Scary Financial Myths: Debunked

Sometimes finances can be spoooooky! But they don’t have to be. There are a lot of myths and misunderstandings when it comes to money and finances. Those myths can be scaring you off from real growth and opportunities. Let’s make managing your money a treat, not a trick, by debunking some of these common myths:
 

Investing is Only for Wealthy People

When people hear “investing” they often picture Wall Street bigwigs with fancy suits and nice watches. Most people think investing is only for the wealthy, but that's just not the case anymore. You don’t need a pricey financial advisor or years of knowledge to get started investing these days. There are plenty of investing apps, including micro-investing apps, to help you learn more and get started even with a small amount of money. Of course there is always risk in investing, but if it is something that interests you, do your research and don’t let an imaginary price tag stand in your way. Our investment services team is also available to help you save and invest for your future.
 

Credit Cards Should Just be Avoided All Together

We have all heard the credit card horror stories. People that rack up an impossible amount of credit card debt and spend most of their lives trying to climb out of that hole of debt. But that doesn’t have to be you. When credit cards are used responsibly and intentionally they make amazing financial tools. Having good credit is important throughout your life, and using a credit card will help you establish a credit history. As long as you go into it with a plan, and only charge what you can afford to pay off, you will avoid major debt. And bonus: credit cards can come with a variety of rewards! Learn more about our MFCU VISA.
 

Creating a Budget and Sticking to it is Too Difficult

Creating a budget can sound like a good idea, but when you sit down to actually start it, you end up just staring at a blank spreadsheet. Creating a budget can feel overwhelming and confusing, especially if you aren’t a numbers person. And then after creating it, sticking to it can feel even more difficult. Luckily, there are plenty of premade budget templates out there. We even offer a wide variety of budget related financial calculators. Your budget can be as simple or complex as you need it to be. And with our online and mobile banking tools, you can easily stick to your budget by categorizing your expenses and staying on top of your statements. 
 

It’s Too Late (or too Early) for Me to Get Started

“It’s too late for me to start investing or saving,” “I’m still young, I don’t need to start thinking about retirement,” all false ideas. No matter how old you are or what you are considering, now is the perfect age to get going! It is never ever too late, or too early to start thinking about your future. If you’re young and starting to think about retirement, that’s amazing. If you are older and starting to think about retirement, that’s amazing! The point is, age doesn’t matter. Don’t let it hold you back from taking control of your financial future. 
 

I Don’t Make Enough to Even Try to Save

Many people feel like they are living paycheck to paycheck. It’s hard to imagine losing anymore of your monthly income than you already are to various expenses. You may be thinking “I don’t make enough right now, I’ll focus on saving later,” but the truth is the time is now. Even if you are putting away just a little bit every month, it will help you later. You will be surprised how putting away even a small amount in savings will add up over time.
 

I Shouldn’t Talk about My Money Issues with Others 

This is probably one of the biggest myths of all. Money is considered a “taboo” topic, something that shouldn’t be talked about at the dinner table. It can feel shameful and embarrassing to have money problems, but why is that? Most people have financial issues at some point in their life. It’s one of the biggest reasons couples get divorced, and one of the biggest causes of stress in many people's lives. By being open about your problems with your loved ones you can break the cycle of shame, and you can begin to work through your issues and alleviate the stress. 

Money doesn’t have to be scary, and we are always here to help. You can contact us at any time, or schedule an appointment if you want to meet with someone in person. Keep checking back with us for more blogs with financial tips and tricks!