Finance Myth #14 – You Need a Perfect Credit Score
- Details
- MythBusters
📊 A “perfect” 850 isn’t necessary.
Any score above 760 typically gets you the best rates and approvals. Focus on good, not perfect! 💡✅
Many people underestimate the power of compound interest, but it’s one of the most important principles in finance. Simply put, compound interest is when you earn interest not only on your initial deposit but also on the interest that accumulates over time. This allows your money to grow exponentially rather than linearly.
An emergency fund is one of the most important financial tools, yet many people overlook its necessity. In finance, having an emergency fund means setting aside money for unexpected expenses such as medical bills, car repairs, or sudden job loss. Experts explain that this safety net can prevent financial stress and the need for high-interest debt.
Inflation is a term we often hear, but many struggle to explain what it actually means and how it impacts personal finance. In simple terms, inflation refers to the general rise in prices over time, which reduces the purchasing power of money. This means that over time, the same amount of money buys fewer goods and services.
Sweden is often called the world’s first “cashless society,” and for good reason. Over the past decade, the use of cash has dramatically declined, with many businesses and even banks no longer handling physical money. But why is this happening? Let’s explain the key factors behind this shift in finance.
