Money Myths You Need to Stop Believing
A critical factor for attaining financial freedom is knowing the truth about money and how it works. Interestingly, too many people hold false beliefs about the concept of money. Some of them have existed right from our childhood so much that we no longer see any need to question them. Unfortunately, these myths influence our financial decisions a great deal. However, to make progress financially, we must identify these myths, know the truth and erase them.
Here are a few common money myths you should know and why they’re not true.
#1: You need a lot of money to invest.
This is not true. You don’t need to be rich to invest, but you need to invest to be rich. It is even quite risky to hold on to such a myth because with inflation on a steady rise; there may never be a time when you will have enough money to invest. When it comes to the topic of investment, the best practice is often to start small and expand gradually. It is the depth of knowledge you have about the market that should influence your decision to upscale your investment or not. The word is start and expand your investments gradually.
#2: I’m still young, so I don’t need to save for retirement now.
Retirement can feel very far away when you’re young but having all of those years to save can actually be incredibly powerful. That’s because time and compounding interests are important factors in a retirement savings plan.
Here’s the real deal. Did you know that the younger you are when you start actively planning and saving for your retirement, the less you’ll be required to fund monthly. Also by the time you are ready to retire,you’d have had much more than if you started later than you did. Remember that retirement is a gift and a reward we give yourselves. Would you want a comfortable retirement or a struggling one full of regrets?
Think about it? Begin this month and enjoy the magic of compound interest over the years.
#3: Working Harder Means More Money.
This is quite laughable because this belief has no place in today’s reality check.
Sorry to burst your bubble but hard work as it may is no longer the formula for acquiring riches. As a matter fact, overworking can lead to exhaustion and less productivity. The Word is to work smarter, not harder.
How can one work smarter you may ask?
Essentially, there are quite a number of ways to work smart. Amongst them include activating a side hustle that can earn you extra income. Basically anything you do outside of your main hustle to earn extra income is regarded as side hustle.
One sure way of working smart is to have your money work for you.
There’s no better feeling than earning extra income without breaking a sweat.
Making money even while you’re in your sleep.
How’s this possible, you may ask.
By joining a savings and investment platform like BizVest, you’re rest assured to have your money grow for you.
BizVest is a unique platform that helps people to save, invest and earn extra income.
You are provided with secure savings and investment options to choose from and you get to earn Returns on Investments and savings which appreciates from time to time.
With interest rates ranging from 10% to 15% per annum, you are guaranteed steady ROI all year round.
Visit www.bizvest.co to activate your journey to working smart and having your money working for you.
