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Even the most money-savvy person may have some false beliefs about money. Maybe you were raised with misconceptions about finances, such as investing is only for the very rich, or were given off-target advice from well-intentioned friends (telling you to always aim to buy a house vs. renting), for instance.

Incorrect beliefs about money can have a negative impact on how you manage your finances, potentially hindering your path to achieving your goals.

Why Debunking Money Myths Is Key to Financial Success

Being realistic about money can help you set reasonable financial goals and reach them in the short- and long-term. Whether you are feeling financially secure or are looking to better manage your finances, practicing healthy financial habits will serve you well in the long run.

That’s why debunking money myths is important. If you believe, for instance, that carrying lots of credit card debt is “normal,” you may not eliminate that monthly balance that’s dragging down your budget.

Here are some common misconceptions about money to avoid if you want to be financially fit.

10 Common Misconceptions About Money

Here, learn about popular money misconceptions and why it may be time to bust some financial myths.

1. You Need a Lot of Money to Start Investing

You do not need to be rich in order to invest: You can start investing with just a few dollars. The average stock market return is about 10% a year, as measured by the S&P 500 index. The S&P 500 Index return does not include the reinvestment of dividends or account for investment fees, expenses, or taxes, which would reduce actual returns. Investing has risks, and you’ll want to be comfortable with that notion and find investments that suit your risk tolerance.

Whatever you decide to do, investigate fees before you begin investing so you are prepared for any costs you will need to cover.

2. Budgeting Is Too Restrictive and Complicated

Regardless of how little or how much money you have, a budget is helpful for organizing your finances. If you feel budgeting is too restrictive and/or complicated, you probably just haven’t found the right budgeting method yet.

Making a budget could help you achieve financial stability. You need to budget so you can keep track of your spending, your debt, and your savings for future goals.

There are various techniques and tools (spreadsheets, journals, apps) for budgeting. One strategy is the 50/30/20 budget rule, in which 50% of your post-tax money goes towards necessary expenses (housing, food, utilities, and the like), 30% goes towards wants, and 20% is used for saving.

3. All Debt Is Bad Debt

According to Debt.org, 90% of American households have some kind of consumer debt. But keep in mind, not all debt is created equal. Some debt is considered good debt. Think about a mortgage: Once you’ve saved for a down payment, this financial product is typically a fairly low-interest loan that may help build your credit history (if managed responsibly) and also allows you to accrue equity in the home.

Bad debt, on the other hand, is high-interest debt, such as credit card debt, where interest rates are high and you aren’t building equity. Just because a lot of people may have this kind of debt doesn’t mean you should. It can snowball and keep you spending a chunk of money monthly that could otherwise be saved or invested.

4. A High Salary Automatically Makes You Wealthy

A common money misconception is that earning a high salary makes you wealthy. That is not necessarily true. People who earn a lot of money can spend a lot of it too. The key to building wealth is saving and investing your money so it can potentially grow over time. Even if you simply stash money in a high-yield savings account, compounding interest can help grow your wealth.

To look at it from another angle, say one person earns $50,000 a year, lives within their means, and saves and invests wisely. Then there’s a person who earns $500,000 but they own multiple houses, spend freely on luxuries, and haven’t yet gotten their act together in terms of saving and investing. The person who has the lower salary might actually be the wealthier of the two.

5. Buying a Home Is Always Better Than Renting

Buying a home is the quintessential American dream, but it’s not necessarily the right move for everyone. Whether to rent or buy ultimately depends on your personal situation and your aspirations.

You may have heard that renting is a waste of money, but it can provide flexibility for those who are not ready to buy a home or not interested in doing so. For instance, perhaps your work requires you to relocate often, or you only want to buy a house when your baby is older and you can pick the right school district. Maybe you’d rather pay off debt vs. save for a down payment. Or you just might not want the major expense of a mortgage, taxes, and home maintenance in your life. Whatever your situation may be, it’s important not to feel pressured into buying unless it’s the right move for you.

6. You Should Avoid Credit Cards to Stay Out of Debt

Using credit cards as a form of payment doesn’t mean you’ll go into debt. Spending more than you can afford to pay off what you owe, however, may put you on that path. If you use a credit card wisely and typically pay off the debt every month, this can be a factor that helps you build credit. It also keeps you from paying high credit card interest, which averages 24.35% as of July 2025.

However, if you are a person who tends to spend impulsively and not pay your credit card bill on time, this could negatively affect your credit score. This is why it’s important to manage your purchases and pay your credit card bills on time.

7. Saving for Retirement Can Wait Until You’re Older

This can be a dangerous myth to believe. If you are young and are investing for your retirement, you have time on your side. Your invested money can grow over time thanks to compounding returns. Here’s an example: If a 25-year-old invests $200 a month and earns a 6% return, they’ll have $393,700 by age 65. But if that same person starts saving at age 35, that same money at the same rate nets them $201,100, or about half of what they’d have if they started sooner.

It may feel as if retirement is a long way away, but the sooner you begin funding it, the more you are likely to have. If your employer offers a 401(k) plan, take advantage of contributing to it. If this isn’t offered at your place of work, you can open an individual retirement account (IRA) or a Roth IRA.

8. Talking About Money Is Taboo

Talking about money issues may seem like taboo, but it shouldn’t be. It can be healthy to talk about money troubles to close family and friends, because they may have ideas about how to approach a solution. Perhaps they experienced a similar issue in the past and can offer advice on how they handled it.

If you find it uncomfortable to talk to family or friends about your money concerns, you might want to consider speaking to a professional. For instance, there are non-profit credit counseling organizations, like the National Foundation for Credit Counseling that could help you if you are burdened with debt and feel overwhelmed.

9. More Money Will Solve All Your Problems

Yes, money can help take care of bills, but the old adage, “More money, more problems” may well be true, too. The secret to being financially secure is not about how much money you make, it’s about how well you manage it.

For instance, say you take a new job that pays twice your current salary. If you turn around and buy a pricier home and car and book some luxury vacations, you might be in more debt and experience more stress than before. The way to prevent this is by not living beyond your means.

Healthy budgeting and saving habits (such as automating your savings) are what can help solve problems.

10. Financial Planning Is Only for the Rich

Financial planning isn’t only for those who have hefty savings accounts, net worth, or investment portfolios. Although it may not be taught in school, financial literacy is important for all, and setting money goals can help you achieve your dreams. Too many people just open a checking account and then ignore their money.

You might be more comfortable working with a financial professional, but you don’t need one to manage your money. It’s totally your choice. You might also see what tools and services your bank offers, and investigate third-party options.

Budgeting and Saving Myths Debunked

There are several myths about budgeting and saving that are worth debunking. For instance, many people believe living on a budget is hard, complicated, time-consuming, and all about deprivation.

Not true! The right budget can help you stay on track financially and achieve your goals. What’s important is to experiment with different budgets to find one that suits your needs. You might use technology, such as a savings calculator to help you along.

Also, it’s a financial myth that you need a lot of money to save effectively. Regardless of your income and expenses, budgeting well can allow you to start saving regularly. Small amounts of money can really add up over time.

Recommended: Savings Goal Calculator

Investing and Retirement Myths Debunked

Here’s what is a common misconception about finances: that you need a lot of money to invest. Anyone can invest well, even starting with a small amount, and robo-advisors can help automate the process for you. On the topic of investing, it’s also a misconception that you don’t have to think about retirement until later. You’re actually likely to save more effectively when you start early (again, even with small amounts) than if you put more money in for a shorter period of time.

Another myth is that you don’t need to save for retirement because you can live off Social Security payments. However, many people find that those payments are not enough when they reach retirement age, especially with rising healthcare costs.

Debt and Credit Card Myths Debunked

A debt myth is that all debt is bad. Some kinds of debt, such as mortgages, charge relatively low interest and allow you to build wealth. However, when it comes to credit cards, there are some myths to conquer. For example, some people may believe that they should only pay the minimum amount on their monthly bill. This amount is the bare minimum, and paying just that can wind up locking you into a debt trap, without building up funds in your bank account because you’re struggling to pay off your debt.

Mindset and Lifestyle Myths Debunked

A mindset and lifestyle myth about money to debunk is that making more money means you’re wealthy. It might be true, but if you allow your spending to rise with every raise at work or money windfall, you could wind up less wealthy than you were before.

This is considered lifestyle creep. An example is when you get a new job and earn more, you go out and, say, lease a luxury car rather than putting the extra money into savings or investing. You live more lavishly, but you could be shortchanging your future.

How to Develop a Health Money Mindset

To develop a healthy money mindset, it’s helpful to devote some time and energy to learning how to manage your money well. That could mean reading up on finances, listening to podcasts, or taking an online course.

Goal setting is important, too. By establishing your short-, medium, and long-term goals, you can begin working toward achieving them. Budgeting well and talking with trusted friends and relatives for advice can help you get on the right track. Automating your savings so money seamlessly gets transferred into a savings account can be a smart move, too. You might also work with a financial planner or a financial therapist to help you in your money journey.

The Takeaway

Myths about money can stand in the way of your making the most of your finances. By avoiding these misconceptions, you’ll be better able to take control of your cash, budget, save, and invest wisely. These moves can not only help you achieve your goals, they can enhance your peace of mind, too.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What is the biggest misconception people have about money?

There are many negative beliefs about money. Some include believing only rich people should invest their funds and that a person doesn’t need to think about retirement saving when they are young. These misconceptions can keep people from reaching their financial goals.

Is it true that you need money to make money?

While having money can help you make money, it’s not a requirement. By budgeting well and saving regularly (even small amounts), you can work toward generating wealth. A person who makes $50,000 could be wealthier than one who makes a multiple of that if they manage their money more wisely.

Why is it so hard to talk about personal finances?

It can be hard to talk about personal finances because many people are raised with the belief that one should never discuss money. It’s a myth about money that it’s a taboo topic. Unfortunately, this secrecy leads people not to share information that could help one another manage money better. Also, typically financial management skills aren’t taught in school, so many people clam up about the topic since they feel ignorant about it.

What’s a simple first step to fix my money mindset?

Often, the simple first step to fix your money mindset is to think about and recognize your attitudes. Do online research about money management and talk to friends whose money management you respect. Look at the interest rates on your credit card and student loans, try budgeting apps, and take other small steps that begin to put you in the driver’s seat financially rather than believing prevailing wisdom.

Maybe you think that there’s no point saving for retirement until you’re older or that investing is only for the rich. By being honest about your beliefs and then working to educate yourself and take steps toward financial management, you can fix your money mindset.

Is carrying a small credit card balance good for my score?

If you’ve wondered about what are some common money misconceptions, this is one! Carrying a balance doesn’t build your credit score. Among the habits that help maintain and build your credit score are always paying your card on time and keeping your credit utilization ratio (your balance vs. your credit limit) as low as possible. Under 30%, if not under 10%, is considered a good level.

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Unpaid student loans can take a significant toll on personal finances. For millions of Americans, outstanding student debt means years of ongoing payments, often averaging hundreds of dollars per month. It can be hard to balance paying back what’s owed on student loans while meeting immediate expenses and pursuing long-term financial goals.

But the impact student loan debt has on the economy goes deeper than dinging individuals’ bank accounts — it impacts entire economic sectors. Here’s how student debt affects the economy, plus ways borrowers can pay off their loans faster.

Understanding How Many Americans Have Student Loans

For a comprehensive view of student loan debt and the economy, it’s useful to know just how much money is owed by borrowers across the U.S. in educational debt. In 2025, the cumulative total of student loan debt in the U.S. is nearly $1.8 trillion.

This educational debt load affects tens of millions of Americans. More than 42 million borrowers have federal student loan debt, with an average balance per individual of $38,375. To obtain a bachelor’s degree, the average public university student takes out almost $32,000 in undergraduate student loans.

For those with master’s degrees, student loan debt is even higher. The average master’s degree holder’s student loan debt is $84,203, which is more than double the average student debt balance.

Given these massive amounts, it becomes clearer how the U.S. college student loan debt crisis and the economy are enmeshed.

Demographics Most Affected by Student Loan Debt

The amount of student loan debt a borrower has varies by a number of demographic factors, including the level of education they attain, with individuals with graduate student loans owing more, as well as their race, income level, and gender. For instance, more women than men have student loan debt and black student loan holders tend to owe more than white borrowers, according to the Education Data Initiative (EDI).

Age is also a factor that can significantly affect student loan debt.

Age Groups Carrying the Most Debt

Borrowers under age 40 owe 54.5% of student loan debt, the EDI reports. While those in their 30s owe 32.5% of the student loan debt (or $517.45 billion in loans), student loan borrowers ages 18 to 29 are the age group most likely to have debt: One in four borrowers in this group owes student loan debt.

Older adults are also struggling with debt from their college years. In fact, adults ages 50 to 61 have an average student loan debt of $46,790, which is the highest student loan debt per borrower.

Here’s how student loan debt breaks down among age groups:

Reviewing Effects of Student Loan Debt on the Economy

If the total amount of student loan debt held by Americans sounds staggering, that’s because it is. That total — $1.777 trillion — is more than the GDP of countries such as Australia, Spain, and South Korea.

With these numbers in mind, let’s dive deeper into the impact this massive amount of educational debt has on the U.S. economy.

Does Student Loan Debt Hamper Spending?

For those paying off a student loan, the average student loan payment for bachelor’s degree-holders is $336. Those with a master’s degree pay $842 per month, on average. For many — especially those embarking on a career and earning an entry-level salary — this ongoing financial obligation can put a serious dent in funds they could otherwise spend elsewhere.

Student loan repayments can take a big chunk of the money that individuals have available each month for buying, investing, saving, or starting a business.

Here’s why: More money spent paying back student loans means less money for consumer spending and saving. Consumer-driven economies grow when people spend their hard-earned money. If people are struggling to pay off their student loans, they’ll have less money to spend on purchases that help fuel the economy, businesses, and the workforce. The more individuals there are who are struggling to pay off loans, the greater this economic dampening effect that occurs.

During periods that require economic resilience, such as in a recession, reduced spending can be especially harmful. On the flipside, consumer spending can help to stimulate a floundering economy, possibly mitigating or reversing sudden downturns in specific sectors.

When spending doesn’t happen during a downturn, it can take longer for the economy as a whole to bounce back. And for those with student debt, it can also be harder to weather a financial crisis, compounding the pain of higher unemployment and lower spending.

Recommended: How Do Student Loans Work?

How Do Student Loans Affect the Housing Market?

With less money to spend, it’s no surprise that people with student loans have fewer funds for big ticket items, such as buying a home. According to the EDI, 29% of borrowers with student loan debt say their debt has prevented them from owning a home, and 51% of those who are currently renting say their debt prevents them from buying a place of their own.

Because home ownership is a major driver of wealth accumulation, delaying homeownership can impact an individual’s net worth for decades to come.

How Do Student Loans Stifle Entrepreneurship?

Small businesses contribute to the economy in major ways. In fact, they’re responsible for 1.5 million jobs annually, accounting for 64% of all new jobs. Small businesses employ 61.7 million people, which is almost 46% of the private sector workforce.

Future business owners who are saddled with student loan debt may not be able to turn to traditional means of financing, such as small business loans. It can be harder to get approved for financing when your debt-to-income ratio is high due to loans.

And when an individual with student debt does become an entrepreneur, they’re at risk of falling behind on student loan payments if their income decreases as they work to launch their business.

Recommended: Smart Strategies to Lower Your Student Loan Payments

Paying Off Student Loans Can Benefit Individuals and the Economy

When examining student loan debt and the economy, it may be helpful for borrowers to research additional ways to pay off existing student loans — both for their own financial well-being and the future growth of the U.S. economy as a whole.

Here are some strategies that could help those with outstanding student debt to pay down their student loans faster.

Paying More than the Minimum Due

Student loan interest generally accrues over time. In most cases, the longer student loan debt goes unpaid, the more the borrower will owe, as unpaid interest gets added to the base dollar amount that had been borrowed from the lender. This is called compounding, and most student loans compound their interest daily. Our student loan calculator can help you see exactly how much you’re spending on interest over the life of the loan.

Many lenders allow borrowers the option to submit a minimum payment. In the short term, paying a lower amount per month can free up some income or cash. But paying the minimum does little or nothing to tackle the outstanding loan balance — typically, the borrower is just paying the accruing interest.

Paying more than the minimum can help reduce the length of time it will take to pay off an existing student loan, shrinking the principal balance as well as the amount of interest paid during the life of the loan. You can ask your lender to apply the additional payment to the principle of the loan, which can help reduce the amount you pay in interest over the life of the loan.

While increasing monthly payments may not be manageable for every individual, paying a little extra when possible can help borrowers eliminate student debt faster. If nothing else, borrowers may want to apply occasional windfalls, such as a work bonus or tax refund, toward their outstanding student debt.

Applying for Loan Forgiveness

Under some circumstances, the government will forgive federal student loans, essentially canceling out the remaining debt after a specific set of conditions have been met.

Some teachers and public servants are among the groups that may be eligible for federal student loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF). This program is available to qualifying federal student loan borrowers who work in public service for an eligible non-profit or government organization and who make a qualifying number of payments on an eligible repayment plan.

Some states and other organizations also offer forgiveness, especially for those in the healthcare field. There are also military forgiveness programs. Check to see what forgiveness programs are available that you might be eligible for.

Refinancing Student Loans

Refinancing student loans with a private lender may result in lower interest rates and/or the ability to pay off what’s owed in a shorter amount of time.

Student loan refinancing replaces outstanding student loans with a new loan. The new loan can have different terms and ideally, a lower interest rate.

However, it’s important to know that refinancing federal student loans with a private lender means that the borrower will forfeit federal benefits, such as access to income-driven repayment plans and federal public service forgiveness programs.

Budgeting and Financial Planning for Faster Repayment

Finally, to help pay off your student loans faster, examine your budget carefully. Track your spending and expenses and look for areas where you can cut back. For instance, maybe you can eat home more often to save on restaurant bills, or eliminate one of your streaming services — or both. You can then apply the money you save to your student loan payments.

Another step that could help: automating your monthly payments. That way, you can avoid any late fees. Plus, some lenders offer interest rate discounts to borrowers who enroll in auto pay.

The Takeaway

Student loan debt affects the economy in a number of different ways. Borrowers with student loan debt may have to reduce their consumer spending and delay buying a home or starting a business, for example, which can affect the broader economy.

Fortunately, there are methods borrowers can use to help manage student debt, such as paying more than the minimum amount due, budgeting for faster repayment, looking into student loan forgiveness programs, and considering student loan refinancing.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How does student loan debt affect life?

Student loan debt can impact life significantly, affecting financial stability, mental health, and major life decisions. It may delay homeownership, marriage, and starting a family, and can cause stress and anxiety. High debt levels may also limit career choices and savings for retirement.

How does being in debt affect the economy?

Being in debt can strain personal finances and thus reduce consumer spending and savings. This can slow economic growth, as consumer spending is a key driver. High levels of debt can also lead to increased student loan default rates, affecting financial institutions and potentially causing broader economic instability.

How many Americans have student loans?

Almost 43 million million Americans have student loans, collectively owing over $1.7 trillion. This widespread debt affects a significant portion of the population, impacting their financial decisions and economic contributions.

What economic sectors are most impacted by student loan debt?

The economic sectors most impacted by student loan debt include consumer spending, since borrowers with high student loan debt may cut back on spending; housing, because student loan debt makes it more difficult for many student loan holders to save for a down payment or qualify for a mortgage; and entrepreneurship since those with student loan debt may have a tough time qualifying for financing, including small business loans.

Can widespread student loan forgiveness boost the economy?

It’s not known whether widespread student loan forgiveness could boost the economy and there is a lot of debate about the effect it might have. Some economists think widespread forgiveness could provide an economic boost because it would increase consumer spending, drive sales of housing, and help with the launch of new businesses. Other economists believe the impact might be small, that forgiving student loans would be a huge cost to the federal government, and that forgiveness would be unfair to borrowers who have already repaid their loans.

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