What Are Some Common Misconceptions You See About Personal Finance? Essay

926 WordsSep 24, 20154 Pages
Jonny Pean doesn 't just work in the financial industry; he offers the man on the street insight regarding it on his blog, Finance Wand. Jonny spoke with us about getting your finances in order now, and how that will look in the future. What are some common misconceptions you see about personal finance? Well, when it comes to personal finance or money management, there is no dearth of misconceptions, especially amongst common folk with medium income. Let 's have a look at some of them. More money means more happiness - Being so, every celebrity would be happy while the reality says something else. Money, fame, fortune - these can 't really make one happy. Happiness is something that comes from within. It 's something which is completely unrelated to money. When someone is on his death bed, he doesn 't think about money. Big income ensures zero debt - No, this is a sheer misconception. Is there any difference between one who makes $50,000 per year with a $100,000 mortgage and one who makes $500,000 per year with $1 million in mortgage debt? In reality, debt rises with income. Your positive thought and mentality to repay on time can only keep you out of debt. More money equals to fewer worries - Money can 't end anxiety. Rather, it gives rise to something to be anxious about - losing your hard-earned money. Money ensures security - This is true to some extent. Money can make your life partially predictable, but you can 't control your destiny. We all are bobbing in the
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