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  • Emily Friday

5 Money Myths to Leave Behind in 2024

How many harmful money myths have you heard in your lifetime?⁠

Whether we realise it or not, our misconceptions about money management and wealth can deeply affect our relationship with money. Negative beliefs about money can impact our daily spending habits and our financial goals for the future if we don't address them, which is why, in this week's blog post, we're debunking five common myths about money, so you can leave them behind in 2023 where they belong!

Here are the money myths you need to drop in 2024:

1) It's Rude to Talk About Money

Many people think talking about money is a big no-no. But actually, it can be super helpful to chat openly about finances. You can learn so much from other people and their experiences, and it can really help you on your own financial journey. So let's start breaking the taboo and start talking about money more often!

2) Investing is Too Risky

Lots of people think investing is super risky, but that's not entirely true. The fact is that some investments are more risky than others - and if you want to cut down on the risk, you can diversify your portfolio, stay up to date on market trends, and get advice from a professional. Investing smartly can actually help you build your wealth over time: just make sure you don't fall for the other myth that investing is only for rich people!

3) Money Isn't Everything

While it's true that money isn't the sole measure of happiness, it does play a big role in achieving your life goals and providing security. Acknowledging the importance of money doesn't have to mean prioritising it over everything else: instead, view money as a tool that can enable you to lead a fulfilling life, pursue your passions, and contribute to the well-being of yourself and others.

4) You Can't Retire Until You're 65

Although most of us won't be eligible to receive our state pension until we're 65+, there's no set rule that you have to wait until you reach that age to retire. You just have to start planning for it early, look into retirement options, and check out investment opportunities that can help you become financially free from a younger age.

5) Prepaid Cards and Debit Cards Are The Same

While both prepaid cards and debit cards may seem similar, they have distinct differences. A debit card is linked to a bank account and allows you to spend up to the available balance, while a prepaid card, like ImageNPay, allows you to load money onto the card before use with less risk of overspending as you can only spend what you top up. Understanding these differences can help you make informed choices about your financial tools and avoid unnecessary fees or limitations.

What other money myths need abolishing in 2024? Join the conversation on our Instagram @ImageNPay and hit the Follow button for more money tips!


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