Debunking Money Myths

Myth 1: If you work hard, you can make a lot of money. The truth? The hardest-working people are often paid the least. Success isn’t about effort alone – it’s about working smart and delivering value. Those who bring the greatest value earn the greatest rewards.

Once upon a time, in my youth, I used to knit sweaters, scarves, and shoes. For all my time and effort, I earned very little. In my case and at that time, it was an expensive hobby – not a sustainable side hustle. These days, there are greater opportunities and more markets to sell your crafts, from the local farmer’s market to the various digital platforms. Borders no longer limit you – find your niche, and let technology help you earn the big bucks.

Myth 2: If you have a lot of money, you’ll never have to work again. In reality, the more money you have, the bigger your appetite grows. You want a bigger house, better schools, and develop a taste for luxury brands – the desire for “more” is unquenchable. Building and maintaining wealth requires discipline, not just accumulation; unless you are Scrooge McDuck in Duck Tales, or the recipient of awesome generational wealth.

My first “house” was a single self-contained room. When I got a better job, I upgraded to a one-bedroom house. Yes, I had the means to drastically improve my situation and indulge myself, but as my income grew, so did my savings and investments. My dream was (and still is) to work because I want to, not because I have to. True wealth is about gaining the freedom to fulfil one’s dreams, not just indulging in idleness.

Myth 3: You need a lot of money to start investing. Not true. You can begin right where you are, with what you have. Smart decisions matter more than large sums. Avoid get rich quick schemes—they’ll only get you broke just as quickly.

I didn’t start by saving one million. I started by consistently saving in the thousands to a fixed deposit account week by week, month by month, year by year. Today, there is the option of putting money into collective investment schemes (unit trusts), earning you compounded interest without locking up your money.

What is the path to real wealth? Avoid “Get-Rich-Quick” Schemes. Invest in what you know, and on that note, expand your knowledge – read, research, and learn from those already succeeding. Go ahead, copy and apply proven strategies instead of trying to innovate or reinvent the wheel. Remember, while riches can come suddenly – through inheritance, jackpots, or grants, wealth takes time, diligence, and patience to grow into a lasting legacy.


Want to start your journey? Grab my book, “Are You Good with Money?” – a practical workbook for financial freedom and stability. DM and place your order.

You can find me – @KagoTMD on TikTok, Instagram and LinkedIn.

If you're interested in watching full video essays of this and other topics I've discussed here, visit and subscribe to my YouTube channel.

Let's build your future, together.

Image courtesy of FreePik

Comments

Post a Comment

Popular posts from this blog

Seeing Red?

Image
Unmanaged stress, heavy workloads, toxic environments, and constant conflict are widely recognised as the primary causes of illness and mental breakdowns in the workplace these days. Some companies have taken to bringing in counsellors, but most staff don’t want to be seen seeking help because of the stigma around mental health. In the African diaspora, mental illness is seen as a weakness or personal failing, and it is willfully ignored until someone burns out, or finally snaps often meeting a tragic end. Some people resort to substance abuse, self-harm, violence, or “African magic” to deal with difficult workplace situations, workmates or bosses. Others just grin and bear it for the sake of a steady pay cheque, refusing to take leave or share knowledge, because they fear replacement. My fellow Gen X’ers and millennials often treat red flags like decorations instead of warning signs. As a local comedian – Uncle Mo recently joked, we spot the red flags during job interviews but plo...
Read more

3 Must-Have Savings Funds

Image
Life happens, and you have no choice but to adapt accordingly. One morning, your car refuses to start, or your refridgerator goes kaput. Another time, you need to go to a hospital or clinic, and that visit comes with a hefty medical bill that you must pay. The hits just keep coming: business slows down, you lose your job, and the cost of living is at an all-time high. Over the years, I’ve learned the hard way, that surviving life’s jabs isn’t just about luck – it’s about preparation, and we’re all one bad situation away from having to start from scratch. Your money needs a system because without one, every emergency becomes a crisis that can wipe you out. I’ve come to the conclusion that we need to build 3 types of saving funds: A Starter Fund: Protection from life’s minor surprises. You didn’t plan to fall into a debt, but you wake up with a toothache. You have no money and resort to the quickest solution – a mobile money loan or a visit to your local money lender. It feels ...
Read more

Why Is Jjaja Still Working?

Image
Tukooye (We’re tired)! Many of us are exhausted and longing for the day we can finally stop working at jobs that pay us enough to make ends meet. Given the choice, we probably wouldn't show up to work on those stormy Monday mornings. Sometimes it’s the work itself, other times, it’s management, our co-workers, or the environment. Sadly, a lot of us, don’t have the luxury of chasing our dreams because, “What if our dreams don’t pay?” I read about an 85-year-old woman in the U.S. who was job hunting because her pension couldn’t cover her basic needs. She had taken out a second mortgage on her home, was struggling to afford food and heating, and yet she was the sole provider for her grandchildren. She was even paying for the granddaughter’s speeding tickets. Furious on her behalf as an as an African mama, I wanted to kidnap this Jjaja (grandparent), adopt her and give her some well-deserved rest. If her grandchildren are old enough to drive, surely, they can take care of themselve...
Read more