We all have a habit of consoling ourselves that things will get better. And for the added feel good factor there are Financial lies women tell themselves all the time. Maybe to overcome their anxieties or to make themselves feel better, but these lies eventually would have to be dealt with. Ignorance may be a bliss for the time being, but finances need to be taken very seriously. A momentary smile can be a long bleak road ahead.
Check out some Financial Lies women tell:
Being a woman is all of this, all of that and so much more. Its natural to undergo swings of ups and downs, and not everything stays constant. But the financial situations may affect women more than they affect men, for we are made that way; more sensitive, overly emotional, uncontrolled in our expressions and yeah worried at the drop of a hat. Check out some financial lies women tell themselves to get out from the situation for the time being:
1- I am so young and I have ample time to save in future:
There is never too early to begin saving. Even a piggy bank for kids is designed to help them understand the power and importance of saving. No matter what age you are, there is always this financial lie you tell yourself, that you are still young to save. And trust when we say, it will get difficult from here. If you don’t spare enough for savings right away you will never have the habit of saving
2- Why do I invest when keeping in bank is a safer option:
Keeping in bank in your savings account may sound like the most liquid of saving options. But you need to invest, your current money should be put to something better which helps you earn more money in future. Money should be kept in different portfolios and only then will the monetary rewards be coming with time
3- I don’t need any big insurance cover:
There is a monetary value embedded with every individual, its not to worry you. But uncertainties in life are apparent and you cant help but be proactive for them. Buying an insurance cover is not just what it means, get appropriate life and medical insurance. Who knows what is in store for you ahead, be prepared. And the earlier you buy adequate insurance the economic the plans are
4- There is no need for a reserve:
For those who believe in earning and burning, this can be the financial lie they live with. Why do you even have to reserve when you have a recurring salary credit in your account. Well reserve is your pool of money for the rainy days which may not be a part of your plan. This reserve must not be the long term investment or the mutual fund or investment in stocks. It is the near liquid cash you keep safe to be withdrawn as per need
5- Let me use all my money now and I can save the next salary:
Whenever you lie that you will save from the next salary, trust you wont. Keep a fixed percentage of your earning always separated for saving. And another fixed percentage for investment. This will prevent you from taking shelter under the financial lie that you can save money from next month onward
6- My credit card will be there for everything I ever need:
Credit card is not a money spinner it its a debt that you borrow and have to repay. Don’t consider credit cards as your earnings or supply of money. They are nothing but a financial lie. All That you borrow from credit card needs to be repaid in time with interest
7- Let me buy those designer picks for now, ill think about deals later:
The biggest financial lie a women tells herself is, that she will buy this one last designer pick and check deals for later. This never happens, as the luring styles and trends keep coming in.
8- Only rich people build up wealth:
That’s certainly not true. Rich people don’t need to build up wealth but everyone else needs to. When a women says this financial lie she is definitely not taking a note of savings and investment potentials. Building wealth is not just for the have’s of society but for everyone else too
9- My credit score doesn’t matter until I buy a home:
The biggest financial lie a women tells herself, the credit score is not significant. Credit score comes into play even before you think of mortgage and checks you in for every parameter you thought is not necessary. Build up on credit score for its not a quick fix task
The above compilation on Financial Lies women tell themselves is to share how a woman’s current feel good factor affects her future course of financial planning.
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