Some Pieces of Financial Advice You Should Not Follow in 2022 & Beyond

Advisor May 3, 2022

The world is drastically evolving. We see changes in every aspect of our life every single day. The internet has revolutionized the world and all of us are bound to accept that change. Like it or not, the world has imposed its new trends and we have no option than submitting to these new trends.

Nevertheless, if there is one thing that has not changed yet, it is perhaps the archaic beliefs about money. Think about it: If an idea that worked pretty well in the 90s, does not work today. How come another idea that was ‘just good’ in the 80s can work today? This is exactly the case with money and finances. That is why, it is a crying need of the day to have pristinely clear and brand new perspectives about money and finances.

Public Domain / Pexels / By saying goodbye to old beliefs about money, we can thrive along with the drastically changing world.

By saying ‘old’ or ‘archaic’, we mean thoughts and perspectives about money that are no longer relatable. Ideas that can not be implemented in this era. So why not oust them? If an idea has no utility and usage, it is better to say goodbye to them once and for all. Here are some pieces of money advice that are no longer relatable – that you should not follow:

Split Bank Accounts With Your Significant Other

One of the most false notions about money is to share it with your spouse. It was pretty popular back in the 80s that newlywed couples would share their bank accounts and split their savings between themselves. Ultimately, it did not matter who has earned more or has more savings.

Caio / Pexels / Marriage and finances are two separate entities. Misalignment of either of them can cause big trouble.

Not only was this suggested to the newly married couples, rather it was made obligatory by the society that partners will go 50/50 with their money. This was a false notion that marriage entails financial collaboration. Unfortunately, this is still a trend n some countries. If you are one among them who still observe this, step back today. Having separate incomes and savings will make both of you independent – both financially and socially. Ultimately, you will spend a dignified marital life.

Do Not Spend “On Fun Things” Unless Your Debts are Completely Paid Off

Mikhail / Pexels / Though you should worry about your debts. But that doesn’t mean you do not have to spend even a cent on yourself.

This is yet another old-school money thought. Pay off your debts in their entirety, they would say, without spending money on fun things. A so-called influencer was once recorded saying: “Do not see even the entrance door of restaurants unless you holistically pay off your debts.”

Well, worrying about your debts is a good thing. In fact, that is something you should do. But does that mean comprising your whole lifestyle, needs, wants, and desires? Of course, not. Live the moment and invest in yourself. Consequently, it will pay off your debts on its own.