <a href=\"https:\/\/equitymultiple.com\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/equitymultiple.com\/\" rel=\"noreferrer noopener\">EquityMultiple<\/a><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Risk does impact return, but it\u2019s far from the only factor. Don\u2019t assume that all high-return investments come with equally high risk.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The list of financial fallacies goes on, from the \u201cRule of 100\u201d to the 4% Rule. Some investors mistakenly believe that only accredited investors can invest in private equity real estate. Others believe that it\u2019s impossible to retire before your 50s on a typical American salary. And the list goes on.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Don\u2019t let financial assumptions go unchallenged. Always keep learning and updating your financial beliefs. You can achieve financial independence far faster than you think if you keep finding creative ways to boost your savings rate and keep expanding your investing expertise.&nbsp;<\/span><\/p>\n\n\n\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">The Money Podcast<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">Kickstart your personal finance journey with Scott and Mindy as they break down the good, bad, and ugly of people\u2019s personal money stories. From interviews with entrepreneurs and business owners to breakdowns of listener finances, you\u2019ll get actionable advice on how to get out of debt and grow your money.<\/p>\n\n\n\n<div id=button-custom-event-block_65400b52d0a76 class='button-custom-event'>\n      <a href=\"https:\/\/link.chtbl.com\/Money\" x-on:click=\"window.analytics.track(&#039;Money Podcast Blog CTA Click&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/financial-myths-that-even-the-rich-get-wrong&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-slate-dark-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Listen Now<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/12\/BP_Money_podcast_square-1024x1024-1-e1660861377128.jpeg\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>We all fall victim to fallacies, even the most wealthy do. But the best antidote is staying informed. Here are 10 myths about investing and money.<\/p>\n","protected":false},"author":158586,"featured_media":157364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7385,7119,7398],"tags":[],"class_list":["post-163913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-management","category-biggerpockets-daily","category-retirement"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/163913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/158586"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=163913"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/163913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/157364"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=163913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=163913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=163913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}