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5 personal finance mantras you should ignore

I’ve been struggling this week. Whether it’s burn out, tiredness, Covid-related anxieties, or a combination of all three, I’m not sure. When I feel like this, certain phrases or ideas annoy me much more than normal, which led me to compile a list of 5 personal finance mantras you should ignore.

The Twenty Percent is designed to paint a realistic picture of finance and to always be transparent. There’s no quick fixes and things don’t always work out. And that’s ok! I started this blog to create a community where we can all learn and grow together.

Normal – and less ranty – financial content will resume next week. But, for now, here are 5 personal finance mantras you should ignore.

  1. We all have the same 24 hours
  2. Just wake up earlier
  3. Spend all your spare time hustling
  4. Quit your 9-5
  5. Partying and socialising are a waste of time

We all have the same 24 hours

This just isn’t true. We all have 24 hours in our days, but that’s where the similarities stop.

Some people don’t have any external responsibilities or pressures. They can do their day job and the rest of their time is their own. Their 24 hours is very different to someone who has to care for children or other relatives too.

Others may be struggling to make ends meet and have to work multiple jobs just to make sure there is food on the table at the end of the day.

If you have a cleaner or a cook or even childcare, your 24 hours is not the same as someone who doesn’t have those things. Even having a car rather than relying on public transport makes a big difference.

While I am sure most people don’t mean it to come across this way, it is also an ableist idea. Disabled people may fatigue more easily so need more time to rest than able bodied individuals. For some individuals, daily tasks – like washing and cleaning – take much longer and make it harder to fit other things in.

I’m not writing this to make people feel bad or guilty about their lives. I’m saying these things because I think it is important to acknowledge your privilege and understand the difficulties others might be facing.

Just wake up earlier

Sleep is important. As someone who suffers from chronic fatigue, I know how crucial it is to make sure you get enough rest.

As mentioned previously, not everyone can. Their days are already maxed out and there is no more time.

For others, it might not be practical. If you wake up an hour earlier to work on a side hustle, you could spend the rest of the day exhausted. You might not perform as well in your main job or not enjoy seeing family and friends as a result.

There is nothing wrong with a lie in or the occasional duvet day. In fact, I think we should embrace these. We’re only human and get tired.

Taking breaks allows you to work more effectively and achieve more in the long run.

Spend all your spare time hustling

“Some people are so poor, all they have is money.” This is a quote attributed to Patrick Meagher and sometimes Bob Marley.

You can spend your whole life working and trying to earn more money. But, you might forget to enjoy life in the process.

Running a successful and enjoyable side hustle doesn’t have to take up all your free time. You can still make time to exercise, relax and socialise. It might take you a bit longer to achieve the results you want, but I would argue it will be worth it.

Quit your 9-5

There’s nothing wrong with having a ‘normal’ job. It offers financial security in a way that working for yourself doesn’t and it can be much less stressful.

Sometimes quitting your job and taking a leap of faith works out. Sometimes it doesn’t.

The vast majority of us have bills to pay each month and financial responsibilities. Others might have children who rely on them too. Quitting your job could be a very reckless decision.

It is also possible to enjoy your day job and you shouldn’t feel guilty about this. Many people have long, successful and rewarding careers without ever working for themselves.

Equally, if you want to quit your job and you’ve got the funds to sustain yourself – good luck! It could be the best thing that ever happened to you.

Partying and socialising are a waste of time

This is one you see a lot, particularly on Twitter. Apparently your 20s are for building a business and investment portfolio, not for hanging out with your friends, going on spontaneous adventures and enjoying festivals and parties.

Why can’t you do both? You can work hard and set the foundations for a successful career – if that’s what you want – while making time for your friends and family. Success isn’t as fun if you have no one to share it with.

There is nothing wrong with letting your hair down and partying (in a Covid-safe manner of course) if that’s what you enjoy.

Life is all about balance. Enjoy everything in moderation. Don’t deprive yourself of things you know you’ll enjoy in the name of hustling.

If you enjoyed this post, please like and share it across social media or with your friends! I’d also love to hear your thoughts and experiences. I hope you enjoyed my list of personal finance mantras you should ignore. Are there any other personal finance sayings you think people should ignore? What would you add to the list?

Don’t forget to follow me on social media @Katie20Percent to keep up to date with all my latest posts.

By The Twenty Percent

Hi I'm Katie and I use my blog to help young people take control of their personal finances.

4 replies on “5 personal finance mantras you should ignore”

These are all excellent Katie! Too often, we use status or material posessions as the measure of success, but many people with important jobs, big houses, fancy cars, and lots of money are miserable.

Another one I’d argue is that a university degree is the the only path to a “good life”. Lots of people who follow other paths – like apprenticeships – are happy and successful.

Couldn’t agree more. What about those people who claim anyone can save for a house in their early twenties when 90% of their deposit was via the Bank of Mum and Dad. Unbearable.

Quite right – there’s lots of value in rest. Aside from the fact life is for enjoying and sitting their with your piles of money is a little bit sad, you often do a job better when relaxed and happy!

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