One good thing that comes with aging is wisdom. It helps you understand life better, and how different life actually is than you have imagined when you were much younger. If you’re looking for proof, think about Money.

Sasha Jacob, the CEO and President of Jacob Capital Management Inc., says that there are many myths and misconceptions surrounding money that it can be alarming. These can generally affect how we handle our finances, waste our time, and may even ruin our lives.

Sasha Jacob enumerates common misconceptions about money

To give you a better understanding, global leader and renowned financial advisor Sasha Jacob enumerates money myths that need to be debunked.

1. The more money I have, the happier I’ll be.

Happiness can’t be defined by how much money you have. It is something that comes from liking yourself, which can completely be unrelated to money.  Although riches buy recognition, too often we confuse it with validation. Respect, however, is not bought rather earned. Once you’ve earned it, it will give you a sense of contentment which leads to happiness.

2. The more money I have, the fewer problems I get.

Money is not a solution to all problems. Often, this becomes one of the biggest mistakes of the younger generation as they think that having more money makes life easier. A large amount of money makes someone feel anxious about losing money and earning more money to make up for their spendings. Although those without enough money to eat on a regular basis and put a roof over their heads have lots to worry about, those who have enough fortune to buy whatever they desire tends to overthink.

3. Money equals security.

One thing that money does in our life makes it more predictable. It allows you to control almost all aspect of your being. However, Sasha Jacob on twitter believes otherwise. There is just not enough money in this world to control everything. Not even the richest person on earth can keep himself completely secured. Everyone just needs to accept that we are living in a world of uncertainties no matter how much fortune we have on our bank accounts.

4. I need money to travel because traveling is important.

The world indeed is an interesting place and by traveling more, you become as interesting as the places you visit as well. What most people don’t know is that traveling comes in many forms, with budget variety as well. If you are really eager to see many places within a tight budget, you’ll find a way.  What the majority believes is that if you wish to travel, might as well do it in luxury. This makes them save up until they’re able to buy luxurious sailboats or yachts while losing time in the process. So if you wish to travel, do so while you’re still young.

5. Money will buy friends.

This is not only false but actually the quite opposite of what actually happens. although you may be able to attract many people, most of them may only be after your fortune. Friends are often attracted to your personality and money cannot buy you a personality. Many rich people count on those who have been in their lives before they made fortunes.

Misconceptions are sometimes to be blamed when things go awfully wrong in our lives. That is why you should not hesitate to ask questions if you think you have the ideas wrong. The world will keep evolving and it is inevitable that our practices will soon evolve as well. Sasha Jacob Capital Management Inc believes that our line of thinking should also change if our finances are at stake.