Dealing with rising costs, debt and a lack of sufficient income can leave many people feeling like they’re stuck being broke. But in some cases, the misconceptions you have about money make the problem worse since you might feel that you can’t improve your situation anyway.
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In a recent video, money expert Rachel Cruze shared five toxic money lies that make it hard to build wealth. Learn why these harmful beliefs can limit your progress and see which smart money moves you can begin to make today.
My Situation Will Never Change
The National Foundation for Credit Counseling’s 2025 Financial Literacy and Preparedness Survey found that 53% of Americans felt like they were facing constant financial setbacks. This can leave many people thinking there’s no hope of change.
But whether you’re unsatisfied with your job or current debt level, Cruze explained that good changes are ahead, even if it takes a while. The key is to remember you have the power to take steps such as looking for a different job you love or making a debt payoff plan. In some cases, time itself makes the difference, which would be the case if you get raises or promotions.
Cruze also said it was important to have good people around you who can encourage you and potentially open doors to new opportunities. These include professional connections alongside friends, family members and neighbors.
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My Family Just Isn’t Rich or Good With Money
A common belief is that you have to come from a wealthy family to be financially successful yourself. However, Cruze cited data from Dave Ramsey’s National Study of Millionaires, which showed that 79% of those wealthy people didn’t inherit their wealth.
“Regardless of what your parents have done or not done, you have the ability to make different decisions with your money today,” she said.
Building a $1 million net worth, including things like your investments and house, is possible through steps such as living on a budget, consistently investing, avoiding debt and not falling for “get rich quick” scams. The key is to be patient since it’s often a decades-long process.
I Can’t Achieve My Goal Without a Spouse’s Income
The U.S. Bureau of Labor Statistics reported that both spouses worked in nearly half of married-couple households in 2024. While Cruze acknowledged that the double incomes help speed up achieving financial goals, she said building wealth is also possible for single-income families.
In some cases, you might even have an advantage if you’re single since you don’t have the risk that a partner makes bad money moves that hinder your progress. You can focus solely on your goals and potentially seek additional income sources to get there faster.
And if you’re married but one of you doesn’t work, you can both discuss ways to build wealth at a slower pace. Cruze recommended thinking about your family’s values.
My Money Tendencies Make Me Not Good With Money
In a blog post, Cruze discussed several money tendencies that you might relate to, like being a spender versus a saver, preferring to buy experiences over things or cherishing abundance over scarcity. Having such tendencies isn’t necessarily bad, but how you view them can cause issues.
“There is something wired within you that is beautiful and wonderful and great, and I want you to lean in those because those are who you are, but also they cannot be an excuse for you to be irresponsible with money,” Cruze explained.
So if certain money tendencies, like spending too much or saving too little, are hurting your finances, you should take responsibility and change your behavior. Cruze advised against seeing certain money beliefs as just being part of your personality.
My Money Won’t Change Until the Economy Does
A recent Life360 survey found that 71% of respondents were worried about their financial stability due to the current economy. The stress makes sense since the economy affects everything from jobs and interest rates to everyday prices and investment returns.
But Cruze explained that the economy can become an excuse that leaves you stuck when you could be making money moves that help improve your situation. A tough economy might mean needing to find additional income sources, shop at cheaper stores or reconsider your expectations, though progress is still possible.
Being adaptable will also help you out in times when the economy is strong, as you’ll be better prepared to take advantage of opportunities.
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This article originally appeared on GOBankingRates.com: 5 Toxic Money Lies That Keep You Broke, According to Rachel Cruze
