Kectil Centre for Youth Excellence in Zambia had a distinct honor of hosting Global Award Winning Financial Markets Advisor Betty Wilkinson, on a panel discussing “Building Your Own Personal Financial Toolkit: First Steps and Smart Choices to Wealth Creation.”

Many people believe a few common myths about money that can keep them from achieving financial stability. Let’s clear up some of the biggest ones.

​✅You don’t need to stick to a budget; just work harder to earn more.

This is absolutely incorrect. You should manage your own money to pay yourself first. This means setting money aside for business investments, emergency savings, your future, and family expenses.

✅When you need money, just borrow.

No. Be very careful about borrowing money. Make sure you need it and can use it to generate income. Don’t borrow unless you’re sure you can repay it on time. When in doubt, don’t borrow at all.

✅Just find a lender.

No. Shop around for the best interest rates and fees. Compare prices on everything you buy, borrow, or invest in. Don’t borrow if you can save for that TV, smartphone, wedding, or school fees. Instead, set the money aside in an account you won’t withdraw from unless it’s for that specific purpose.

✅Husbands and wives shouldn’t share their money.

This is one of the most foolish myths, and families truly suffer because of it. In my experience, Zambians who earn and plan for their money together are the most financially successful. You can budget for each other’s fun and family spending while knowing exactly what those costs are.