The Lies We Tell Ourselves: A Financial Trap

Over the last couple of weeks, we’ve been diving into the lies that “THEY” tell us. Today, let’s focus on the lies that we tell ourselves about money. These self-deceptions can be just as dangerous, just as insidious, and just as derailing to your financial future. It’s easy to ignore the warning signs, but these lies about money could prevent you from achieving the financial security you deserve.

The Commitment Lie: “I’m Committed to Changing My Financial Future”

I was recently asked to speak to a group of entrepreneurs and posed this question: “How many are committed to changing their financial futures?” Naturally, all of them raised their hands. Then, I asked, “How many have a weekly, monthly, or yearly savings commitment?” The answer was less than 20%.

This discrepancy highlights a powerful truth—people often lie to themselves. Walking into that room, I believe everyone genuinely thought they were committed. However, it’s difficult (if not impossible) to improve your financial situation if you don’t have a daily, weekly, or monthly discipline in place. The reality is, without a clear savings plan, no meaningful change will happen.

The “Best I Can Do” Lie: The Silent Killer of Your Financial Health

Another common self-deception is, “I’m doing the best that I can.” This one is particularly dangerous and insidious. I speak with people every day who have convinced themselves that this is true. But fast-forward one year, five years, or even a decade, and these same individuals are the ones we read about in troubling financial statistics.

Take, for example, the “median retirement savings of families between 56 and 61 is $17,000,” according to EPI analysis of Survey of Consumer Finance data, 2013. Many of those families likely believed they were doing their best. Yet, when you don’t have a concrete financial strategy or plan, it’s easy to fall short.

The Only Way Out: A Real Financial Plan

There are no do-overs or mulligans in life. To ensure a better financial future, you need a real plan. A plan that includes consistent saving, smart investments, and ongoing financial education. Managing your money well isn’t about perfection—it’s about intention, planning, and taking action. If you’re ready to stop lying to yourself and start building a sustainable financial future, don’t hesitate to reach out. We’re here to help.

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