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.
"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.
"I don't have to save for retirement so soon." This is yet another myth that light should be shed on. Believe it or not, it's not unfathomable for someone to begin retirement saving during their mid-20s. While this may seem extreme at first, it should be noted that this will allow the individual to build their account sooner. This doesn't even begin to detail the increased amount that they stand to save, which only makes the idea of early saving that much more appealing.
"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.
"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.
"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.
"I don't have to save for retirement so soon." This is yet another myth that light should be shed on. Believe it or not, it's not unfathomable for someone to begin retirement saving during their mid-20s. While this may seem extreme at first, it should be noted that this will allow the individual to build their account sooner. This doesn't even begin to detail the increased amount that they stand to save, which only makes the idea of early saving that much more appealing.
"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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Kindly contact Bobby Jain for additional information regarding what you've just read.. Free reprint available from: 4 Common Financial Myths That Robert Jain Can Debunk.
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