Scary Money Myths That Haunt Black Women’s Wealth

It's officially the Fall season and October is the month of haunted houses, ghost stories, and things that go bump in the night. But the truth is, the scariest things haunting many of us aren’t found in a pumpkin patch or at the movies. They show up in our finances with hidden myths about money and homeownership that hold Black women back from building the wealth we’re more than capable of creating.

This season, it’s time to turn on the lights and face those myths head-on. Here are a few of the “ghost stories” that sound real but are costing us more than we realize.

The Student Loan Shadow

One of the heaviest myths haunting Black women is the idea that student loans automatically disqualify us from owning a home. For many of us, education came with a price tag and those balances can feel overwhelming. But here’s the truth: lenders don’t reject you just because you have student loans. They look at how your debt compares to your income. Programs like FHA even take into account income-driven repayment plans. That means you don’t have to wait until your student loans are gone to buy a home. The real thing holding you back isn’t the debt itself — it’s believing the myth that you have to be debt-free to move forward.

The Credit Score Phantom

Another myth that sneaks up on us is the idea that unless you have perfect credit, you’ll be laughed out of a bank. That “phantom” of perfection keeps women from even starting the process. In reality, you don’t need an 800 score to get approved. FHA loans go as low as 580, and many lenders are willing to work with scores in the 600s. What matters is building consistency and showing you can manage your credit, not chasing an impossible idea of perfection.

The Investor’s Illusion

So many women believe real estate investing is for rich men in suits or people who already own dozens of properties. That illusion keeps us out of spaces where we belong. The truth is, you can start with something as simple as a duplex, or even “house hacking” , which is renting out part of your home to cover the mortgage. Real estate investing doesn’t have to start big, it just has to start.

The Safe Rental Trap

Renting can feel like the safer choice with less responsibility and less commitment but that safety comes at a cost. No responsibility for repairs, no long-term commitment. But what’s safe in the short term becomes a trap over time. Rents go up every year, but equity never grows. The longer you stay in a rental, the more you’re funding someone else’s wealth instead of your own. That safety net is actually a web keeping you stuck.

The Legacy Lie

Maybe the spookiest myth of them all is the belief that generational wealth means leaving behind stacks of money. That image is comforting, but it’s not how wealth usually works. The true legacy comes from assets — homes, businesses, insurance policies — that don’t just sit in a bank account, but grow and pass value forward. A house you buy today could be the cornerstone of wealth your family leans on for decades.

The Myth of the Perfect Time

And finally, there’s the myth that you should wait until “the perfect time” to buy a home — until the market cools, until the economy shifts, until next year. But here’s the hard truth: there is no perfect time. Waiting often means higher prices, higher interest rates, and years of lost equity. The best time is when you’re financially ready. Every month you wait, you’re paying rent into someone else’s pocket instead of your own.

October is the season of shadows, but shadows disappear when you shine a light on them. These money myths have haunted Black women for far too long, keeping us from stepping fully into the wealth and freedom we deserve. You don’t have to wait for a magic moment, perfect score, or debt-free life to begin building equity.

The scariest part isn’t the myths themselves. It’s how much we lose when we keep believing them.

If you’re ready to stop letting these myths run your money story, it’s time to get the tools that will move you forward. Start with our Credit Building Guide — it will walk you through the exact steps to strengthen your score so lenders take you seriously. And when you’re ready to take that bigger leap, our Renter to Homeowner Course will take you step by step from paying rent to building equity. Your dream home isn’t a fantasy — it’s a plan. Let’s make it happen.