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By Korin Miller
Chances are you’ve fallen for at least one of them. We’re talking about money myths — those erroneous financial proclamations that get passed down from generation to generation as fact.
You know, things like “buying in bulk is always better,” and “buy low, sell high!”
Millennials in particular are falling victim to financial un-truths, which can cause all kinds of difficulty.Related: 6 Common Myths About Financial Planning — Busted
One of the traits that most defines millennials is the laser-like focus they have on their own needs, says Generation Me
author Jean Twenge, Ph.D., who conducts extensive research on generational differences.
Despite the fact that they’re facing a tough job market, they have high levels of optimism and confidence in their abilities — although they don’t harbor such high hopes when it comes to other people or institutions.
“Millennials are more likely to say that they think they’re above average,” Twenge says. “They also want jobs that will pay more but require them to work less, so there’s a bit of a disconnect with reality.”
Taken together, these characteristics affect everything from the type of jobs millennials gravitate toward to how they plan for their financial futures. They also contribute to making misguided financial decisions that can wreak all kinds of havoc.
From believing cash is king and jobs are meant to be swapped, these are the six biggest money myths that millennials can consider busted.Related: The 6 Gen Y Spending Types: Which One Are You?