In Uncertain Times, It's Easy to Cling to Money Myths

“Rich people have no problems.”

“Poor people don’t know how to manage their money.”

“More money will solve my problems.”

“I’m smart, highly educated, and earn a lot—I should know what to do with my money.”

I’ve heard people express these beliefs. I’ve also helped people untangle them. Because these aren’t just opinions—they’re money myths.

Common money myths, in fact, that you’ve likely heard before. Or, maybe subscribed to in the past or perhaps believe still today (no judgment!).

Why Do These Myths Persist

Whether you agree with them or not, myths exist because they serve psychological, social, and practical functions.

They are passed down culturally—through families, communities, and the media.
They confirm biases, making it easy to see only the evidence that supports them. For example, if someone thinks “poor people are bad with money,” they may only notice examples that reinforce this and ignore structural or systemic factors.
They reinforce existing power structures, often benefiting those in control.
They provide a false sense of control in an uncertain world.

Financial uncertainty is always present, but some periods feel more stable than others—often creating an illusion of permanence.

The Trap of Stability

It’s easy to believe that certain aspects of life and business will continue indefinitely when things feel stable—like a strong economy, low unemployment, and a growing stock market. But history has shown that financial stability is never as solid as it seems.

Take the Dot-Com Bubble of the late 1990s. Investors and everyday workers believed that “Tech stocks can only go up” and “The internet is a goldmine.” The bubble burst in early 2000, wiping out trillions in market value and bankrupting companies that once seemed untouchable. People who bought into the myth that rapid growth meant permanent wealth learned the hard way that no market is invincible.

Or consider the Great Recession of 2007-2009. Before the financial crisis, homeownership was considered an unquestioned path to financial security. People believed “Real estate always appreciates” and “If you have a steady job, you’ll always be fine.” But when the housing bubble burst and the financial system collapsed, millions lost jobs and homes. Suddenly, the stability they relied on disappeared overnight.

More recently, the COVID-19 pandemic shattered many financial assumptions. Before 2020, many believed “If you have a steady job, you’re set” and “Diversifying your investments means you’re safe.” Then, mass layoffs hit, businesses shut down, and stock markets plunged. The pandemic exposed how quickly financial conditions could shift, no matter how well-prepared someone thought they were.

And even in the aftermath, new myths emerged. The explosion of tech hiring in 2021 and 2022 led many to believe “Tech jobs are recession-proof.” Then came the 2023-2024 tech layoffs, where major companies like Google, Meta, and Amazon cut tens of thousands of jobs. The idea that certain industries or positions are immune to downturns proved to be just another illusion.

At the same time, current global economic shifts are adding new layers of uncertainty. Rising tariffs and trade tensions between the U.S. and key partners like Canada, China, Mexico, and the European Union are reshaping industries that once seemed stable.

Businesses that relied on cheap imports are now facing higher costs, and sectors like manufacturing and agriculture are bracing for the fallout. The myth that “Global trade is too interconnected to be disrupted” is being challenged in real time. Meanwhile, companies that benefited from globalization are being forced to rethink supply chains, proving yet again that what once seemed like an economic constant can change overnight.

Think back—have you ever felt like your financial situation was on solid ground, only to have something unexpected shake it up?

The Shock of Uncertainty

What happens when financial stability disappears?

Often, people double down on myths.

When the Great Recession hit, many people who once believed in the safety of homeownership swung the other way, adopting the myth “Real estate is always risky.” After COVID-19, some investors stopped investing altogether, believing “The stock market can’t be trusted.” And after the tech layoffs, some professionals learned what those of us who started our careers in the mid 1980’s learned a long time ago: “Loyalty to a company guarantees nothing.”

This is what uncertainty does—when faced with the unknown, it makes people retreat into what feels familiar. But holding onto money myths doesn’t protect you. It just keeps you from adapting.

Breaking Free from Money Myths

So, what can you do?

Name the myths you’ve adopted, along with those you’ve let go of—and why.
Name the myths that piss you off! (FYI: This piece is the result of me being asked about myths in my industry and how I tackle them).
Recognize that stability is never permanent. Financial certainty is always temporary. Preparing for uncertainty is more useful than clinging to stability.
Question the narratives you’ve absorbed. Just because something feels true doesn’t mean it is. What myths (money or otherwise) might you be holding onto? And, do you notice any pattern regarding when you tend to lean into a myth and when you don’t?
Stay adaptable. The most financially resilient people aren’t the ones who believe in myths. They’re the ones who recognize change is constant—and adjust accordingly.