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Don't believe everything your parents told you about money

Don't believe everything your parents told you about money

Forget what your parents told you. Talking about money is not taboo.

Quite the opposite, in fact. Talking about money and updating your understanding of financial practices is incredibly important, says Chelsea Ransom-Cooper, a certified financial planner.

"The more access to financial education people have, the more confident they will feel when it comes to their finances."

Here are four common money myths that have been passed down through the generations.

Money will buy you happiness

Will money bring instant happiness? "That's not the case. A certain number doesn't ensure happiness for working professionals, she says.
"Families say you have to do X amount to be happy. Unfortunately, we know people who do that amount and still aren't. happy
Instead of focusing on an amount of money, reflect on career goals and values ​​that will lead to greater quality of life.”

Investing is only for the rich and debt free

The idea that investing is only for the rich is outdated, says Ransom-Cooper. Similarly it is not necessary to pay off all your debt before you start investing.
These misconceptions can prevent young professionals from maximizing their money growth opportunities. Through education and discussion, investing can seem more feasible to young professionals.

The only way to build wealth is by buying a house

Ju mund të mendoni se blerja e një shtëpie është mënyra më e mirë për të ndërtuar pasuri. Por nuk është një domosdoshmëri. "Ka kaq shumë mënyra për të ndërtuar pasuri në ditët e sotme," thotë Ransom-Cooper.
Investimi i hershëm dhe rritja e kursimeve tuaja të pensionit, për shembull, janë mënyra të vlefshme për të ndërtuar pasuri jashtë tregut të pasurive të paluajtshme.

Mbani llogaritë tuaja të kursimeve dhe rrjedhëse në të njëjtin vend

"In fact, it's not ideal to keep all your money in one major bank, especially since banks usually have very low interest rates when it comes to savings," says Ransom-Cooper "You're missing an opportunity to take advantage
of some higher interest rates through online banking or simply higher-yielding savings accounts," she adds.