IndiaLends Advisory

By IndiaLends Advisory

Feb 20, 2019

Money Myths That Might Be Holding You Back

Whoever said money does not buy happiness did not mean that money is not important. Of course, you do not need to go crazy while chasing money in your life but you should always strive to maintain a healthy financial life. In order to do so, we need to first get rid of any money myth that is holding us back. Here are a few of them and what the truth about them-

Keeping Debt Will Improve Your Credit Score

This money myth has stemmed from the fact that people belonging to the New To Credit category have difficulty in getting loans. Money sharks have manipulated the truth and led you to believe this myth only to make you their victim. The truth- you should pay your dues each month and maintain your credit accounts diligently in order to increase your credit score and get low-interest rates on personal loans in the future. “Keeping debt” is not what you should do but “getting debt and repaying it on time” is what you should do instead.

All Kinds Of Debt Are Bad Debt

If we had a penny for each time we heard this money myth, we would be millionaires. Any debt that helps you get to a better financial status in life is not a bad debt. If considering your present situation, taking that debt is going to increase your financial condition and personal well being, then you should not worry about it being a “ bad debt”

Related Article: Good Debt vs Bad Debt

Worrying About Retirement Is For The Old

We have all believed in this money myth at some point in our lives. Whether it is to convince our self to splurge on something that we really wanted to to get our parents to do our bidding. Do not believe in this money myth. Start saving for your retirement as soon as you start earning. Even a little investment can go a very long way to shelter you in your old days. Also, try and fund your parents’ retirement fund instead of trying to deplete it, that is the least you can do for them.

You Have To Take The First Offer While It Lasts

Now whoever gave wind to this money myth obviously did not want you to get the best things in life, they want you to settle. Taking the first offer you get is plainly illogical because there is always a chance that you might find something better. Especially in the case of loans, if you do not check offers from multiple lenders, you might end up paying more interest than you should have. And in the case of credit cards, you might even with the one you did not need or doesn’t work best for you. Make sure you check multiple offers before you make a final decision.

Only Who Earn A Lot Can Save Money

Once again, this is a money myth that has been going around for decades and people continue to believe in it although it is downright illogical. Saving money is not just the affair of people who earn a hefty amount. Everyone who has started their financial journey should understand the importance of savings and emergency funds. Even a small saving each month can prove to be very helpful when you need it most.

So now that we have busted the most common money myths that exist today, we can go on to save more money and thereby make more money. Until next time!

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