5 Money Myths Our Parents Tell Us That Are Not True

Alifiya Aun Ali
October 09, 2018

As a kid, we all believe what our parents say until the realities come knocking and we realize that some things that are told by our parents are not completely true.

At least not in the way they told us. Protecting kids from the harsh realities of life, delaying any difficult, hard hitting or trying to add a bit of fun with fiction, all the parents have told white lies to their kids at times. Here are some of the most common money lies that parents tell their kids and make the growing mind, develop myths about money management, etc.

Money is the root of all evils:

Money is the Root of All Evils

In Pakistani society, this is one of the most common myths told by parents to their children since their early age. In your life, you may have heard of the phrase dozens of times. The phrase is “the love of money is the root of all evils.” Now being older, you can have a clear idea of the difference between the two said phrases. Believing in that money is the root of all evils or success is what have an impact on the financial health of any person and can change the mindset by shifting the understanding of people that there is nothing wrong with considering money as the base of life. This priority also develops the false belief that there is nothing wrong with the money possession.

The actual trouble starts when money begins controlling our lives and we find ourselves helpless without having a penny in our pocket. It can lead to making us pessimistic and losing all hope in life. In a hard time, it also leads us to see nothing like an opportunity but a problem. Believing that money is the key to happiness is what true evil is. However, there are very few who know that this is not a fact. Better is to focus on earning money and placing more and more attention and focus on winning money with the right means. If you can do that you will be able to buy things or life standard that can make you feel happy.

You must save more & more money:

You Must Save More & More Money

This is one of the biggest misconceptions about money that is told us. This myth has developed the fear of investment in many people. People believe that keeping money bank is the safest thing one can do to the hard earn rupee. This belief blocks the road to progress and making more money and earning benefits out of the saved amount. This is the reason why more people in Pakistan can be seen afraid of considering investment plans and finance programs like mutual funds etc. Although saving money is important, but there can be many reasons to invest partially of the collected amount. Spending means that you are making money for free which can lead to addition in your saved money. The top leading finance experts also suggest investing a part of your saved amount in investment plans or even in learning new skills.

The more you work, the more you earn:

The more you work, the more you earn

This is another common myth that exists in our society since long, The kids in our society are told that being rich is the best thing and must be the only option in your life. Moreover, to be rich, you need to work hard only then you can make much money. However, the fact is that you need to be smart in earning if you are willing to be rich in life. Working for hours and overtime for a company can earn you a limited amount of money by the end of each month, your job is not secure, you can not make any financial plan with utmost confidence, and thus you cannot be rich in your life. Rather if you are planning things in a way that can spare you the freedom of investing in new ideas and making money out of that, you can not only play securely with your finances but can also lead a happy and satisfied life.

Only becoming a Doctor or Engineer make you rich:

Only becoming a Doctor or Engineer make you rich

Although the false belief is now changed too much extent still there are parents that believe that a successful future lies only in professions like Doctor or Engineer, and thus their kids must only focus on polishing their skills and earning higher degrees in these fields. Also, they believed that or fields like commerce and arts could earn no financial or professional benefits to anyone.

However, with the inception of technology and the field of Information technology, the parents do not have an idea that if one has the creativity and ability to learn professional skills and degrees, they can make money from the fields like designing and fashion, etc.

Thus with the change in the time, it is no more a truth that one must only become a doctor or an engineer to become rich.

You can’t start a business without a large sum of money:

You can't start a business without a large sum of money

Once again the idea of doing business with a large amount of money has changed in recent days. Previously parents use to believe and teach their kids to do long hour jobs, save money, earn more and save more, and then start their own business to live a happy life. However, with the passage of time, the idea changed. With the new trends of doing business and making money, there are now options where you can make money by investing a small amount into any business idea as that of freelancing, blogging, YouTube, or mutual fund schemes, etc. It means that one does not need to have a large amount of money before they start settling up their business empire.

So if you need to let your kids play freely and make the right decision about their life without delaying anything and moving ahead with confidence and in the right direction, you must take the first step in diminishing the myths and changing the course of these money myths.

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