Money has been a hush-hush topic for generations. Your parents must have passed on the wisdom of “Never ask a woman’s weight and a man’s salary.” Gone are those days because women are now ruling the workforce and people in general are more open about their struggle with their bodies. However, what has not changed is the conversation around money. It is still swept under the carpet like a sinful secret. This has led to so many overdue conversations. Myths, specifically. Myths have a mysterious and foreboding undertone. There is a need to openly talk about them on a daily basis, especially to spread awareness.
Some of the most widely spoken about money myths are as follows-
- You only need money to be happy– While being financially settled is a privilege and must never be taken for granted, you must not spend your days grinding and putting your blood, sweat, and tears to the point of exhaustion and burnout. Money is essential; the world revolves around it, but if you become too fixated on it, you will never lead a fulfilling life. The rat race is never-ending and you, my friend, will never feel enough. However, if, for once, you try to put a small portion of the money you earn aside for a noble cause, it will truly change your life. It will make your heart sing.
- Wealth managers are only for the wealthy– You feel intimidated by the idea of consulting a wealth manager. Your thought process with such little money will make the wealth manager laugh. You feel ashamed of the money you earned because, according to you, it is so little. You have compared and pretty much conditioned yourself into believing this myth. But there are managers catering to all kinds of audiences, trying to help them make wiser choices. They can help you manage your money as well. So, the few minutes of embarrassment are better than the regret you will carry into old age.
- You need a degree in finance to manage your money– This myth is truly applause-worthy. People find money management so daunting that it terrorises them. But, in today’s world, everything is available at the tip of your fingers. You can listen to a podcast, watch some YouTube videos, and read up on the internet, and a month later, you have successfully educated yourself to the point of graduating from the school of the internet. So, take the leap of faith and start studying finances and informing yourself.
- Retirement planning can be pushed to a later date– A lot of people prefer the YOLO aspect of life instead of understanding the magical power of compounding. Postponing retirement seems smarter because they want to enjoy the perks of earning and enjoying their hard-earned freedom. In this enjoyment, they foolishly choose not to plan, which could put them in serious debt and trouble later. The debt could pile up, and the freedom they enjoy right now could become history at a moment’s notice. So, plan, this could be you. You deserve a life of joy and good things.
- Insurance is not for everyone– A seriously messed up thought is that insurance is not something you don’t need. The pandemic was an eye-opener when people were dropping like flies, and all the possible medical insurance came in handy. So, get that insurance for yourself, for your loved ones, and for your car because you don’t know when calamity will strike and your life will change forever. It might be financial in nature but it can support you emotionally and make you feel safe.
The hope is that this article has changed your mindset about money and empowered you to make wiser decisions. Have an open dialogue about money with your loved ones. Appreciate each rupee you earn, but don’t let it ruin your mental peace. Money needs to be earned, and you will always find a way to do it. Like toxic friends, let go of your apprehensions and myths about money. These don’t define you, and you are so much more.
