I am from an immigrant family, so when my parents made the decision to leave their home country, they knew there would be big adjustments to be made. My parents happily and excitedly left two very stable and prosperous jobs, a nice home and family to give us a better life.
After arriving here my dad soon found his background in agricultural science wasn't going to land him a job easily, so he was unemployed for the first two years, whilst studying a new field and helping out at home. My mum was a school Principal previously and secured a job in early childhood education almost immediately as her skills were easily translated in Australia.
Within our community, many others were in similar positions and financial success was a big thing - it was openly talked about. I loved that because it meant I understood the value of money and working hard from an early age. Exposure is key. But financial success and how to acquire it was for the most part subjective across the community, except this one view; qualifying for finance meant you were financially sound.
In the 90s and early 00s the banking sector was even less regulated and there were many more dodgy brokers around. I remember one of my dad's friends secured a home loan by borrowing money from each of his friends (including my dad!) and showing that as their deposit. They were the first to buy a property. Everyone was commenting on how well they were going because they had the means to pay off the loan, ignoring how they got it.
There was also someone who took up three credit cards, made cash withdrawls totalling 20k and showed that as their deposit, but had less than $10 in their account! 🤦🏽♀️ This actually happened.
All of these people paid off these loan and their homes because they didn't accumulate further debt and earned more money over time, but I always reflect on the insane things people did to get a new car or a house - and how normal these steps were considered.
That was my money myth growing up, did you have any? What were they?