Be Extremely Careful Who You Listen to About Money. Most People Have No Idea.

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Talking about money on social media is a craze.

Be careful.

There are a lot of people who know nothing about money. It’s not their fault either. Financial markets are purposely made complex so only the rich understand them. It took me years working in a bank to understand that.

I write about money. But my goal is to make people think about money, not copy how I choose to invest my own. I want to debunk some myths and get you focused on what matters when it comes to your finances.

You have no choice but to invest your money.

You might think understanding finance doesn’t matter.

I got a wake-up call yesterday. My bank emailed me. My savings account is now earning 0.10% per year instead of the 0.60% it earned me only a few weeks ago. It used to earn 6% when I opened it.

The drop in interest rates has been swift.

In the old days, you could get away with a savings account or term deposit and block your ears. Now, in a zero interest rate environment, where many countries are already offering negative interest rates (you pay them to hold your money rather than them pay you), you have no choice.

You will be beaten up by monetary policy and forced to work much harder to put food on the table and a roof over your head if you don’t spend a bit of your time understanding the basics of investing.