How much do you really know about finance? While you may know to not overspend or use your credit card to extreme lengths, you might have been told supposed facts that, to say the least, don't hold water. Some of these financial myths are more common than others, but it's important to know how they can be debunked all the same. Here are 4 of the common myths that Robert Jain, as well as other names, can debunk.
"Cash is always the best decision." This isn't always the case, especially if you know which credit cards are available. Many of them offer benefits that encourage people to continue using them. Cashback is one of the shining examples, but there are others that names like Bob Jain can tell you about. It's important to carry cash in case of emergencies, such as a credit card being declined, but it's far from the ideal payment method.
"Only those that are wealthy can invest." While having a sizable bank account certainly helps, it's not a requirement for investing money. In fact, it's entirely possible to take a small amount from your weekly or biweekly paycheck, placing it in a separate account for the future. While it may take time to build, you'll be amazed by what you've accumulated by the end. Don't assume that investing is only limited to the wealthy.
"It's too early to save for retirement." On the contrary, it's been said that you benefit the most from retirement saving by starting at around age 30. It makes sense, as you're able to put money into your account sooner. Many people assume that their age determines when they should begin saving, which usually isn't the case. The earlier that you begin planning for retirement, the more money that you'll have to use during your golden years.
"I will never need an emergency fund." You should never make this assumption. Life is unpredictable and it can lead to certain events that may result in you being unable to financially support yourself as well as before. You needn't fear, however, as an emergency fund can help you cover some of the costs that you would have lost otherwise. It would be ideal if you build this account early on so that you have more to use if an emergency were to occur.
"Cash is always the best decision." This isn't always the case, especially if you know which credit cards are available. Many of them offer benefits that encourage people to continue using them. Cashback is one of the shining examples, but there are others that names like Bob Jain can tell you about. It's important to carry cash in case of emergencies, such as a credit card being declined, but it's far from the ideal payment method.
"Only those that are wealthy can invest." While having a sizable bank account certainly helps, it's not a requirement for investing money. In fact, it's entirely possible to take a small amount from your weekly or biweekly paycheck, placing it in a separate account for the future. While it may take time to build, you'll be amazed by what you've accumulated by the end. Don't assume that investing is only limited to the wealthy.
"It's too early to save for retirement." On the contrary, it's been said that you benefit the most from retirement saving by starting at around age 30. It makes sense, as you're able to put money into your account sooner. Many people assume that their age determines when they should begin saving, which usually isn't the case. The earlier that you begin planning for retirement, the more money that you'll have to use during your golden years.
"I will never need an emergency fund." You should never make this assumption. Life is unpredictable and it can lead to certain events that may result in you being unable to financially support yourself as well as before. You needn't fear, however, as an emergency fund can help you cover some of the costs that you would have lost otherwise. It would be ideal if you build this account early on so that you have more to use if an emergency were to occur.
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