Discover the truth behind finance major stereotypes and learn about the passion, creativity, and dedication of finance professionals beyond the misconceptions.
“Understanding Finance Major Stereotypes: Fact vs. Fiction”
Sometimes we may not even notice how phrases familiar from childhood influence our decisions and lifestyle. We suggest you familiarize yourself with a list of seven stereotypes on the topic of finance: if they are painfully close to you, it’s time to rethink them.
Put aside for a rainy day
Having a financial “safety cushion” is great. Not only can you cover unexpected expenses, but you can also earn income from your savings. If you do have specific goals, calculate their cost – it would be more effective to have separate savings banks, for example, for a vacation and a car. This way you can track your progress and make more informed financial decisions. A stash for a “rainy” day makes the process of saving joyless and makes you feel sad: and fear is definitely a bad financial advisor.
Borrow until payday
If you allowed yourself a small loan so as not to lose interest on the deposit, it is one story, and if you are left with literally nothing before each paycheck, it is a completely different story. If this happens, think about this: in essence, the “cash gap” is only the amount of the loan. It is worth saving this month, and you will have enough money next month – you will not have to pester your friends with requests. And then your confidence in yourself and tomorrow will return – you will feel much better.
It’s not money”
Wealthy people can be quite stingy – they know the value of money and are in no hurry to part with it just like that. Saying “it’s not money” or “is it money” is a sign of a person who is not on friendly terms with finances and is prone to emotional purchases and unjustified spending. Resentment at modest wages only adds fuel to the fire – you want to live beyond your means for at least one day, but instead of joy, irrational spending turns into holes in the budget.
“Save – earn”
You can only save what you already have. At the same time, the volume of potential earnings is unlimited. It is impossible to get rich only by saving your budget: concentrating on every opportunity to save a “penny”, you can miss the opportunity to multiply savings and increase income. In other words, saving should not interfere with earnings and take up too much of your time and attention – it is a much more valuable resource than an insignificant discount.
“I’ll buy on credit”
A loan is borrowed funds, essentially someone else’s money that belongs to the bank. In order to use it, you will also have to pay a certain percentage. It is useful to mentally separate the fact of “purchase” and the execution of a loan at interest. Phrases like “take now – pay later” sound positive only in advertising. In fact, getting something with a large overpayment, and also forcibly cutting your future budget, is not very pleasant.
“Making money is not my thing”
There is no such activity as “earning money” in its pure form, and therefore it is not worth elevating this ephemeral skill to the rank of talents. You can earn money with any skills – and if you find it difficult to properly evaluate your activity, consulting a psychologist will be a reasonable investment. If you believe that your skills are not in demand, find a person who has nevertheless succeeded in the field that interests you – he will become a living example that you are mistaken.