Money Myths that will Blow your Mind
It’s rude to ask for promotions or salary increases
Working longer than two years in a job role can be an easy path to a higher salary. The most significant salary bump transpires when you're at a job for longer than two years but no more than five. If you’re looking for a financial boost, figure out what you feel you're deserving pay should be for your current role. Companies favor promoting from within. Make your wish to move up known to your superiors so that you are thought of before looking elsewhere when a higher-level role becomes available.
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Banks are the Best Place for Money
You shouldn't just throw your hard-earned cash into the first account you come across. Take your time when looking for the right place to keep your money. Think about how often you'll need to make withdrawals and what banking features are most important to you. Some people are content with managing their money online, while others appreciate being able to get in-person assistance. Some accounts give you more money for storing your cash but unfortunately, charge higher interest rates. Contrarily, other accounts usually require a minimum balance to be met in order to “earn” interest. If withdrawals are implemented before a specific agreed-up time, penalties can be applied, limiting your spending abilities while decreasing your contrived profit.
Cash Better Than Credit
In short, neither cash nor credit is better than the other. While there are many benefits to purchasing with a credit card, sticking to cold hard cash for your routine daily transactions may ultimately help your wallet. Paying with cards encourages you to spend more than you should. Pledging to undertake an overspending problem isn't easy. With the new millennium, people are flooded with credit cards and loan offers. Paying with money enables you to keep your debt in check. Usually, you'll spend less when you use cash. With the consistency of rising credit card fees, you may wonder how credit can save you money. To summarize, it shows your level of responsibility and builds up your credit score. A high credit score allows lenders to offer better deals, thus allowing huge savings over time. While credit vs. cash won't bring you instant savings, the long-term benefits could save you thousands.
The Best Approach is to Over-save
If you feel stress or guilt when spending money, on even basic necessities, you may have over-saving tendencies. Habitually, individuals who are unhealthy savers tend to pay too much attention to their investment performance. Believe it or not, there can be real risks to over- saving. Many people suffer from an illogical fear of spending money preventing them from simple life enjoyments. In turn, this can contribute to stress, anxiety, and possibly feelings of depression. The key to overcoming this habit is to get strategic about your saving.
Check your accounts quarterly and consider using a pre-mixed investment strategy like target-date funds. Financial advisors can be fantastic resources to help you ease your grip on your money. At the end of the day, adequate financial literacy can surely assist in keeping your pockets full, contributing to self-satisfaction and ultimately, inner-happiness.
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