We all have a lot of reasons for not managing our money properly. Indeed, a few of those reasons are valid, but most are just excuses for being lazy and not wanting to spend 10 minutes on research. Therefore, to help you here is the complete list of 5 money lies millennials need to stop telling themselves cited from CNBC Invest In You.
1. ‘I need to focus on making passive income.’
For many millennials, passive income sounds like a lifetime dream. Who does not want to spend a three-week vacation, while keep earning money? Of course, we all want it.
However, we only see the result without knowing the amount of time and work someone needs to be able to do it.
Thus, millennials, especially those who just enter a workforce, should not focus on passive income. On the other hand, they have to focus on improving their active income. To get more passive income, they have to focus on their careers.
They can focus on their careers by sharpening their working skills. In other words, instead of fantasizing about earning a passive income of $500 a day, they actually have done some real work at their jobs.
Besides, there are also many millennials who are hard workers, yet are afraid to ask for a salary increase. The company usually uses excuses like they do not have the funds or economy is bad.
Sadly, many millennials believe it. Why? Because it is easier. The solution to this situation is to keep negotiating a higher salary or finding another job.
2. ‘If I just try harder, I can save more money.’
We are always told that saving money is important. It is equally important to exercise, eat healthy food, or regular family call.
However, Simply ‘trying harder’ won’t help you succeed. Trying to save money by buying the cheaper item isn’t enough. Trying to cut back on buying lattes won’t help, either.
In order to see the result, you need to take a look at your finances. You need to find what you do with a lot of effort but gives a little gain. In the end, you need to make things easier for you. Only when you do that, you can save more.
Writer: Lisa Ramadhani
