DMD 013: Busting myths about you and money
You don't need to be smart, disciplined or have a lot of money now to achieve a life you desire.
Welcome to issue #013 of DMD.
The show Myth Busters was super popular on cable many years ago and continues to get eye balls from its numerous episodes that live on YouTube. They simply busted all kinds of myths that people have believed for decades by proving it’s just not true.
In that vein, I want to share the top 5 myths that most young people (any age actually) believe about themselves and money when it comes to the thought of becoming financially successful.
I don’ think I’m smart or capable enough.
I don’t think I’m disciplined or focused enough.
I don’t think I am worthy or good enough.
I don’t think I deserve it enough.
I don’t think there is enough money to go around for me.
Ready for the good news? All of the above is BS and could not be further from the truth. They’re all myths.
You just need to know how to begin changing your money behavior which WILL lead to a life of less stress and a life you desire.
The first step is to give yourself permission to dream for real for your life.
Take a listen below to a very fun short interview I did well over a year ago with Philip M. from Ft. Lauderdale, FL and what he’s doing to change his money behavior. I love his transparency, honesty and his fishing savings account commentary!
Money Moves
Get sick and tired of being sick and tired of any money related stress you have.
Commit to getting small wins - such as change to a bank or credit union that can give you multiple named savings accounts (like Phil M. talks about above) and only requires you to have $0 or $5 minimum monthly balance requirement in each account.
Get rid of your one “savings account” and spread your money from that account into your new named savings accounts such as clothes/shoes, education, travel, new car, car repair, house down payment and the list goes on.
Begin automatic transfers each month from your checking account to these new named savings accounts that line up with what you will need and what you value of five years or less.
Markets update (stocks and crypto)
The S&P 500 (where most of the stocks in your ETF’s and mutual funds are located if you have an investment account) is down 4.5% YTD.
The Nasdaq (which has a heavy concentration of tech related stocks) is down nearly 8% so far in 2025.
Stock in focus: Microsoft - The stock of this multi national technology company that develops, licenses and sells software (Windows), productivity apps (Office - Word, Excel, PowerPoint, Outlook), cloud computing (Azure), hardware (Surface) and gaming (Xbox) has risen 2% in 2025 and 143% over the last 5 years. Wowza.
Bitcoin trades at $96,500 and is up 2% YTD, 65% over the last 12 months and a whopping 984% over the last 5 years. You don’t want to know over the last 10 years - it will make you feel sad. :)
Top alternative cryptocurrencies Ethereum, Solana, XRP and Chainlink trade at $1,839, $150, $2.22 and $14.81 respectively with the total crypto market cap just over 3.01 trillion - about $800 billion from all time high (ATH).
Get Savvy: Dollar - Cost Averaging
Definition: Dollar-cost averaging is an investment strategy where a person divides up the total amount to be invested across periodic purchases of a target asset to reduce the impact of volatility on the overall purchase. The purchases occur regardless of the asset’s price and at regular intervals.
Importance: This strategy is particularly important for individual investors because it helps mitigate the risk of making a large investment at an inopportune time. It spreads the investment risk over a longer time period, which can be particularly useful in avoiding the pitfalls of trying to time the market.
Practical Example: Suppose you decide to invest $1,200 in a particular stock. Instead of buying the stock all at once, you use DCA to invest $100 monthly over 12 months. This strategy can potentially lower the average price per share you pay over time, smoothing out your investment and possibly reducing the risks associated with market volatility.
Stocks
ROTH IRA (held with Robinhood)
I own the following ETF’s: VOO (tracks 500 stocks that make up the S&P 500 index), VTI (total stock market that tracks 4,000 U.S. stocks) and VYM (tracks high dividend paying stocks).
I own the following individual stocks as of April 15, 2025: Marathon Holdings (MARA), IonQ (IONQ), and Robinhood (HOOD).
SEP-IRA (held with the Acorns saving and investing app) - this is my “401(k)” because I’m self-employed.
Vanguard S&P 500 ETF (VOO), iShares Core S&P Mid-Cap ETF (IJH), iShares Core S&P Small-Cap ETF (IJR), iShares Core Total International Stock ETF (IXUS), iShares Core U.S. Aggregate Bond ETF (AGG)
Personal investment accounts (Acorns, Robinhood, E*Trade)
Moderately aggressive portfolio (mix of stock and bond ETFs) and individual stocks of Tesla (TSLA), Nvidia (NVDA), Stryker (SYK), Robinhood (HOOD), Adobe (ADBE) and Visa (V).
Basic tenet of investing in stocks - when you automatically invest weekly or monthly into solid growth stock ETF’s and mutual funds you don’t have to worry about the ups and downs of the stock market. Time, based on historical evidence of the U.S. stock market, does the heavy lifting of wealth creation. Stocks are your primary foundational investments to winning the money game.
Over the last 150+ years the U.S. stock market has given investors about a 10.2% annual ROI. Over the last 50 years, the annual ROI has been closer to 12%. Fantastic annual returns that compound into significant wealth.
Crypto
Currently own Bitcoin (BTC) and Chainlink (LINK)
Crypto is part of my asymmetric (high risk, high reward) investment portfolio as it has the potential to accelerate my overall investment returns over time.
POLL
I’ve been using Acorns for years as one of my investment accounts. Takes five minutes to set up and they automatically invest your money into one of five investment portfolios based on your age. You don’t have to choose the stocks -phew!
Click the logo above or this link to get started on your investment journey. You will receive a special $40 bonus as long as you set up at least a $5 or more weekly or monthly recurring investment.
Next week’s issue we will cover BIG PURCHASE DECISIONS (car and house) and strategies to take to make it a reality over time.
Until next time, thanks for being a valued subscriber to DMD and choosing the path of financial rebellion to create a better life for you and others.
Please take a second to share the DMD newsletter with others to help them do money differently too. Thank you!
Todd