Maria Branyas, who died on August 19, 2024 at the age of 117, held the title of “the world’s oldest person”.
When asked about the secret to her longevity, Branyas offered simple yet profound advice: “Never become a desperate, frustrated person, no matter what.” This wisdom is especially important when considering financial matters, where bitterness can often stem from false beliefs about money.
In his article on Forbes, writer Michael Canivet says that Maria’s life was full of difficulties, as her father died when she was young.
Later in life, she lost hearing in one ear due to an accident. Despite these challenges, Maria remained optimistic and resilient, which helped her overcome the financial and personal challenges she faced.
Avoid 3 Financial Myths
From Maria’s experience, the author concludes that the biggest reason people feel bitter about money is their belief in some financial myths.
Here the author reviews 3 common myths to avoid, along with the important lessons that can be learned from them.
- “I’ll wait until retirement to be happy.”
This belief that happiness will come after retirement is a dangerous myth. According to a Gallup poll, about 60% of people feel emotionally disconnected at work, and 19% of them are completely miserable.
An example is a 60-year-old CEO at a Fortune 100 company who is counting down the days until his retirement. He is bitter and frustrated, especially with relationships at work, but feels stuck until retirement.
The author emphasizes that retirement is not a guarantee of happiness as some people think, and it is important to seek to find satisfaction in the present.
As author Michael Canivet shares in his book, The 4-Minute Retirement Plan, a man retired at age 64 and died at his retirement party, a poignant reminder of how uncertain life can be.
- “The stock market is dangerous”
This common belief, especially among younger investors, is another myth. Many millennial and Gen Z investors have become wary of traditional investments, especially after market volatility during the COVID-19 pandemic in 2020 and rising inflation in 2022.
According to a Bank of America study, 75% of Americans between the ages of 21 and 42 don’t believe they can achieve strong returns by investing in traditional bonds, preferring more exotic investments like private equity and commodities.
But the numbers tell a different story. Since 1960, the S&P 500 has returned an annualized 10.4%, outperforming cash, bonds and commodities. Short-term volatility shouldn’t overwhelm long-term gains.
- “I can’t save money”
Many people who are struggling with inflation believe they can’t save. For example, inflation in the United States has risen 21% since February 2020, putting financial pressure on many, especially as wages haven’t risen enough. This has contributed to record levels of credit card debt.
However, this negative thinking is another myth. Using a budgeting strategy like 50/30/20 — allocating 50% of income to needs, 30% to discretionary spending, and 20% to savings — anyone with an income can find ways to save.
Budgeting is the key to reducing the impact of inflation without falling into a debt trap.
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Improve financial habits
In today’s volatile economy, it’s easy for financial stress to lead to bitterness, the author notes. But as Maria Branyas has taught us through her life and experiences, the secret is to not let hardships make you hopeless and discouraged. Instead, focus on adapting, learning, and improving your financial habits.
