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People say these 20 outdated financial myths could be hurting you in today's economy

"'That commodity prices, like gas and eggs, are controlled by the president.' False."

inflation, economy, finance

Credit is still wildly misunderstood.

The economy has changed a lot since we all took our high school Economics class. And it is certainly miles away from what our parents grew up with. And yet, many still hold on to certain money beliefs that come from these bygone eras. Or frankly, ones that never had a right to exist in the first place.

And honestly, there’s so much conflicting information out there (about all things, really, but we’ll stick to finances for the sake of the conversation) that it’s no wonder that so many people might just stick with what they know, even if certain money truisms aren’t all that true, and even they aren’t actually helping.

Recently, someone flat out asked, “What’s the biggest financial myth people still believe that’s actually hurting them in today’s economy?" Below are some of the most illuminating answers.

Right off the bat, we have some politically fueled myths to debunk:

1. "'That commodity prices, like gas and eggs, are controlled by the president.' False. They're actually priced on a trade market, bought and sold, with production controlled by large corporations."

2. "That immigrants are taking our jobs! Like seriously. If every immigrant, legal or otherwise, disappeared tomorrow, it wouldn't do a single positive thing for me personally, much less the broader economy."

"People are so ignorant about this. The trades would be hurting horribly if this happened,” one person replied.

Next up were long running myths that were also deeply entwined with our collective relationship to hustle culture.

Photo credit: Canva

3. "That hard work will lead to wealth. This simply is not correct for the vast majority of workers (read: anyone not C-level). The truth is that the US is a shareholder economy, not a labor economy. This means that even if someone is getting regular raises, they're likely barely keeping ahead of inflation."

4. "That your employer will be there for you when times are bad. Build and keep a savings. You are a liability to them, not an asset, and will ditch you the moment they can profit from it."

"^This. Always remember this,” someone replied. “You are a cog in the machine and if they can find a cheaper cog, they will. Oh, and HR is not your friend.”

Then there were the strategies many people implement in hopes to save money, which actually end up costing them in the long run, whether that’s with groceries or with housing.

Photo credit: Canva

5. "Dollar stores are generally a worse food value based on size/quantity. Sure, it's $1, but the $2.25 box at the grocery store has 500% more food by weight, therefore, is a much better value. You're paying a little less to get a lot less."

"If anyone didn't know, US grocery stores almost always put a price per unit on the price sticker (i.e., $1.23/lb or $0.0865/oz). You should be looking at these when comparing prices for exactly this reason," one person wrote.

6. "That cheapening out on your laundry doesn't impact your clothes' lifetime. You can vastly improve the life and sustained quality of your clothes by not throwing everything in the wash together. Also, most better quality laundry detergents need less to clean better, so spending a little more on a decent brand will give you better returns. I have also found they wash out better, too."

7. "'Paying rent is like throwing your money away.' The truth is renting is a better financial move than buying in a lot of markets where home prices are too high."

And yet, certain things that could definitely add value…people are afraid of, it seems.

Photo credit: Canva

8. "Not investing back into yourself. Investing doesn't always have to be some major cash return. It could be education, making your life easier so you have more time and energy, or simply relaxing. I know a lot of people who played the frugal game and are just now getting out in their 70s."

To this, someone replied, "I tell people that one of the best investments you can make early on in life is a top-tier mattress and office chair. The amount of money you'll save yourself on future medical bills is one of the best returns on investment you'll make in your life."

9. "'The stock market is just like gambling.' You are never going to accumulate enough money to retire without using the stock market. The market has always gone up in the long term. If it stops going up in the long term, society will be in pretty bad shape, and your money probably wouldn’t be worth anything anyway."

"'Time in the market beats timing the market.' The stock market can be gambling if you're into day trading and trying to achieve short-term gains. But if you're investing long term, then yes, it's a great tool for growing your wealth."

By and large, people seemed to think taxes were an elusive subject to most folks. And probably rightfully so. Along with credit cards, do any of us really ever get a basic education on this unless we actively seek it out?

Photo credit: Canva

10. "Turning down raises because 'it means a giant jump in my taxes.'"

"11. Understanding tax brackets (in the US) in general. Can't tell you how many times I heard mention that their raise/overtime/bonus will just be eaten up by taxes.Fine, I'll take your raise and pay the taxes. No one ever went broke paying taxes."

12. "People do not realize that a tax refund is their money to begin with and that they should have their deductions set up to break even or owe a little. A lot of people still think it's some kind of stimulus."

13. "That tax breaks for the wealthy will allow some of their wealth to 'trickle down' to us poors. Something is trickling down on us, but it's not money."

Speaking of credit cards, that was also a popular topic in the responses.

Photo credit: Canva

14. "Keeping a balance on your credit card DOES NOT improve your credit score. What it does do is get you comfortable having a balance on your credit card, which, when it likely gets out of control, is like napalm pouring down on your future financial hopes and dreams."

15. "Credit cards are great, but under no circumstance should you ever pay a penny of interest on your credit card. You absolutely need to pay off your entire credit card balance at the end of each month. Credit card debt is the last thing you want to have due to the ridiculous interest rates they charge."

16. "Credit cards are bad. If you use them right, you can actually come out ahead. Get a card with good cash-back rewards and use it for everything. I mean everything. If you can pay your rent, bills, and insurance with it, do it. If you can use it for work and they reimburse you, do it. Pay the balance off at the end of every month, and make sure you keep track of your ins and outs. It requires you to be responsible, but it's worth it."

There was also a lot of talk about how our mainstream views on success in general (what it looks like, how to actually achieve it, etc) are inherited myths.

Photo credit: Canva

17. "That you have the smallest of chances of becoming a billionaire. People don't understand the orders of magnitude difference between even a low-level multi-millionaire and a billionaire. At 100 million dollars, you're still 10 times closer to homelessness than you are to becoming a billionaire. Stop trying to get there. Stop voting for people and policies that promise you that opportunity. The only way these people achieve that wealth is through siphoning it away from everyone else."

"My wildly successful uncle came from true poverty and he's worth about $50 million. If you look at what it takes to get even there, it looks BARELY possible at best. He worked his ass off from his early teens, he's incredibly smart, he's incredibly good with money, AND he was lucky, and he's still only 5% of the way to a billion after a lifetime of work,"one person replied.

"18. That you need to spend big to look successful."

19. "That you deserve something you can’t afford because you work hard. Deserves has nothing to do with it."

Lastly, we have the myth of the savings account. More specifically, the myth of how helpful it really is.

20. "Just save money.' No. You need to do more. Most savings are not beating inflation. As a result your money is shrinking by doing that. One of the most insidious ways our money is effectively being stolen is just by having inflation make it worthless by the time you'll go to use it.The easiest thing I am aware of is to put it in an index fund that automatically reinvests. These are automatic funds that follow a set algorithm of stocks (an index) and do not have a human element in the decision making. They regularly outperform professionals. They typically do very well compared to inflation, and require zero maintenance."

@cosmo_andtheoddparents/TikTok

He wuvs his vet.

Not every dog might jump with joy after seeing their vet out in public. But for Cosmo the Golden Retriever, it was practically Christmas all over again when he spotted his own vet, Dr. Jones, at a brewery.

In an adorable clip posted to TikTok, we see Cosmo in pure, unadulterated bliss as he snuggles with an equally happy Dr. Jones, who, considering he’s still in his scrubs, might have just gotten out of work to grab a quick pint.

Watch:

Ugh, the cuteness is too much to handle! People in the comments could barely contain their secondhand joy.

“He looked over like, “Mom, do you see who this is?” one person wrote, while another said, “What in the Hallmark movie? Adorable!!”

One person even joked, “Did we all check the vet’s hand for a wedding ring? (Said as a married woman. Looking out for you all, or something.)”

According to Hannah Dweikat, Cosmo’s owner, the two actually share quite a history. She tells Upworthy that when Cosmo was but a wee pup, he “gave a scare” after eating a Sago Palm seed, which are highly toxic to dogs, from a plant in their backyard, which of course resulted in him being rushed to the animal hospital and staying there over the weekend.

While that’s every pet owner’s worst nightmare, and certainly a scary situation for the poor fur baby, Dweikat says that “the calm and patient demeanor” of Dr. Jones and his staff put Cosmo at ease. And because of this, “Cosmo has always loved going to see his friends—especially because they give him lots of treats and snuggles.”

Cosmo and Dr. Jones’ buddyship has also blossomed thanks to proximity, as Dweikat only lives down the street from the clinic. “Which means we get to see Dr. Jones and his staff out in public at times and Cosmo takes every chance he can get to say hi,” she explains. This time, however, she was able to capture it all on video. Yay for us!

What makes a good vet?

While not every vet, however gifted, will be able to elicit this type of reaction from their patients, having a calming presence like Dr. Jones is certainly a good sign for pet owners to be on the lookout for when shopping around for their own vet. But that’s not the only quality a good vet needs. According to Saint Matthews University, a vet also needs to have high stamina (both physically and mentally), as well as an ability to tolerate unpleasant situations (you can’t faint at the sight of blood or vomit), a high level of emotional intelligence (maybe all doctors should possess this skill, but especially those who work with animals), adaptability, a sense of enthusiasm, and finally, excellent communication skills.

Dr. Jones seems to have these attributes in spades, and his patients clearly love him for it. None so much as Cosmo, obviously.

By the way, if you’re in need of even more content featuring this precious pup, you can follow Cosmo on both TikTok and Instagram.

Health

Philosopher shares the subtle giveaway that someone is 'not very smart'

When you see this trait, it's time to rethink your relationship.

A man pointing at someone.

Individuals and groups have used scapegoating to blame their problems on others since the term was first coined in The Old Testament and probably long before. We see it all the time in politics, where leaders blame specific groups or ideologies for their country’s failures. We also see it in personal relationships where families blame one person for everyone’s problems or workplaces make an employee the fall guy for a failed project.

In a viral TikTok video, philosopher Julian de Medeiros explains why scapegoating is a sign that someone is unintelligent. He begins by quoting one of the most powerful British union leaders in the first half of the 20th century, Ernest Bevin, who once said: “An unintelligent person is always looking for a scapegoat.”

What's a sign that someone is unintelligent?

“What he meant is that a sign that somebody is not very intelligent is that they always have to blame their problems on other people. Like, it's never something they've done; it's always somebody else's fault,” de Medeiros says in a video with over 230,000 views. “They can avoid accountability; they can avoid introspection and self-reflection, which means that they can avoid growth because it's always somebody else's fault. A smart person is introspective, self-critical, and wants to grow, but an unintelligent person blames other people.”

@julianphilosophy

Intelligent vs. unintelligent #quotes #life #intelligent #wisdom


It can be hard to come to grips with our failures in life, whether they are financial problems, relationship issues or fear of losing control. “There are things that we cannot bear to see about ourselves. ‘I really don’t want to be seen as vulnerable or stupid or weak or greedy,’” Deborah Stewart, a Jungian psychoanalyst, told The Washington Post. “I don’t have to deal with myself if I scapegoat if I blame. That’s the part that most people don’t really know — that they are trying to expel some of their very own feelings by putting them on others.”

People and groups that are made into scapegoats can be put into incredible danger or subject to public disgrace, whether it is the Jewish people during the Holocaust or Anne Boleyn during the reign of King Henry VIII, or Yoko Ono for the breakup of The Beatles.

The big problem with scapegoating.

Those who scapegoat others for their failures can be seen as unintelligent because they refuse to take responsibility for their actions or even recognize where they may have been wrong. When people point their fingers at others, they also ensure that they never learn from their problems and are bound to repeat them. Intelligent people have a growth mindset, and scapegoating is the exact opposite.

Further, when societies refuse to look at the real causes of their problems and instead blame them on scapegoats, they will fail to progress. However, it’s very easy for leaders to fall into the scapegoat trap because it prevents them from being responsible and appears to solve problems when they are actually taking the easy way out.

Ultimately, it comes down to a core question: do you want to deflect blame for your problems by scapegoating someone else, or do you want to accept responsibility and grow from your difficulties? Ironically, those who scapegoat may think it makes their lives easier. However, living a life making the same mistakes repeatedly is a lot harder than accepting responsibility.

Peter Dinklage on "Game of Thrones?

When it comes to actors doing accents across the pond, some Americans are known for their great British accents, such as Natalie Portman ("The Other Boleyn Girl"), Robert Downey, Jr. ("Sherlock Homes"), and Meryl Streep ("The Iron Lady").

Some have taken a lot of heat for their cartoonish or just plain weird-sounding British accents, Dick Van Dyke ("Mary Poppins"), Kevin Costner ("Robin Hood: Prince of Thieves") and Keanu Reeves ("Bram Stoker's Dracula").

Some actors, such as Tom Hardy (“The Drop”) and Hugh Laurie (“House”), have American accents so good that people have no idea they are British.

Benedict Townsend, a London-based comedian and host of the “Scroll Deep” podcast, says there is one word that American actors playing characters with a British accent never get right. And no, it’s not the word “Schedule,” which British people pronounce the entire first 3 letters, and Americans boil down to 2. And it’s not “aluminum,” which British and American people seem to pronounce every stinking letter differently.

@benedicttown

The one word American actors aways get wrong when doing an English accent

What word do American actors always get wrong when they do British accents?

“There is one word that is a dead giveaway that an English character in a movie or a TV show is being played by an American. One word that always trips them up. And once you notice it, you can't stop noticing it,” Townsend says. “You would see this lot in ‘Game of Thrones’ and the word that would always trip them up was ‘daughter.’”

Townsend adds that when British people say “daughter,” they pronounce it like the word “door” or “door-tah.” Meanwhile, Americans, even when they are putting on a British accent, say it like “dah-ter.”

“So top tip if you are an actor trying to do an English accent, daughter like a door. Like you're opening a door,” Townsend says.



What word do British actors always get wrong when doing American accents?

Some American commenters returned the favor by sharing the word that British actors never get right when using American accents: “Anything.”

"I can always tell a Brit playing an American by the word anything. An American would say en-ee-thing. Brits say it ena-thing,” Dreaming_of_Gaea wrote. "The dead giveaway for English people playing Americans: ‘Anything.’ Brits always say ‘EH-nuh-thin,’” marliemagill added.

"I can always tell an actor is English playing an American when they say ‘anything.’ English people always say it like ‘enny-thin,’” mkmason wrote.



What is the cot-caught merger?

One commenter noted that the problem goes back to the cot-caught merger, when Americans in the western US and Canadians began to merge different sounds into one. People on the East Coast and in Britain pronounce them as different sounds.

“Depending on where you live, you might be thinking one of two things right now: Of course, ‘cot’ and ‘caught’ sound exactly the same! or There’s no way that ‘cot’ and ‘caught’ sound the same!” Laura McGrath writes at DoYouReadMe. “As a result, although the different spellings remain, the vowel sounds in the words cot/caught, nod/gnawed, stock/stalk are identical for some English speakers and not for others.”

American actors owe Townsend a debt of gratitude for pointing out the one thing that even the best can’t seem to get right. He should also give the commenters a tip of the cap for sharing the big word that British people have trouble with when doing an American accent. Now, if we could just get through to Ewan McGregor and tell him that even though he is fantastic in so many films, his American accent still needs a lot of work.

This article originally appeared last year.

@oldmansrock/Instagram

Truly a once in a lifetime talent.

When we think of badass, alt rock icons of the 90s, few are as singular and unique as Dolores O’Riordan, who gave The Cranberries its signature sound, and who was once described as having"the voice of a saint trapped in a glass harp.”

It wasn’t just that O’Riordan flawlessly blended traditional Celtic singing techniques like lilting and keening into rock music (which in itself is an amazing feat) but that her performances never compromised emotional authenticity for the sake of aesthetics. The result, as any fan will tell you, was something both ethereal and raw all at the same time.

So it should probably be of no surprise that in this resurfaced clip, presumably from the late 90s, O’Riordan’s stunning cover of Fleetwood Mac’s “Go Your Own Way” is every bit as magical. As @oldmansrock, the account that posted the video, wrote, “the way that Dolores could challenge the pitch but still stay on key, that is the mark of an accomplished singer.

It sounds dissonant compared to the manufactured material of today, where every tone is perfect, but hers is oh so human, and so very Irish! It is beautiful!”

But don’t just take their word for it. Watch:

If this had you wanting to pull up a Cranberries playlist on your Spotify to listen to for the rest of the day, you're not alone. Down in the comments, the renewed love for O’’Riordan was palpable.

“What sits deep with me is that no one sounds like her. Her voice is unmistakable. Whatever her take on a song/lyric? It was authentically, soul-touching Dolores.

“She was unbelievably talented and the cranberries are criminally underrated.”

“Her Irish vocal sweep ups are amazing.”

“She was just brilliant!!! Incredibly talented as well as a lovely and kind human being. I love and miss her. I don't know how anyone can have a bad word to say about this. I thought it was brilliant, both her live cover and studio cover. I wish people weren't so stubborn. I can accept covers no problem if the singer is talented enough, and she most certainly is. ❤️”

“A keening Irish queen. Her voice will always stir me.”

“An actual once in a generation talent”

“Also a master of the microphone. She knows exactly where the sweet spot is for every note.”

“She could melt your heart with that voice, or completely blow you away. Missed dearly, but never forgotten ❤️”

This cover would go on to be a part to the Cranberries’ third album, To The Faithful Departed, which was released in 1996 and became the band’s highest-charting album on the US Billboard 200, and was praised for its darker tone as well as its themes of grief and loss.

After O’Riordan died from drowning due to alcohol intoxication in January 2018, the Cranberries would disband in 2019, but they released their final album, In the End, that year. It was comprised of some of O'Riordan's unfinished demo tapes.

While O’Riordan met the same tragic fate that befalls many artists, especially those in the music industry, her spirit lives on in her art. Because she put so much of herself into her craft, even bite-sized clips of her performances, many years later, inspire those who listen to it. That’s something worth celebrating.

By the way, you can catch a full video of the cover below.

- YouTubewww.youtube.com

Joy

A poet wrote about meeting her younger self for coffee and launched cathartic viral trend

Women are creating healing "I met my younger self for coffee" poems as they reflect on how far they've come.

If you could meet your younger self for coffee, what would you say?

Life is complex and our feelings about our lives even moreso, which is why we humans so often turn to art as a means of processing it all. Poetry in particular has the power to distill complexity into a beautifully simple form, allowing us to succinctly express feelings that are difficult to describe. As Robert Frost wrote, "Poetry is when an emotion has found its thought and the thought has found words," and a skilled poet can help us all find words for our own thoughts and emotions.

A poem by Jennae Cecelia from her upcoming book "Deep in My Feels" has kicked off a viral wave of poetic expression as women reflect on how they've grown and changed since they were younger. Cecelia's poem begins, "i met my younger self for coffee at 10:15," and goes on to describe a lovely, compassionate interaction with her younger self, all while contrasting that younger self with the woman she has become.

People loved the poem so much they used it as inspiration for their own "meeting my younger self for coffee" writing exercises, and the various iterations, at once so personal yet universal, have taken TikTok and Instagram by storm. Some are just written on blank backgrounds as images. Others are videos with the poem overlaid and music in the background.

But what they share in common is the sentiment of wanting to let our younger selves know it was going to be okay. That life is hard but there are good things coming around the corner. That whatever she's feeling or going through now will someday just be a memory.

Some poems have come from women who are still young but fully adult now, speaking to their teen selves.

@jasbethany_

I’d do anything to talk to my 15 year old self 🥲 #nostalgia #coffee #youngerself

Others come from moms in the thick of parenting, reassuring their younger selves that their dreams of having a family have come true, while others show that they took a different path than they planned and it turned out fine.

@katrice_taylor

🤎 #imetmyoungerselfforcoffee #momtok #momsoftiktok #blackmomsoftiktok

The trend is moving people to tears, offering hope to people who are still in those uncertain younger self years, when the possibilities of life seem endless and yet so much feels impossible. Many are finding solace in seeing people's before and after stories, as they serve as a reminder that life is malleable, that the future isn't set in stone, that people can endure and overcome.

@puffy817

Why did this trend heal a little bit in me while I wrote it IB: @Jennae Cecelia Poetry #coffeewithmyyoungerself #parati

Many resonate with the message that whatever struggles we're dealing with now we likely won't be in the future. And, of course, there will always be new struggles we're dealing with but with age and experience we hopefully learn about our own strength to endure. We also hopefully still have dreams to catch.

Cecelia says she is glad that her poem has inspired so many people to create their own versions of it, adding a rightful request to be credited for her work. She shares that the poem is part of a new collection of poetry that she describes as "a dream come true." Her previous poetry books have been self-published, but for this book she landed a deal with a publisher and is thrilled by the idea of having her book available in bookstores and not just online.

"This book is personal" Cecelia says. "It’s a reflection of love, loss, growth, and all the emotions we’re sometimes afraid to name. It’s a reminder that vulnerability isn’t just okay—it’s necessary. Inside, you’ll find poems that sit with you in life’s highs and lows, including the one about, 'meeting your younger self for coffee'—a favorite in the collection."

You can find "Deep in My Feels" for pre-order on Amazon and you can learn more about Cecelia and her work at jennaececelia.com.