Kewho Min, Accountant, On Common Money Myths

Learning to manage money is difficult. It’s even harder when you have a misguided understanding of money itself. It’s been around for centuries, and yet there are still millions (if not billions) of people out there who simply don’t know anything about it. This is worrying, considering the fact that money is a necessity in life.

Again, in order to become financially stable, you must first understand money to begin with. This is not impossible, it just takes time. So, to offer my assistance, I’ve decided to dispel a few of the most common money myths out there.

Credit Cards Are Terrible
Too many people assume that credit cards are a terrible idea. This is simply not the case. If handled properly, owning a credit card can be truly helpful. As long as you can make the appropriate payments on time, you will be in fine standing with your creditors. Additionally, many credit cards feature a variety of rewards programs so that you can earn points for any number of things. However, the best part of owning a credit card is your credit score. If you are able to make the proper monthly payments on time, then you will improve your credit score, which you can then use for a variety of large purposes.

Young People Don’t Need To Save Yet
This is one of the largest misconceptions of all time. Saving as early as possible is the best thing you can do. The earlier you save, the better. Although this may be easier said than done, it will pay off in the long run. As your savings grow, they will compound, and only get larger. Once you’ve reached the age of retirement, you should have a healthy amount of money to live off of. Additionally, you can look into your employer’s retirement plans, such as a 401(k).

There’s No Point In Small Savings Amounts
Saving is a process. Obviously, we would all love to see our savings accounts overflow with hundreds of thousands of dollars overnight, but that’s simply not the reality of the world. It’s a process that takes time. And any amount that you can contribute can help. Traditionally, saving roughly 15% of your paycheck, at least when you’re young, is the best way to save for retirement.

Hopefully you can take this information and get a better handle on your money.

About Kewho Min

Kewho Min is an incredibly talented and experienced professional in the accounting industry. Currently, Kewho Min serves in the financial industry as a vice president of a high-profile financial institution. With several years of experience under his belt, Kewho Min has earned the respect and admiration of his colleagues and community members.