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7 Money Lies To Stop Telling Yourself by Age 30.

I came across this article online and I believe that reading it would be quite helpful in handling your money worries.

Let's go straight to the 7 money lies that you should stop telling yourself right now either you are under 30 or over 30 years old.



1. So long as my job pays well, it's OK if I hate it. The job market may not be what it used to be, but by age 30 no one should be toiling away at a job that leaves them stressed out and dissatisfied with life.

We were inspired by a young woman who wrote about turning her back on a lucrative job on Wall Street when years of 14-hour work days made her overweight, burnt out and miserable.

2.Another lie is that If I turn a blind eye, somehow my finances will figure themselves out.

The worst thing I did in my early 20s was ignore financial red flags when I saw them. I didn't check my bank account for fear of how low the number would be; I left my credit report untouched for five years; and I didn't realize my first job even offered a matching 401(k) until I quit because I stuffed that folder in my desk and never looked at it.

Look: If you're broke, you might as well know it and own it. It's the only way you'll ever truly be able to do something about it.Don't every for once deceive yourself!

3. I should buy a home because that's what grown-ups do.

Researchers from the San Francisco Federal Reserve found people who earn 10 percent less than their neighbors are 4.5 percent more likely to commit suicide.

The key word here: Neighbors. Where you choose to live can have a big impact on how you view yourself, not to mention your financial well-being. Don't make the move till you're prepared.

Real estate expert Scott Sheldon points out that consumers aren't ready for home ownership until their debt-to-income ratio falls below 45 percent:

4.  If I start dipping into my savings now, I'll have plenty of time to make up for it later.
If you've managed to build a 401(k) with your employer, now is not the time to start chipping away at all that hard-earned retirement cash.

5. I'm too inexperienced to start investing: When I started earning enough to consider long-term investing, the biggest hurdle was figuring it all out with zero prior knowledge. I started small with a savings account, then built my way up to a 401(k) and Roth IRA through my employer.

I'm glad I did. According to personal finance expert Kimberly Palmer, someone who begins investing at age 25 will only have to save $4,830 annually to reach $1 million by age 65, accounting for an annual return of 7 percent after fees. That figure triples to $15,240 if you wait until your 40s.

6. I'm a failure because I'm not getting paid as much as other people my age.

7. I should have kids now because I want them.

"There is nothing more destructive to one’s financial future than bringing children into the world without having an established and stable means to support them," writes finance blogger Len Penzo.

He has a point. It costs nearly $240,000 to raise a child in the U.S. –– and that's not even counting college tuition once they leave the house.

And it's not just your finances that will suffer if you're not prepared, Len Penzo notes. "...it becomes extremely difficult to start a business, or gain the necessary experience, on-the-job training and/or education required for the type of career advancement opportunities that lead to significantly increased earning power."



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