Money can be complicated and it's easy to develop negative feelings about it amid inflation and its effect on the cost-of-living for many.

But as Toronto-based money expert and private wealth management adviser Robyn Thompson explains, there are ways to create and cultivate a positive relationship with money.

"We all need money, we all need to be able to keep the lights on and enjoy our life, so think about it differently," she said.

Speaking to CTV's Your Morning on Thursday, Thompson broke down common "money myths" and how Canadians can change their thinking around them.

'CREDIT IS BAD'

Thompson says credit is neither good nor bad: it just depends on where you are in your financial life.

While good credit may involve borrowing to invest in something that will increase in value, such as a home or an education, bad debt could include buying things on credit that won't appreciate in value, such as a new suit or shoes, or a trip.

"When you think about credit, think about it in the context of your life — is it going to benefit you or help you? — but stay away from the high [interest] credit cards," Thompson said.

"So just understand what is the benefit of the credit and don't get stuck in the cycle of borrowing and borrowing and borrowing."

'IM NOT GOOD AT MONEY'

Thompson says this is a phrase she hears all the time.

But what may be good for one person may not necessarily be good for someone else, she adds.

"Stop thinking about it from the standpoint of 'am I good or am I bad?' Just be present to what you're doing with money," she said.

"You can invest, you can make money, just learn and know what you need to be doing."

'MONEY CAN BUY YOU HAPPINESS'

Despite this common belief, Thompson says money can't buy you happiness.

What really matters, she says, is finding balance in your life, including making time to see family and friends instead of constantly working, and setting aside enough money to use in case of an emergency or to put toward savings and investments.

"It's really about shifting the mindset, understanding that money can't buy you happiness but it's the vehicle that's going to get you to...the things that make you happy," Thompson said.

Watch the full interview with Robyn Thompson at the top of the article.