BANGALORE: There are many money myths that people follow in their day-to-day life—“A penny saved is a penny earned”, “A home is a great investment” and “Money doesn't grow on trees.” Myths are harmless but sometimes they can turn dangerous. They can lead us to a great trouble and give us a wrong picture about saving, investing and money. Most of the people nowadays often found believing such myths and empty their wallet for no reason. Let’s have a look at some of the money myths that can prove dangerous for your finance in future:

1. ‘Finances are really simple then why to analyze’

This is one of the popular myths among the youngsters nowadays. Most of the young people think that as they don’t have much responsibility, they spend very less, keeping their finances as simple as possible. But this conception is wrong. If you think your finances are simple then it is better that you start analyzing them now, as you grow older even your finances will get complicated. There can be situations where you might have to pay down payment for your new house; there might be some medical emergencies or any child-related expenses in future. In order to overcome such drifty situations, you need to make your finance base strong. The best option is to track your expenses form now and start savings.

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