The Truth Hidden By Some Myths About Money

Unless you live in a cave in the middle of nowhere, you will surely have heard the saying, “Money is not growing in trees!” But what you may not have heard is the view of different financial experts that such and similar expressions have actually come about to motivate people to work hard, and actually turn their eyes on money in a quite negative direction. The real truth is that money is available almost everywhere!

There is so much money and gold in the world that you have every opportunity to earn, that all you have to do is be able to understand the different ways you can get to it. And even the fact that money does not grow in trees is actually a lie – because the money banknotes actually come from the cotton bushes. But if we speak seriously, the notion that money is very limited is not true, because the money is given by the person himself – with courage and the right attitude it can be without limit.

Therefore, it is worth paying attention to how many different myths about money can lead us to bad advice and decisions related to the financial world. People are working hard to make the right decisions for their finances, and although they often believe they are on the right track, because of the misinformation and money myths they believe in, the trail of success actually leads the other way.

The combination of such a number of wrong myths may cause people to think that they are financially very clever when, in fact, because of blind confidence in false information, they often come directly to bankruptcy. In short, people often do not know what they do not know. Making decisions based on misconceptions and myths about money can be quite dangerous for your wallet.

It is important for everyone to understand the truth about some of the most common myths about money, to make the right attitude to personal finances and to be more confident about their well-being and the right decision-making. Read on to find out if you have any of them.

 

It is bad to use ATMs because an evil one can read your bank card information or PIN code

It is bad to use ATMs because an evil one can read your bank card information or PIN code

In fact, very rarely have there been cases in Latvia where people have reported this type of fraudulent cases where ATM card readers have “stolen” your bank card or bank account information, thus accessing the victim’s finances. However, the number of these cases is so small that it does not mean that you can no longer use ATMs as a safe way to deposit or withdraw cash.

According to the bank rules, if you find that you are the victim of such an offense, your bank will still have to repay the money lost. Never be wary of being vigilant and regularly checking your account balance to see if there is any suspicious activity you don’t remember having done.

Today, it is easy to access online application banking or at least a bank account, so keeping track of your virtual money world has never been as easy as nowadays. Report any suspicious activity immediately to your bank, say, follow and save money yourself, then others will follow your example!

 

The most secure money in the bank!

The most secure money in the bank!

This will depend on how you look at it. From a technical point of view, yes, your money is the safest to be in a savings account or debit card account than, say, hiding it under a bed or in a box of sweets. But this concept – “Money in the bank” is a little more complicated than most people understand, because talking about the existence of money in the bank can talk about a lot of different things. Situations when your money in the bank is not the highest:

  • On a Current Account: Your money is not fully secure on your current account, as it typically has a debit card. And if someone has access to your bank card or even knows its number and data, these people can take unfair advantage of all the funds on the card by emptying your account blank. In such cases, your activity window is small to be able to report abuse and get your money back. Very often this money will be permanently lost. Thus, the best way to safely use your current account is to keep only enough money to cover all invoices that require online payments and to withdraw the rest of your money in cash. The second option is to set a limit on the amount of payments for one day, so the garnishes can only plunder a certain amount of money, but not completely clear your bank account.

 

You should not make cash deposits with an ATM because the ATM is less reliable than a man

You should not make cash deposits with an ATM because the ATM is less reliable than a man

In fact, well-trained bank advisers may also be mistaken in transferring the money you want to deposit into your bank account. In addition, this probability is much greater. In either case, in both cases, it is your bank’s duty to settle the mismatch.

ATMs are equipped with video surveillance cameras that record the moment you place cash in an ATM – if you do one banknote after another, it will be possible to visualize it if additional evidence is needed to clarify the situation. Pay attention to how many and what banknotes you place in your account via an ATM and immediately notify the bank if something goes wrong. Your bank has a duty to investigate this issue finely, so make sure you have all the evidence you need – dates, business numbers, and other relevant information.

 

Every dollar cent saved is a dollar cent earned!

Every dollar cent saved is a dollar cent earned!

Budgeting and saving can help you get to a limited amount of money. At some point, it will not be enough for you to save on your monthly salary and you will have to start thinking about how to actually earn more money. When you just start managing your financial information, personal budgeting and the introduction of austerity measures are very important things.

This is the way you teach yourself to spend less on things that you don’t really need, thus starting to build consistent and successful financial daily habits. In addition, saving more money, you begin to understand the true power of financial freedom – the absolute sense of security that only financial stability can provide. However, once you have developed these consistent, financial habits, it will be time to start working on earning more money, because at the end of the day you will no longer be able to cut down on your current monthly salary.

As a result of this myth, people are just looking at their monthly budget spending section, but what about the lack of income? Therefore, the solution is not only to cut costs, but also to get a better paid job. In addition, there are a number of other ways to earn some extra money if you are not getting paid at the moment.