Ah, financial advice. We all seek it out from time to time, especially when it comes to making big money decisions. 🤔💸 With the internet being so…internetty, there's no shortage of personal finance tips out there. Beware, though - it's not all great. Some of it is super outdated, and some of it just plain STINKS! 💩
Here’s five crap-tastic financial tidbits you shouldn't buy into (pun intended):
- 👹💳 Satan is a Credit Card - A lot of personal financial gurus might tell you that touching a credit card will immediately burn your hand off out of pure evil. However, credit cards are really only a negative if you use them irresponsibly. In fact, many credit cards have some pretty sweet points systems and come with a ton of perks. Work to always pay off your balance and try to avoid cards with high interest rates and annual fees.
- 😈 And Debt is The Devil - Sure, debt is a major Debbie Downer, but the reality is…well, it's a reality for a huge chunk of the American population. While getting in over your head in outstanding loans and a mortgage you can't afford isn't good, carrying a responsible amount of debt helps your credit score and makes you more attractive to lenders. If you do happen to find yourself drowning in debt, don't worry. There are several ways to clean up the mess without declaring bankruptcy.
- 💰 Bury a Pot O' Gold - We all have that crazy uncle who's got a leprechaun's life savings buried under the tomato garden. And while he's right that gold is a safe asset, it doesn't get the best returns. If you want to buy gold, consider investing in a gold-backed fund where your money will grow. And try not to let your uncle's paranoia get to you - we're all gonna be juuuuust fine.
- 🥳🚫 Zero Fun Allowed (While Saving) - Are you seriously buying yourself a treat before you've hit your savings goals? Well, good for you for treating yourself! It's probably not a good idea to splurge on that Gucci bag before the rent's paid, but there's no reason to put fun on hold while you're chasing your financial dreams. Make sure to budget for treats and you'll be more motivated to keep on saving.
- 🪦 Who Needs Life Insurance? - We love living in the moment just as much as the next guy/gal. Life insurance might seem like a waste of money, but they do offer financial protection for loved ones in case something tragic happens. You can also use life insurance policies to build wealth for the future! You can usually get a policy for cheap, especially if you're young.
🔥Bottom line: Society likes to gatekeep/girlboss us away from being financially savvy, but we're not havin' it! Take your power back and tell this bad advice to pound sand. Except your goal-hoarding uncle. Let him know we've got a great article on prenups in case he winds up with a gold digger (see what we did there).
Did we debunk any financial myths for you today?
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