If you'd like to discuss finance, there are many topics that are worth sinking your teeth into. One of the most interesting, perhaps, is the topic about myths and the ones that are still trusted as fact. If your goal is to save money, falling for these myths is the worst thing that you can do. Fortunately, there is still plenty of accurate information that can keep you from falling from mistruths. Here are 4 myths regarding finance that the likes of Robert Jain can shed light on.
"You should always pay in cash." This may vary based on preference, but cash isn't always the ideal payment method. Reputable names such as Bob Jain can agree, seeing as how there are many credit card options that reward their customers. Everything from frequent flyer miles to cashback can be given based on the card that you use. Cash may be preferred by many, but to say that it's the best option would be an oversight.
"You should only invest your money if you're rich." This is another financial misconception that deserves to be debunked. Even if you aren't making six figures per year, you can still put your money into something you'd like for the future. It's a simple matter of saving up small amounts over the course of time until you have an accountant you can be happy with. Investing money is easy if you have the patience for it.
"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'm already secure, so why do I need an emergency account?" Simply put, you never know what might happen in life. Perhaps you end up leaving your workplace unexpectedly. Maybe a medical emergency arises that requires you to be out of work for during an extended period. The costs will add up, but an emergency account can cover many, if not all, of the costs. It's a simple matter of how you put into this account and, just as importantly, how early you begin saving.
"You should always pay in cash." This may vary based on preference, but cash isn't always the ideal payment method. Reputable names such as Bob Jain can agree, seeing as how there are many credit card options that reward their customers. Everything from frequent flyer miles to cashback can be given based on the card that you use. Cash may be preferred by many, but to say that it's the best option would be an oversight.
"You should only invest your money if you're rich." This is another financial misconception that deserves to be debunked. Even if you aren't making six figures per year, you can still put your money into something you'd like for the future. It's a simple matter of saving up small amounts over the course of time until you have an accountant you can be happy with. Investing money is easy if you have the patience for it.
"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'm already secure, so why do I need an emergency account?" Simply put, you never know what might happen in life. Perhaps you end up leaving your workplace unexpectedly. Maybe a medical emergency arises that requires you to be out of work for during an extended period. The costs will add up, but an emergency account can cover many, if not all, of the costs. It's a simple matter of how you put into this account and, just as importantly, how early you begin saving.
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