5 Most Common Money Lies
In order to manage your money well, you need to stop believing some of the myths surrounding it.
Here’s a roundup of the top 5 most common money lies.
Money Is Not Important
Wrong, Some people may not require huge amounts of it, but money is still important - it’s what helps you lead a comfortable life and secure your future.
Credit Score Doesn’t Matter, I’m Young
You may not take out a loan to buy a car or house now - but you might later. Racking up huge credit card bills & lowering your credit score is not a good idea
I Can Splurge Now And Save Later
When you enter the workforce, you tend to enjoy newfound financial freedom. But that doesn’t mean you don’t save - 20%-30% of your take-home should be saved.
Keep All Your Money In The Bank
Keep some in the bank, but invest some of that money to grow your wealth. When you invest in equity mutual funds, you earn inflation-beating growth.
Investing Is Too Risky
Investing isn’t as risky as it is painted out to be. Yes, there will be market swings in the case of equity, but if you invest for the long term (5+ years), you will see good growth.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.