3 Money Lies We’ve All Been Sold | The 3-Minute Guide

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Hi i’m aaron from broke millennial for the financial diet welcome to the three minute guide brought to you by skillshare there are beliefs about money that often get touted as fact but i’m going to debunk three common money lies we have all been sold lie number one student loans are good debt student loans are usually positioned as an investment in yourself

And therefore categorized as good debts it’s harder to progress in a career without either a college degree or going to trade school but sometimes you can’t afford that tuition outright so you have to take out a loan but it’s worth it because that’s an investment in yourself that’s going to be paid back in the future but the problem is the oversimplification of

Student loans being an investment in yourself has made it so many many people go into way too much debt thinking it’s an investment there just isn’t enough education about how quickly those interest rates add up not enough people are taught to think critically about the roi of their future career compared to the amount of debt that they’re about to take on sure

If you’re studying stem and you know that you’re gonna be getting into the six figures pretty quickly and it might make sense to take out forty thousand dollars worth of student loans to go to a great school but if you’re going into a field that’s notoriously low paying that kind of debt could just be detrimental line number two buying a home is always a good

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Investment buying a home might be a good financial decision for you but it isn’t unilaterally a good investment especially if you put down a small down payment and therefore don’t have much equity in the place you have to do the math based on where you live the cost of renting verse owning how much our property taxes the upkeep on this house if you have to pay an

Hoa or a co-op fee and then you also need to factor in flexibility are you going to need to move anytime in the next couple of years for your career that’s an incredibly important factor to consider in fact investment might not even be the right word if it’s your primary residence and you’re not renting any of it out real estate investing is not the same thing as

Owning your home line number three investing is complicated and for the wealthy i remember the first time i tried to open and invest in a 401k and was met with these terms like small cap large-cap mid-cap and had zero clue what any of that meant that’s okay you really don’t have to know a whole bunch of jargon in order to be an effective investor in fact you might

Already be investing if your country to a retirement account we often call this saving for a retirement when in fact it really is investing for retirement historically there have been high barriers of entry and the need for lump sums of money to even open a basic index fund but no more thanks to technology it’s not only much easier for you to educate yourself about

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Investing but it’s also easier for you to get in the game and you don’t have to hire a broker to handle your investments you also don’t have to be picking individual stocks index funds or etfs are a much better way to get started and automatically diversify you across different companies in different sectors which is a great way to lower your overall risk if you

Do want to do individual stock picking it’s best if you do it with money that you can stomach potentially losing also if you’re overwhelmed at the idea of just getting started with saving for retirement a great option is to pick a target date or all in one fund this is a fund that’s correlated to approximately the year you plan to retire so it starts you out and

More aggressive investments and then over the years will get you to more conservative investments as you approach retirement there are pros and cons to these funds but the perk is that if you can’t figure out quite yet how you want to be investing your money at least it gets you started then you can also go back in and change your investments later on after you’ve

Done more research and better know what kind of investor you want to be there you have it three money lives we’ve all been sold but definitely aren’t true now that you know that investing definitely isn’t just for the rich you might want to be figuring out how to make a little more money to put into the stock market one way is to up your game by using skillshare

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To building a custom wordpress theme to creating seo rich content as always those skillshare offers a huge range of high quality classes on must-know topics from writing to fitness to business and it’s all about what you want to learn at an affordable annual subscription of less than $10 a month and cents skillshare is sponsoring this video the first 500 people

To use the promo link in the description will get their first two months free to try it out risk-free click the link the description to check out this week’s featured class or any of the other classes skillshare has to offer have a money question you want to learn more about leave your topic idea in the comments section below i’m erin from broke millennial for

The financial diet and don’t forget to be here next thursday for a new 3-minute guide you

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3 Money Lies We've All Been Sold | The 3-Minute Guide By The Financial Diet

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