Have you ever asked yourself where you learnt the things that you believe about money? 

Managing our finances is not something we are taught at school, and it’s often not something we learn from our parents. What we think we know about money has usually just been taken on from what we hear from others.

Unfortunately, there are some commonly-held ideas about money that just aren’t helpful. They have become widely believed, even though they aren’t true.  

Here are five money myths that you might need to reconsider.

For many people, one of the most important financial safety nets available to them is one they know little about.

Many employers in South Africa provide group benefits to their staff. However, these benefits are often not well understood, and many employees don’t even know the extent of the cover they have.

With the new year around the corner, now is a good time to ask your employer for details of your group benefits so that you can review what it covers, and how it works. You may be pleasantly surprised.

The Companies and Intellectual Property Commission reports (see Moneyweb article here) a record 510,000 new companies registered in 2020 - 32% up from 2019. Clearly the challenges and opportunities presented by the pandemic and its associated economic disruption are at play here. For some, retrenchment has meant having to become an entrepreneur in order to survive financially. Others are taking advantage of new opportunities to disrupt and to innovate.

Perhaps you are considering such a move and wondering if you could be too young, or too old, to get into the game. Wonder no longer ...

“Just as with saving for your retirement, the best time to start speaking to your children or grandchildren about money is when they are young, and the next best time is right now.

“David Anderson, PhD, clinical psychologist at the Child Mind Institute, advised that you can start a child’s financial education from about eight or nine years old, when their math skills are advanced enough to understand basic arithmetic. Be open and help them become comfortable with using money and wealth journeys as an everyday occurrence, instead of having to figure out how to build (and stick to) a budget when they get their first paycheque.

“Discuss things like the difference between a long- and short-term financial goal and the aspects involved. For example...