Most Common Misconceptions Young Adults Have On Money
Children often believe that money is something that people need to get what they want. If you ask them about it, they would often say that their parents get the money from a machine with the use of a card, or they have to go to a place called the bank to get money. Sometimes, money is not necessarily needed since their parents have these credit cards that could pay for everything.
As they grow older, they slowly learn to understand that it is not as simple as it may seem, that money should be earned. However, they still wouldn’t be able to understand that it is pretty difficult to earn the money even with a job. Here are a couple of misconceptions young adults believe in about money.
[su_quote cite=”Justin Rosenstien” class=”cust-pagination”] “Life is short, youth is finite, and opportunities endless. Have you found the intersection of your passion and the potential for world-shaping positive impact? If you don’t have a great idea of your own, there are plenty of great teams that need you, unknown startups and established teams in giant companies alike.” [/su_quote]
“It’s my money, I can spend it however I want to.”
Teenagers nowadays simply cannot wait until they become an adult. Live on their own without having to follow the rules of their parents, get out of school, have their own job where they could earn money, and most of all, spend their own money however they want to, without anyone getting in their way.
They want to live the life the way they want. However, what they don’t know is that the journey to adulthood will never be easy. They don’t always realize the importance of staying in school to get a decent-paying job.
They don’t have an idea how much living on their own will cost and that having their own place means that they have to pay their own bills and taxes, as well as get their own groceries. This is one of the most common misconceptions that they have.
Yes, young adults can spend their money however they want, but if they’re not responsible enough to handle their money wisely, they might end up on the streets or with a ton of debt.
“I’ll make a lot of money once I graduate.”
It is almost everyone’s dreams to be able to get through college and get their dream jobs. Unfortunately, not everyone is lucky enough to have their dream jobs straight out of college. Most of the time, they would get stuck in a low-paying job that they just don’t like. So the thought of making a lot of money after graduating is a little too impossible sometimes, also because of the student’s loans and other types of debts that pile up with credit card use. It can he tough indeed but as long as they’re working hard, nothing is impossible, it will all work out in the end.
“I’ll have more credit cards than my parents.”
As kids, they might think that there is such thing as a magic card that adults use, to buy whatever they want, it’s even better than money. Teenagers would then learn a little more about it but still don’t know that it is a more complicated than what they think they know.
Almost every young adult wishes to have a credit card, so they could get anything with just one swipe, and they could easily pay it off later. What they don’t know is that paying it off is the most difficult part, because of the big interests and such, so it’s like they’re actually spending more money than they’re supposed to.
[su_quote cite=”Dale Archer” class=”cust-pagination”]“Universities used to prepare young adults for the real world. I dare say the graduates today go in without a clue and graduate without a clue. It’s time to acknowledge the college degree is not worth what it was in the past. Times are changing, and so is the way we prepare our youth to survive in a competitive world.” [/su_quote]
“I can save up later, I’m not that old yet.”
Young adults believe that they’re too young to save and that they should spend all the money they got. What they don’t know is that it is not easy to save that’s why it takes years for some people to save money.
There is no such thing as too young to save. Money comes and goes and no one knows what will happen in the future so it is best to save as early as now.
These are just some of the many misconceptions young adults believe in when it comes to money. There will always be room to learn in life, even adults are still learning. Share this article with your family and friends for some added wisdom.
More in Life Style
How To Make Better Financial Decisions
Making financial decisions can be tough at times, especially when you are not entirely sure what you should be doing. But...July 18, 2023
The Challenges of Digital Currency
Digital currencies like Bitcoin and Ethereum have gained significant attention in recent years. As the world is increasingly digitized, the idea...July 14, 2023
The Plight of the $500 Million Mega-Mansion “The One”
For those who have a taste for luxurious living, “The One” is sure to leave them awestruck. The mega-mansion is located in...July 7, 2023
Give Your House a Makeover Without Breaking the Bank
Have you moved into a new place, or are you looking to change up the vibes in your house but are...July 1, 2023
Why Joint Bank Accounts for Unmarried Couples Are a Problem
A joint bank account is a type of bank account that is shared between two or more individuals. It allows multiple...June 20, 2023
How Students Can Find the Perfect Internship
Finding the right internship can be a challenge for students. But it does not have to be. With these six tried...June 14, 2023
How to Scale Up Private Capital
Private capital has recently become a popular alternative for businesses and investors. It offers companies an attractive option to raise capital...June 7, 2023
Private Jet-Setters “Not Happy” With the Insanely High Cost of Private Air Travel
In recent years, private jets have become increasingly popular as an alternative to commercial airlines. With its countless benefits and conveniences,...June 2, 2023
This AI-Backed Technology Generates “Custom” Interior Design
Interior design has been revolutionized by Artificial Intelligence (AI). This technology has enabled users to generate custom images for interior design...May 25, 2023