Lots of myths and stories have grown around money and the way money is being used, and these statements can be quite outlandish. The problem may not lie in the statements by themselves; the bigger problem is how we falsely interpret these statements in ways that cripple our way of thinking.

Here we guide you through some major financial myths that carry enormous mischief making potential:

There’s nothing safer than a Bank for keeping your hard earned money”

Did you know that the much touted savings bank account is not as safe a place as it has been trumpeted to be for ages by the wise owls of the financial community? The irreconcilable fact is that the pathetically low rates of interest that savings generate lag far behind the annual rate of inflation. In other words the money that you are accumulating in your bank savings account is losing its value faster than ever before.

A dime invested is a dime well spent”

This is the great investment trap that portfolio managers and investment banks have thrived on for centuries. It’s one of the biggest cons in operation and there are billions that still believe that it’s a bad day if they have not shoved some sizeable money into some kind of investment no matter how unrealistic it may look.

For an individual earning around $40,000 annually, it’s next to impossible to hoard anything tangible or substantial over a long period of time. And all that effort on scrimping and savings will go waste when inflation nullifies the end savings.

If you get the impression that this conversation is all about trashing savings you are wrong. Savings is a great way of organizing a budget to take care of short term expenses and for setting aside some serious cash for an emergency and that function will never go stale.

You will realize quickly that the real key to the future lies in increasing your income in the present rather than saving for the future.

Calculate what is required to live in reasonable comfort within a realistic level of technology usage. Then, try to generate more income to fulfill those needs.

The secret of wealth generation is to get your “ideas” to generate income for you, and to develop your skills around your core strengths to make even more money.

The typical middle class household remains morbidly focused on curtailing expenses and this often leads to more penury and more sacrifices. The family ought to be shifting its focus to generating additional income, and all members should be earning money.

The concept of buying big blocks of “time” by investing money long-term needs a rethink in favor of maximizing income earning potential in the present.

Buying a home is one of the greatest investments you will ever make”

The harsh reality is that property prices have been gyrating downwards while property taxes and home maintenance and repair expenses have literally gone through the roof.

Somewhere down the road your home ceased to be an “investment” and it became just a roof providing shelter at an increasing cost. We are effectively tying up funds in illiquid assets that can be accessed only when we move out and sell that property.

If the payment on the mortgage and the utilities taxes and maintenance are threatening your existing (and potential future) income, you are caught in an investment trap that will worsen your situation.

Credit cards are debt traps, cash is king!”

It has been drummed into our heads that by paying cash in the present we are actually keeping a lid on expenses. In fact handling a credit card brings serious rewards that retailers shy away from giving you directly.

Whether it’s a free trip for the kids to Disneyland or a paid vacation for a couple in the Bahamas or a ticket to the Opera or dining at the finest restaurant in the metro, the sky is virtually the limit when it comes to the perks and privileges of credit card usage.

The solution is maintaining discipline and paying off dues regularly month after month, and of course staying within your budget and knowing when you are exceeding your money limits.

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