When it comes to money, persistent myths can hold you back, making it harder to achieve financial freedom. These myths don’t just shape your beliefs—they impact your behaviour, leaving you stuck in patterns that limit your potential.
But here’s the good news: Myths can be unlearned. By challenging these misconceptions and replacing them with empowering truths, you can rewrite your financial story and take control of your money with confidence and clarity.
Myth 1: “I’m Just Not Good with Money”
This is one of the most pervasive myths women believe, often stemming from societal messages that paint finances as a “man’s domain.” Many women internalise this belief, feeling intimidated by investing, budgeting, or managing debt.
The Truth:
You are absolutely capable of managing your finances. You don’t need a degree in economics or a high-level corporate position to be financially savvy. Like any skill, financial literacy can be learned, one step at a time.
How to Break Free:
Myth 2: “Money Is the Root of All Evil”
This myth often creates a subconscious conflict: if you view money as inherently bad or corrupting, you might sabotage your ability to earn, save, or grow wealth.
The Truth:
Money itself is neutral—it’s a tool. How you use it determines whether it creates positive or negative outcomes in your life. It can fund your dreams, support your family, and make a meaningful impact in your community.
How to Break Free:
Myth 3: “Saving Is Impossible on My Salary”
With rising costs and economic uncertainty in South Africa, it’s easy to feel like saving is out of reach. Many women think they need to earn more before they can even begin.
The Truth:
You don’t need a high income to start saving—you just need a plan. Even small amounts add up over time, and consistency is more important than the amount you start with.
How to Break Free:
Myth 4: “Investing Is Too Risky for Me”
Many women shy away from investing because it feels complicated or risky. Fear of losing money keeps them stuck in low-interest savings accounts that don’t keep up with inflation.
The Truth:
While all investments carry some risk, avoiding investing entirely is often riskier because it limits your financial growth. The key is to educate yourself and start with options that match your risk tolerance.
How to Break Free:
Myth 5: “It’s Too Late for Me to Start”
This myth often traps women who feel they’ve missed their chance to build wealth due to past mistakes or starting late in their careers.
The Truth:
It’s never too late to take control of your finances. Every step you take today brings you closer to financial stability and freedom, no matter your age or circumstances.
How to Break Free:
Myth 6: “Women Should Prioritise Others Over Themselves”
In many cultures, including South Africa’s, women are often seen as caregivers who put everyone else’s needs before their own. This can lead to neglecting personal financial goals in favour of supporting family members or partners.
The Truth:
Prioritising your financial health isn’t selfish—it’s essential. When you’re financially secure, you’re better equipped to support others and build a life that reflects your dreams.
How to Break Free:
The Power of Breaking Free
Breaking free from money myths is about reclaiming your financial power. It’s about recognising the limiting beliefs that have kept you stuck and replacing them with truths that empower you to build a life of abundance, security, and purpose.
You don’t need to have everything figured out overnight. Change happens one step at a time. Start by challenging just one myth today and taking an action—no matter how small—that moves you closer to financial freedom.
Because the truth is, you’re not just a woman managing money. You’re a woman rewriting the rules, breaking barriers, and building wealth on your own terms.
Which myth resonates with you the most? How will you break free? The journey starts now.
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Author
Samantha Sparkes
Prosperity Coach for Women
Samantha has a Masters degree in Industrial Psychology from Wits University and a Finance Coaching qualification from the University of the Free State. She is a prosperity coach for women entrepreneurs, guiding her clients towards financial confidence and strength.
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