Resources

Money Influencers

Social media is filled with a lot of bad financial advice. That’s why GFL NYC asked some legit financial influencers—also known as finfluencers—to debunk some common money myths and set the record straight for NYC high school students. From crypto to cash stuffing, from part-time jobs to the value of a college degree, here’s what they have to say.

Saving in a Bank

Jess Mora

Myth: There’s no point in trying to save when you’re young and barely make any money.

Reality: Saving early — even if it’s not much money — is the key to taking advantage of the power of compounding interest. Suppose you set aside $1,000 a year (that’s about $80/month) from age 25 to age 65, a total investment of $40,000, in an account earning 7% a year. At 65, you’ll have more than $200,000. (If you wait to save that same amount until you’re 35, you’ll end up with a little under $100,000 when you turn 65.)

Saving in a Bank

Maria Melchor

Myth: You’re crazy to trust a bank with your money.

Reality: As long as you stash your money in an institution that’s FDIC-insured, the government promises to replace up to $250,000 in the unlikely case that your bank goes belly up.

Saving in a Bank

Nidhi Pattel

Myth: The only way to save money is to focus on it every day.

Reality: The best way to save money is to automate. It’s like putting your savings on autopilot.