5 Money Myths Holding You Back: Break Free and Create the Life(style) You Deserve
- Davina Jackson
- Jan 19
- 15 min read
Updated: Jan 26
Welcome to The Woman CFO – a space crafted just for you, where we help you take control of your money, heal your financial past, and create a financial future you love.
Ladies, let’s get real for a second.
How many times have you caught yourself thinking “I’m just not good with money” or “I need to work twice as hard to get ahead”?
Maybe you’ve even hesitated to invest because it feels like a “man’s game” or avoided checking your bank account because the truth felt too overwhelming.
Well, let me tell you: these aren’t just passing thoughts - they’re money myths, deeply ingrained beliefs that have been passed down from society, culture, and even well-meaning advice.
And guess what? They’re keeping us stuck.
But here’s the good news: 2025 is YOUR year to break free. It’s time to kick these outdated ideas to the curb and step into your power as the boss of your finances. Why? Because you deserve more than just getting by. You deserve to thrive, live the lifestyle you’ve dreamed of, and feel confident every time you make a money decision.
This week’s blog post is dedicated to calling out the myths that hold women back and giving you actionable steps to rewrite the narrative.
From thinking you need a partner to be financially secure to the idea that debt is always bad, we're going to dismantle these beliefs, reclaim your financial confidence, and build your roadmap for success.
It's time to stop playing small and start showing up like the CFO of your own life. Because when money meets life(style), magic happens!
Are you ready?
Key Points
You are good with money. It’s a skill that can be learned and mastered, and you can do it.
Financial security doesn’t depend on a partner. You can build wealth on your own terms.
Investing isn’t too risky. Start small and learn as you go.
Debt isn’t always bad. It’s a tool that can be used strategically for growth.
Smarter strategies beat harder work. Leverage tools, skills, and passive income to grow wealth.
Instant Gratification Zone: Skip to the Good Stuff
Money Myth 1: “I’m Not Good with Money”
“I’m just not good with money.” If you’ve ever said this to yourself, you’re not alone.
So many women have internalized this belief, often because of messages we’ve absorbed over the years.
Or maybe it came from watching a parent struggle, being told math isn’t a girl’s thing, or feeling overwhelmed by complicated financial jargon.
But here’s the truth: This myth is a lie. Being “good with money” isn’t something you’re born with; it’s a skill you can learn… and it’s a lot more accessible than you might think.
Why this Myth Holds you Back
When you believe you’re not good with money, it becomes a self-fulfilling prophecy. You might avoid looking at your bank statements, feel anxious about budgeting, or put off making important financial decisions.
This leads to a cycle of inaction that reinforces the belief because the longer you wait, the scarier it feels.
Truth is you don’t need to have it all figured out to start. You simply need to start. That's it.
Break the Myth: You Are More Than Capable
Society loves to paint women as shopaholics or spenders rather than savvy financial planners, but studies show the opposite is true.
When given the tools and confidence, women are amazing money managers. We’re thoughtful, strategic, and less likely to take unnecessary risks.
In fact, research shows women investors often outperform men because of their patient and consistent approach.
So, let’s flip the script. Instead of saying, “I’m not good with money,” try:
“I’m learning to manage my finances better every day.”
“I’m capable of making smart money decisions.”
Understand that you’re not just learning to handle money - you’re reclaiming control over your future.
Money is a tool, and just like any tool, you’ll get better with practice. So, let go of the guilt, the fear, and the myth that you’re not good enough. You’ve got this.
Money Myth 2: “I Need a Partner to Be Financially Secure”
Raise your hand if you’ve ever thought, “Once I get married, my financial worries will disappear.”
Or maybe you’ve been told that having a partner is the ultimate safety net.
While it’s true that two incomes can make life easier, relying on someone else for your financial security is like waiting for a superhero to save the day… when you’re perfectly capable of saving yourself.
So let’s bust this myth wide open: you don’t need a partner to thrive financially.
Your financial security is something you can build on your own terms, starting right now.
Where This Myth Comes From
This myth is deeply rooted in history. For generations, women were excluded from financial decisions, earning opportunities, and even having their own bank accounts.
While we’ve come a long way, remnants of this mindset linger, making many women feel like they can’t handle money independently.
But here’s the truth: you are more than capable of standing on your own financial feet.
And when you do, you’ll not only feel empowered - you’ll also attract partnerships (romantic or otherwise) that are rooted in mutual respect, not financial dependency.
Why this Myth Holds you Back
Waiting for “someday” puts your financial freedom on hold.
When you believe you need someone else to feel secure, you might delay important steps like building your savings, investing for your future, or even negotiating your salary.
And let’s be real: Partners aren’t financial guarantees.
Life happens - like divorce, job losses, or unexpected challenges - and being prepared gives you the confidence to handle anything.
Break the Myth: Become Financially Independent
Real talk:
You do not need a partner to buy a house, build wealth, or live the life you want.
You are your own security.
You do need to be financially independent.
Becoming financially independent doesn’t mean you can’t have a loving partner. It just means you’re entering any relationship from a place of confidence and strength.
And if women everywhere are living financially independent, so can you.
So, let's show this bogus myth the door and talk building your own financial foundation - where you are financially independent:
Financial Independence Step #1: Take Ownership of Your Financial Goals
Write down what financial security looks like for you. Is it a fully funded emergency fund? Owning your own home? Retiring comfortably?
Your goals are valid, and you don’t need anyone else to define them for you.
Financial Independence Step #2: Invest in Your Future
Investing isn’t just for Wall Street bros - it’s for you, too. Open a retirement account, explore beginner-friendly platforms like robo-advisors, or start learning about index funds. Remember, the earlier you start, the more your money can grow over time.
Financial Independence Step #3: Build an Emergency Fund
Having 3–6 months’ worth of expenses saved is like giving yourself a financial safety net. It’s your reminder that you can handle whatever life throws at you.
Financial Independence Step #4: Embrace the Power of Earning
Take charge of your income. Negotiate your salary, explore side hustles, or invest in skills that increase your earning potential. You are your best asset. Always bet on yourself.
Money Myth 3: “Investing Is Too Risky for Women”
If the word investing makes you want to clutch your savings account a little tighter, you’re not alone.
Society has sold us the idea that investing is a high-stakes gamble, best left to the “experts” (read: men in suits yelling on Wall Street).
And let’s be honest, as women, we’re often told to play it safe - i.e. stick to saving, steer clear of risks, and let someone else handle the “complicated stuff.”
But here’s the truth: investing isn’t just for risk-takers, and it’s definitely not just for men.
In fact, women are naturally great investors. We’re thoughtful, we do our research, and we play the long game.
Where This Myth Comes From
Historically, women were excluded from financial markets and investment decisions. Add to that the fear-based messages in media (“You could lose everything!”) and outdated stereotypes about women being “too cautious,” and you have a recipe for hesitation.
The problem? Avoiding investing often means missing out on one of the best ways to build wealth.
While saving is great for short-term goals, investing is what grows your money over time, thanks to the magic of compound interest.
Why This Myth Holds You Back
Investing is how you make your money work for you, turning what you have into more without requiring endless hours of effort.
When you avoid investing, your money stays stagnant - earning minimal interest in savings accounts while inflation quietly chips away at its value.
If you’re sitting on the sidelines because investing seems risky, remember this: doing nothing is often the riskiest move of all.
Break the Myth: Investing Made Simple
You don’t need a finance degree or a crystal ball to start investing. Here’s how you can get started:
Start small: Investing isn't about the amount, it's about that habit. You don't have to throw thousands of dollars into the stock market overnight. You can start with very little (as small as $25).
Learn the basics: You don’t need to know everything to begin. Focus on understanding key concepts like index funds, diversification, and compound interest. Resources like books, podcasts, and beginner-friendly online courses are your best friends here.
Think long-term: Investing is not about timing the market. It’s about time in the market. Women tend to excel here because we’re more patient investors. Trust the process and let your investments grow steadily over the years.
Use tools that work for you: Not a fan of researching stocks? No problem. Robo-advisors can manage your portfolio for you based on your goals and risk tolerance.
Take advantage of retirement accounts: If your job offers a 401(k), start contributing - even if it’s just a small percentage. If they match contributions, that’s free money you don’t want to leave on the table! If there's no 401(k), no problem. Consider opening an IRA (Individual Retirement Account).
Investing doesn’t have to be scary or complicated. It’s about progress, not perfection. You’re not expected to know everything on day one, and guess what? You don’t need to.
Start small, stay consistent, and watch your confidence grow as your money does the same.
Money Myth 4: “Debt Is Always Bad”
Let’s get one thing straight: not all debt is created equal.
While “debt” often gets a bad rap, it’s not inherently evil. Sure, credit card debt with high interest can feel like a money pit, but there are other types of debt - think mortgages, student loans, or business loans - that can actually help you grow and build the life you want.
So, the problem isn’t debt itself. It’s how you manage it.
If you’ve been beating yourself up over a balance here or a loan there, take a deep breath and understand that debt is a tool, not a trap.
Where This Myth Comes From
Society loves a good scare tactic. How many times have you heard phrases like, “Debt will ruin your life” or “Good people don’t have debt”?
These messages, while extreme, come from a place of fear.
The truth is, when used wisely, debt can help you reach financial milestones that would otherwise take years of saving.
Why This Myth Holds You Back
If you avoid debt at all costs, you might be holding yourself back from opportunities that could improve your financial future - like buying a home, investing in education, or starting a business.
These opportunities are investments in yourself and your future - and often require borrowing money. You don’t want to avoid investing in yourself, do you?
On the flip side, ignoring debt or labeling it as “too overwhelming” can leave you stuck in a cycle of avoidance.
The key is to understand your debt, take control of it, and make it work for you.
Breaking the Myth: Master Your Debt
Shifting your mindset regarding debt is the only way you can take charge of it. Here’s how:
#1: Know the Difference Between “Good” and “Bad” Debt
Good debt is an investment that has the potential to grow your wealth or improve your life. Examples include student loans for a degree that boosts your earning potential, a mortgage for a home, or a business loan to start your dream venture.
Bad debt typically involves borrowing for things that don’t add long-term value, like high-interest credit card purchases or payday loans.
#2: Prioritize High-Interest Debt
High-interest debt, like credit card balances, can snowball quickly. Focus on paying these off first while making minimum payments on lower-interest loans.
Tools like the debt snowball or debt avalanche method can help you stay organized and motivated.
#3: Negotiate and Refinance
Don’t be afraid to advocate for yourself. Call your lenders to ask for lower interest rates or look into refinancing options. You’d be surprised how much you can save just by asking.
#4: Use Debt Strategically
Instead of fearing debt, think of it as a tool. Want to buy your first home? A mortgage can be a stepping stone. Need to invest in your skills? The right student loan could lead to a better-paying career.
#5: Create a Plan You Can Stick To
A debt repayment plan doesn’t have to mean living on rice and beans. Build a realistic budget that allows you to pay down debt while still enjoying your life. Progress, not perfection, is the goal.
Remember, debt doesn’t define you. It’s just a number, and numbers can change.
You’re in control, and you can turn things around, one step at a time.
Money Myth 5: “Talking About Money Is Selfish or Taboo”
Let’s get real: many of us were raised to believe that money is a “private matter.”
Maybe you were told it’s rude to talk about salaries, ask financial questions, or even admit you want to make more money.
The result? Money often feels like a mystery... or worse, something to feel ashamed or guilty about.
But here’s the truth: silence about money keeps you stuck.
Open conversations about finances aren’t selfish; they’re empowering. And talking about money is how you learn, grow, and build the financial life you deserve.
Where This Myth Comes From
Cultural norms, family upbringing, and even societal expectations have taught us to stay tight-lipped about money.
If you’ve ever been told that discussing finances is “impolite” or “too personal,” you’re not alone. This silence is often rooted in fear - fear of judgment, envy, or making others uncomfortable.
But here’s the kicker: staying quiet about money does more harm than good.
It keeps us in the dark about what’s possible, prevents us from learning, and blocks us from building community and support.
Why This Myth Holds You Back
When you don’t talk about money, you miss out on key opportunities to grow.
Think about it:
You could be leaving money on the table. Not discussing salaries means you might not realize you’re underpaid or undervaluing your worth.
You miss out on learning. Friends, mentors, or colleagues might have tips or strategies that could help you, but you’ll never know if you don’t ask.
You isolate yourself. Money challenges can feel overwhelming, but sharing your struggles with trusted people can make them more manageable.
Staying silent keeps you stuck in the same patterns - and we’re not about that life anymore.
Break the Myth: Open Up About Money
Ready to break free from this outdated mindset? Start talking about money openly by:
#1: Starting Small and Safe
Begin with trusted friends, family members, or mentors who understand your goals and won’t judge. Frame the conversation positively: “I’m trying to learn more about managing my money - can I ask for your advice?”
#2: Normalize Salary Transparency
If you’re job hunting or negotiating a raise, talk to peers in your industry about their salaries. Sites like Glassdoor or LinkedIn Salary Insights can provide a starting point, but real conversations with real people are even better.
#3: Join Money Communities
Women-focused financial groups (both online and offline) are excellent spaces to share tips, ask questions, and learn from others. Remember, you’re not alone in wanting to level up your finances.
#4: Set Boundaries when Needed
Not every money conversation will feel right. Trust your instincts and avoid sharing details with people who might judge or discourage you.
#5: Turn Money Talks into Learning Opportunities
Shift the mindset from “awkward” to “empowering.” Every conversation about finances is a chance to learn something new or share wisdom with others.
Understand that talking about money isn’t selfish or rude. It’s a powerful act of self-care and advocacy.
When you open up about your financial goals, challenges, and wins, you create space for connection, education, and growth.
Imagine how much stronger and more confident you’d feel if money became less of a mystery and more of a tool you could master. That’s what’s possible when you start having these conversations.
Your Next Step: Take Action and Break Free of Money Myths Holding You Back
This section is all about action!
Now that we’ve debunked myths, it’s time to create the life(style) you deserve by putting everything into practice.
Use these 5 simple but powerful steps to help you set new financial intentions and make 2025 your year of financial glow-up:
Step #1: Identify and Challenge Your Money Beliefs
First things first, let’s get real with ourselves: the way you think about money is the foundation of everything you’ll do moving forward.
Those old beliefs (like “I’m not good with money” or “Money is hard to come by”) don’t serve you anymore.
Take Action: Take a moment to reflect on your money beliefs.
How were you taught to think about money growing up? What messages have you internalized from society or your culture?
Grab a journal (or even use your phone’s notes app) and write down your money beliefs. Then, challenge each one. Ask yourself, “Is this true? Is this belief helping or hindering me?”
Pro Tip: For each limiting belief, write a new, empowering statement.
For example, if your belief was “I’m not good with money,” rewrite it as “I am capable of learning and mastering my finances.” Repeat your empowering mantras every day to retrain your mind for success.
Step #2: Create a Financial Vision Board
We all know how powerful visualizing our goals can be. So, why not put your financial dreams on display?
A vision board is an amazing tool to help you focus on what you want to achieve and to remind you that you’re the one in charge of your financial future.
Take Action: Start by gathering magazines, printed images, or even Pinterest printouts. Look for photos that represent your financial goals for 2025 - things like buying a home, taking a dream vacation, or building a solid investment portfolio.
Assemble them on a board (or use a digital tool like Canva) and hang it somewhere you’ll see it every day.
Every time you glance at it, you’ll be reminded that your goals are not just dreams - they’re your future.
Step #3: Practice “Financial Rehearsals”
Sometimes, our old money habits creep back in when we’re faced with real-life situations. Maybe it’s that urge to splurge on something you don’t need, or the hesitation to negotiate your salary because you don’t want to seem pushy.
But here’s the truth: You are in control of every financial decision you make.
Take Action: Practice “financial rehearsals.” Role-play scenarios where you might face old habits or challenges.
For example, practice saying “No” when a friend invites you to an expensive dinner you can’t afford. Or practice how you’ll negotiate your next salary increase by asking for what you’re worth.
Pro Tip: Confidence is built with practice, and the more you rehearse your financial decisions, the more second nature they’ll become.
Step #4: Experiment with a “Myth-Free Month” Challenge
It’s time to take action and there’s no better way to do that than by committing to a “Myth-Free Month.” Pick one of the myths we’ve discussed (or one of your own) and make a conscious effort to challenge it for 30 days straight.
Take Action: For example, if you’ve always believed “investing is too risky,” challenge yourself to research and invest in one beginner-friendly fund.
Or, if you’ve believed that “debt is always bad,” create a plan to pay off high-interest debt while using strategic debt for investments like education or business.
Document your journey and celebrate every win along the way. By the end of the month, you’ll have taken real, tangible steps toward breaking those myths once and for all.
Step #5: Build Your “Financial Affirmation Toolkit”
The final step to breaking free from money myths is creating a toolkit that reminds you who you are - a woman who is in full control of her financial destiny.
Take Action: Start collecting empowering financial quotes, screenshots of your milestones (like hitting a savings goal or paying off debt), and a list of your financial wins.
Add them to a folder on your phone, create a Pinterest board, or print them out and keep them visible at home or work.
Pro Tip: Whenever you feel stuck or overwhelmed, pull out your affirmation toolkit and remind yourself how far you’ve come.
You Are the Boss of Your Money
At the end of the day, the most important thing is this: You have the power to change your financial story.
Those money myths holding you back and making you feel stuck? They don’t have control over you anymore. You’ve got the knowledge, the tools, and the mindset to break free and create the financial future you deserve.
You are the boss of your money. Your future is in your hands, and 2025 is your year to take charge, crush those financial goals, and live the life you’ve always dreamed of.
Remember, money doesn’t have to be scary. When you take control, it can be empowering, exciting, and totally within your reach!
