Lies you must ignore if you want to get rich

Before you go, we thought you'd like these...
Before you go close icon

You've heard them before — everyday sayings, such as "Money doesn't grow on trees" and "It takes money to make money." These common mottos lead us to believe that becoming rich is a luxury reserved for the privileged few. But, according to financial experts and self-made millionaires, many household axioms are outright lies.

Take a look at these seven lies you should ignore if you want to become rich.

Read: The 10 Fears That Are Keeping You From Being Rich

1. It takes money to make money.

Scott Trench, vice president of operations at BiggerPockets, said "It takes money to make money" is one of the biggest lies people believe when it comes to how to get rich.

The reason people think it takes money to make money is because they're looking exclusively at the end result of being rich, he said, rather than asking themselves, "What did the rich do when they were in my position?"

According to Trench, the key to becoming wealthy is spending less than you earn and investing the difference.

"The problem is that people think that investing is something that you do entirely passively and that the rich just throw their money at something," said Trench. "The rich do not do that. The rich carefully research and vet any potential investment opportunities and consistently track and measure their investment progress. Most wealthy people will have multiple investments and be active participants in their investments."

2. Money doesn't grow on trees.

In nature, money certainly doesn't grow on trees. But, figuratively speaking, financial experts say it does.

Steve Siebold, self-made multimillionaire and author of the book "How Rich People Think," believes that money does grow on trees — only those trees are not literal trees but ideas.

"This belief sets people up to believe money is scarce and difficult to earn, instead of seeing money as abundant and earning it is as easy as solving a problem through persistent, creative thought," Siebold said. "It might not grow on trees, but there are principles for it to grow. You must challenge yourself to discover what they are, and despite who you are or what your status is in life, what you have will increase more and more."

See: 9 Things Wealthy People Do Every Day

RELATED: 11 jobs that can lead you down the road to millionaire status:

12 PHOTOS
Jobs to have if you want to be a millionaire
See Gallery
Jobs to have if you want to be a millionaire

Investment Banker 
Average Median Salary: $294,892

Photo credit: Getty

Actor 
Potential Salary Earnings: Up to $80 million per movie

Photo credit: Getty

Author 
Average Median Salary: $65,960

Photo credit: Getty

Professional Athlete 
Average Median Salary: $12.6 million

Photo credit: Getty

Entrepreneur 
Average Median Salary: $171,610 

Photo credit: Getty

Lawyer 
Average Median Salary: $155,894

Photo credit: Getty

Air Traffic Controller 
Average Median Salary: $122,950

Photo credit: Getty

CPA 
Average Median Salary: $92,444

Photo credit: Getty

Real Estate Agent 
Average Median Salary: $222,375

Photo credit: Getty

Insurance Broker 
Average Median Salary: $105,680

Photo credit: Getty

CEO 
Average Median Salary: $745,170

Photo credit: Getty

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

3. Money is the root of all evil.

The saying, "Money is the root of all evil," comes from the Bible. However, this particular statement has been misquoted for centuries. Timothy 6:10 actually states, "For the love of money is a root of all kinds of evil."

As a child, Ed Brancheau, CEO of Goozleology, heard his Irish Catholic grandmother use this phrase frequently.

"Of course, if you heard this time and again as a kid, it'd be pretty hard to accumulate money without [feeling] evil," he said. "But when you hear the full quote, it then becomes possible to have money and not be evil," he said. "It was weird, but once I realized this, it lifted a weight off of me that I didn't even know I was carrying around."

4. A penny saved is a penny earned.

This popular saying suggests that saving money is one of the most important factors in becoming rich. The problem with this claim is that it encourages consumers to focus too much on saving every cent — they clip coupons and live as frugally as possible without looking at the big picture.

"People must reject this nickel-and-dime thinking and focus their mental energy where it belongs: on the big money," said Siebold.

If you put all your energy into how to save small amounts of money here and there, you might just miss out on opportunities to earn more or capitalize on great investments and original ideas.

Survey: 69% of Americans Have Less Than $1,000 in Savings

5. Another day, another dollar.

The phrase, "Another day, another dollar," implies that time equals money. Unfortunately, this isn't always the case, say the experts.

"The masses trade time for money. This creates the belief that making money is a linear process directly connected to time," said Bruce Serbin, founder of Serbin Media. "Big money requires thinking about it in non-linear terms."

Sometimes getting rich isn't just about working long hours, but also utilizing your knowledge and skills to make the most money in the least amount of time.

6. Your car, home or degree is an asset.

Some of the items we commonly think of as investments can actually stand in the way of our wealth-seeking goals.

According to Trench, you shouldn't necessarily view things like homes, cars and college degrees as smart investments if you want to become rich. After all, owning a home or car, or earning a degree, generally causes you to lose money each month. Depending on the cost of these purchases, you could be in debt for years to come.

"Sure, you can argue that owning a car is cheaper than leasing, owning a home is cheaper than renting and going to college will enable you to earn more money than those without degrees," Trench said. "But, perhaps frustratingly, you need to understand that you cannot consider these things to be assets if you aspire to become rich. If you think that these purchases are smart investments that will make you rich, the best you can possibly hope for is the middle class."

If great wealth is your goal, it's important to pursue assets that increase in value and produce consistent cash flow, said Trench. To that end, he recommends acquiring assets like businesses, stocks, bonds and real estate instead of "luxuries" like cars, degrees and 401k balances.

7. Rich people are selfish.

It's a common belief that to become rich, you must be selfish. While it's true that acquiring wealth takes time and focus, financial experts say that there's nothing wrong with concentrating on your own monetary goals when you're just starting out.

"The masses are programmed from an early age to put the needs of others before their own. While this sounds like a spirit-driven, high-level philosophy, it's the worst advice you can get when it comes to money," said Siebold. "In order to make a lot of money, there is a period of time in the beginning of the wealth-building process where you must focus on yourself and your business in order to make it at an uncommon level. Once you acquire wealth, then you can volunteer or give back to charity."

More from GoBankingRates:
Surprising Ways You Can Benefit From Low Oil Prices
Tricks to Curb Your Online Shopping Addiction
6 Lies You Tell Yourself That Are Keeping You From Success

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners