Myths That Are Stopping You from Securing Your Savings
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Spend less. Save more. Invest MOST.
These three phrases have been our life-long mantra ever since we first saw real money. These words of wisdom surely do ring true but not all advice should be taken at face value. Some of these financial suggestions are nothing more than myths that don’t need to be heeded.
In fact, these myths can cause you more stress. They’ll even convince you against saving the right way at the right time.
Here’s all you need to be aware of.
Myth 1: Investing is only for the Elite
If you’ve believed that you’re not as financially stable yet, you’ll never be. This is a common misconception among people who lack economic knowledge or investment acumen.
Don’t make driving a luxury car or living in a designer home your standard of eligibility for becoming an investor. If you’re earning, fulfilling your basic needs, have some saved for immediate emergencies, go ahead and invest the rest in something productive.
Leaving money to lie around never helps individuals or economies. That money could earn you sufficient profits while it’s in circulation. So before tucking your few extra dollars under the mattress or in the freezer, read this piece again.
Myth 2: I don’t need to worry about money; My Partner Manages Everything
If you’re in a financial arrangement where one spouse pays all the bills and you sit and eat, don’t let this blissful oblivion go on for too long. Every individual needs to be self-sufficient and manage their own finances. In spite of who the breadwinner is, you should have equal knowledge of the family’s finances.
This is why it’s important to make the decision to invest with a mutual consensus so that if something were to happen to one, the other would know how and where their money was saved.
Myth 3: Credit Cards will Get me Through All Financial Troubles
“I have 5 credit cards right here in my wallet. What do I need emergency savings for?”
These are the kinds of ideas that have, unfortunately, led many wealthy families to their doom. Credit cards may seem like they can swipe to get you anything magically, but they come with their terms as well.
Regardless of how many credit cards your wallet can carry, they can’t ward off every emergency that is bound to happen in your life. Not to mention, the vicious cycle of debt that it entraps you in is a quagmire to escape from.
Myth 4: I’m too young to be thinking about savings
It’s no good to think about savings when you’re nearing your death bed. Do you think retirement is so far down the road that you can do with a few more years of oblivion from financial troubles? Don’t set yourself up for a trap; this myth is a hoax!
There’s no time better to start saving and investing than now, when you’re young. The younger you start to save for your retirement fund, the less you’d need to cut down from every month. If anything, this is the most sustainable way of saving for an unseen future!
If you’re ready to start saving, look no further because the most investment company is right here!