When you think about wealth, you cannot avoid confronting some of the myths that surround it. These myths are about what it means to be rich. One thing up front: although some myths may have a kernel of truth, at the end of the day they remain half-truths. Here is a short overview of some of the biggest myths about wealth.

1. The First Myth - Wealth Is Always Inherited

This claim is true only in a few cases. The reason it has such a pull that wealth sometimes seems always inherited is that those are very extreme cases. In fact, this claim belongs in the same category as the idea that a fortune can only come from an inheritance. Looked at soberly, the clear majority of today's wealthy once started out as ordinary earners, and their fortune only came about through hard work. Of course it is true that your network, your contacts and a bit of luck are very important if you want to become truly rich. But it is simply wrong that you have to be born into a rich family to be rich. Drive and ambition can just as well make you a millionaire (one day).

2. The Second Myth - Wealth Shields You from Everyday Problems

At first glance, this myth does not seem far-fetched at all. And it is not. Being rich means that people do not have to think much about travel, food or housekeeping. But does wealth bring only happiness? No: it also brings false friends, the ones who are only after the money. So you have to tell who your real friends are and who is just trying to get money out of your pocket or to share in the exclusive lifestyle. Another risk, of course, is being extorted or robbed, not only on vacation but at home too. Another factor is certainly the pressure that society or friends put on people with wealth. Being rich also famously comes with obligations and can breed envy.

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3. The Third Myth - Wealth Makes You Happy
This may be the most controversial myth, but it is actually quite clear that wealth does not make you happy. That is not just a subjective impression; scientists have actually confirmed it. They found that once you reach a certain magic threshold, more income does not make you any happier. Is being rich what people should really strive for? Rich in money, or perhaps rather rich in happiness? So why are so many people so intent on getting rich? It comes down to a crucial mix-up of cause and effect. It is not money that creates happiness; it is the person who is happy who becomes successful.