Our entire education system focuses on accounting and financial controls from a company’s perspective. We practically get no training or financial advise on how to manage our "money". It is usually by trail and error or disjointed experiences - some good, some bad which shape our behaviour towards money which generally tends to be irrational, contradictory and pessimistic. Over a period of time these get internalized and appear to us as truths.

As time passes, we keep developing many a misconception about money. These are the barriers in our mind, which hinder our financial growth & success.

These perceptions about money limit our ability to achieve prosperity and abundance. They also become an excuse for our inaction or failure.

Given below are myths or misconceptions about money:

1. "I don't have a head for figures"

One often hears people say that finance is too complicated or 'I don't have enough money to invest' or it's too early now to start or investing in the stock-market is gambling etc. None of these statements are actually true. It is merely a limitation created in our mind which has got formed from our past experiences.

2. "I am too young to save"

Another common remark heard especially amongst our youth is that its' too early to start saving. We know through the power of compounding how wrong this statement is. Even small amounts saved over a period of time will eventually result in a substantial amount of money.

3. "I wish I had a Billion"

'I will be happy if I had a Billion'. How many times we must have said this to ourselves and yet every time, we achieve what we thought of, we start craving for something more. If we earlier desired for a 2-bedroom apartment and got it then we start aspiring for a bungalow. If earlier we were happy with a bike then we start craving for a car and then a bigger car. Our aspirations never seem to end.

4. Comparisons

We are always comparing ourselves with others around us like peers, family, colleagues, etc. and equating our self-worth with the wealth we own vis-à-vis others. A 'me too' attitude starts determining our actions. This is one of the main reasons of emotional grief, of anguish, of jealousy, of hatred and even of crime.

5. Too much money is bad

Traditionally excess money has always been looked upon as the root of all evil. Money was considered essential to ensure a sound education for one's children, their marriage, to procure a house post retirement, etc. However today we have done a complete 360 degree shift in our mindset viz. 'live for now' and generate more money to enjoy a better quality of life now.

6. Someone will cheat me

Managing one's money is generally a closely guarded affair especially in India. We are reluctant to seek advice from finance professionals. This could be due to lack of trust, need for control, a desire to be personally involved and in most cases pure and simple ignorance. Some people are simply too fearful of an investment banker/ financial advisor.

7. Situational reaction

Our reactions to money are highly 'situational' or 'context-dependent'. For example we may not think twice before spending Rs.1,000 for a weekend movie and dinner but would argue with the local vendor or the cabbie if he doesn’t return our change. These and many more such examples can be seen in our daily life, which are essentially irrational and negative responses to a money situation. It is important that we break this kind of a thought process if we are to achieve and enjoy wealth. The path to our prosperity lies in our mind. All we need is to harness and realise that potential.