Money myths that can affect your financial situation

Money myths that can affect your financial situation

People start thinking about old myths while putting money, spending, and saving. Often people are in a circle of many statements and myths regarding investment, spending style, and saving money. The myth does not apply to everyone, maybe one has ever thought of something, and it has come into force. But, that does not mean that there is a point in the rapidly changing view of the need for money that applies to all. In this article, you are talking about some of the myths that you should avoid.

Money should be more for investment:

On the point of investment, people often think that it will require a large amount. Otherwise, there is no use in investing. It is absolutely wrong. A person can start investing and saving at less than Rs 100. Once you start investing with less money, gradually increase it.

Mutual Fund SIP is safe:

A common belief is that mutual fund SIP is safe, it will not sink on putting money into it. But, everything of mutual funds depends on the market. It is not that it is completely risk-free if invested in mutual funds.

More discounts on big online sales:

People have been created a delusional about the lucrative discounting online shopping companies. At the time of exemption, most people feel that marketing should now be done. Otherwise, the exemption will be out of hand.

More credit cards, the debt will be higher: 

The higher the number of credit cards, the higher your debt, the more it is wrong. The increase in debt depends on your habit and need. The reason behind a person's debt depends on his spending habit and repayment of debt. It is not that you have more credit cards, you will be caught in the debt trap. Even with a higher number of credit cards, you can be entitled to a good loan after a while.

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Image credit: ft

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