Don't fall for these common 9 money myths — they may actually be preventing you from getting rich, according to Barbara Corcoran, Gary Vaynerchuk, and other moguls

barbara corcoran barbara corcoran
Barbara Corcoran.
Taylor Hill/Getty
  • The Oracles is a networking group of the world's most prominent entrepreneurs and CEOs. 
  • They understand that it's easy to feel inundated with money advice regarding how much you should be making, where you should be saving it, and how you should be investing it.
  • While there is a lot of good financial advice available, there are also common misconceptions about how you should handle your money, especially as a business owner or entrepreneur. 
  • While investing in the stock market may pay off after 40 years, they recommend investing in yourself now, by learning a skill you can monetize.
  • "If you're always sharpening new skills, you'll make incrementally more money ... you can't save your way to wealth, but you can educate yourself there."
  • Visit Business Insider's homepage for more stories.

2020欧洲杯体育平台There's so much  out there that it can be difficult to differentiate .

2020欧洲杯体育平台To save you some trouble, we asked nine financially savvy business owners and advisors in  to share the biggest money myths that can stunt your :

1. To make money, you have to worry about money

Barbara Corcoran
Barbara Corcoran.
The Oracles

The more time I spend thinking about money, the less time I have to think of the next great idea that can make2020欧洲杯体育平台 money. Overthinking always limits creativity.

Instead, I just trust my gut. When something doesn't feel right, it's usually for a good reason, even if I can't put my finger on why. Your gut is a collection of past experiences — and mine has never steered me wrong!

, founder of The Corcoran Group, podcast host of  and shark on

2. Stick to the status quo if you want to get rich

Gary Vaynerchuk
Gary Vaynerchuk.
Courtesy of The Oracles

Don't be romantic about how you make money. Whether you're an entrepreneur or an employee, your current revenue stream isn't necessarily how you'll make money in the future.

When you climb the ranks, it's easy to lose creativity and that desire to change the status quo — until you're replaced by someone who still has those things. Never let money make you comfortable. Always be innovating and thinking ahead.

, founder and CEO of, of 

3. Save your pennies and watch the dollars grow

James Sixsmith
James Sixsmith.
Courtesy of The Oracles

Many people will tell you to  and let compound interest turn your paychecks into millions. The problem with that advice is that you have to work for 40 years.

Instead, invest in yourself by learning a skill you can monetize. If you're always sharpening new skills, you'll make incrementally more money. That's real compound interest. You can't save your way to wealth, but you can educate yourself there.

— James Sixsmith, founder and CEO of , cofounder of , and former professional hockey player. Follow him on  and .

4. Financial success relies on past performance

Dan Schatt
Dan Schatt.
Courtesy of The Oracles

2020欧洲杯体育平台Companies like Blockbuster,, and MySpace were household names — until they crashed. In contrast, many that Wall Street dismisses outperform the market significantly.

The right investments are the ones that genuinely interest you, whether that's Bitcoin, stocks, or any other asset classes. If you talk to people, read the news and actually use the products you invest in, you'll have a better understanding of where your investments should go than the "experts" do.

— Dan Schatt, cofounder and CEO of . Follow him on .

5. Prioritize security over market volatility

James Daily
James Daily.
Courtesy of The Oracles

An annuity salesperson convinced my client to sell his Tesla stock because of market volatility, so he gave up control and liquidity in exchange for "security."

2020欧洲杯体育平台But when he lost his job, he had to pay an early withdrawal fee to access his money. His $500,000 annuity was only worth $300,000, compared to the $3.2 million his stock would be worth today.

The salesperson didn't disclose that he owned stock in the annuity and was working on commission. Always question others' interests and how they align with yours. Are they getting a commission, or do they only make money when you do?

, founding partner of . Follow him on .

6. Build a nest egg as soon as possible

Corrie Elieff
Corrie Elieff.
Courtesy of The Oracles

The highest rate of return on your money is not in a house or savings account, where it will sit and get eaten by inflation. Invest in your primary asset: Yourself — and your business, if you own one.

2020欧洲杯体育平台This multiplies the abilities that create your income, so you can achieve financial independence. When your money is still, it's ill. When it's flowing, it's growing.

, cofounder and chairman at and founder of Cardone Canada.

7. It takes money to make money

Bedros Keuilian
Bedros Keuilian.
Courtesy of The Oracles

Don't let the idea of starting a business  or even a side hustle — 2020欧洲杯体育平台intimidate you; the barrier to entry in business is lower than ever. Using tools like WordPress, PayPal, and social media, you can create a website, advertise with how-to content and accept payments for free.

2020欧洲杯体育平台As long as you know how to sell and you're solving other people's problems, all you need is a little creativity and willingness to take risks and outwork everyone else.

— Bedros Keuilian, founder of. Follow him on,, and.

8. Having a 'normal' routine will make you richer

Michelle Luchese
Michelle Luchese.
Courtesy of The Oracles

I do my best thinking between midnight and 3 a.m., when I'm free from dinging email and text alerts. Figure out when your mind works best, capitalize on it, 2020欧洲杯体育平台and don't feel bad if it's not during the 

The world's wealthiest people didn't become successful because they were coloring inside the lines or doing what everyone thinks they're "supposed" to do.

, cofounder and chief product officer of wedding band company . Follow her on .

9. Real wealth means having an enormous bank account

David Hoffmann
David Hoffmann.
Courtesy of The Oracles

Real wealth isn't just about having a lot of cold, hard cash. It's also proportionate to your happiness, health, and overall quality of life.

So don't just focus on what's in your bank account. Set aside time to take care of your mind and body. Stick to doing things you're passionate about. Surround yourself with positive energy. When you do all these things, money and success will eventually follow.

— David Hoffmann, cofounder and CEO of , a division of the international trade company . Follow him on .

is a mastermind group of the world's leading entrepreneurs who share their success strategies to help others grow their businesses and build better lives. For more, follow The Oracles on , , and .

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SEE ALSO: Gary Vaynerchuk and 8 other executives reveal their secrets for building a successful business while living a life you love

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