Money Myths

4 money myths students need to get out of their head

Before we dive in, let’s get something straight. What exactly is a myth, anyway?

You’ve probably heard “myth and legend” in a fantasy novel or in some of your old children’s books your parents refuse to throw out.

A myth is a widely held but false belief or idea. In other words, it’s something that a lot of people believe is true, when in reality, it’s not. You know, things like dragons and 5,000 ft tsunamis.

We’ll save the fairytale myths for another time. Right now, it’s time to talk money – and there are plenty of myths to go around.

Myth #1

I’m too young to save money

Remember when you were little, and you found a quarter on the sidewalk? What did you do with it? Spin it in a gumball machine, or put it in your piggy bank? Or maybe you just swallowed the coin whole (after all, kids do some pretty strange things).

Well, we do know one thing for sure. If you put it in your piggy bank, right now you’d be 25¢ richer. It might sound a little obvious, but saving money is a fairly simple concept.

It doesn’t matter what age you are when you save money. Every penny you save today will be a penny you have down the road. And every quarter you drop into a gumball machine is a quarter you’ll never see again.

Make no mistake, saving money isn’t easy. It takes discipline. A lot of discipline. But you’ll find as you make saving a habit, it gets easier and easier.

And don’t forget – it’s OK to spend money. But with every paycheck, birthday card from Tutu, and quarter you find on the sidewalk, consider putting a chunk of that in savings. You’ll be glad you did.

Myth #2 

I’m too young to make money

We’ve all heard saving money is a good idea a thousand times. But what if the problem is making the money in the first place?

Unfortunately, paper routes are a thing of the past. Fortunately, there are still countless ways to make money as a student. The trick is to stop thinking you’re too young and get after it.

Put simply, one of the best ways to make money is to get a job. Even if you’re in school and life is busy, you might be able to find a way to make it work.

Don’t be afraid to start small. Ask around for any available work. Even if it’s little things like weeding the neighbor’s yard, delivering groceries, or even cleaning out old, stinky trash cans. Along the way, you’ll learn skills (one of which is how to work hard) and that will help you land something steadier in the future.

The number of ways to make money online just keeps growing. From teaching English to selling stock photos to being an Influencer, the question isn’t whether you can; it’s making sure the site is legit. The last thing you want is to lose your money or identity to a scam.

You’ll also want to look into getting a work permit and paying income taxes. Yup, if you’re old enough to earn money you’re also old enough to pay taxes. As a dependent your situation will impact your parents’ so discuss it with them and seek advice from a tax professional if necessary.

Finding an employer or side gig can be a lot like finding a date to the prom. It’s scary, and you might get turned down 20 times in a row. But when it comes to landing a date, you only need one to say yes.

So, if you want a ticket to the money-making prom, try, try, and then try again. Eventually you’ll find your way to the dance hall.

Myth #3

My parents struggled with money so I will, too.

It might sound a little cliché or cheesy, but each generation can rise by standing on their parents’ shoulders.

Some of the most valuable lessons our parents can teach us come from successes they’ve found in life. But, if there’s one thing that every parent wants their kids to know, it’s to avoid the mistakes they’ve made in their journey through life.

Each generation can build on the successes and the shortcomings, which are just as important, as they pave their way to financial success.

Don’t be afraid to talk with your parents or loved ones about money. Ask them what works. Ask them what doesn’t. Learn from both their triumphs and their losses. You probably know all too well that your folks will never pass up an opportunity to teach you something.

Take the good advice they give you. Take the mistakes they’ve made and make sure you don’t make the same ones.

At the end of the day, you will make the decisions that determine the outcome of your life. The person in charge of your financial future is the same person you see in the mirror every morning when you brush your teeth. 

Myth #4

My generation is doomed financially because of COVID.

Make no mistake. COVID has made things difficult for a lot of people, and students are no exception.

As if the shortages of toilet paper and hand sanitizer weren’t enough, the world’s economy took a huge hit. Hawaii was impacted particularly hard and it has caused no small amount of financial hardship.

Yes, the waves of life are churning. But we know lemons make lemonade, and big waves mean it’s time to go surfing. 

Even the toughest circumstances can bring about opportunity. It might not be easy, but there are still plenty of ways to make money, and you can still find ways to save. You might have to cut back on a few things (yes, you can survive without Netflix), but it has never been more important to make smart financial decisions.

Keep working toward your goals. It may be a bumpy road now, but that doesn’t mean the rest of your future is rocky. The storm will pass. It always does.

Earn money. Save money. Learn money.

The ocean is big and blue. There’s wind in your sails, and you’re the captain of your own ship.

Go get yours.