Money Fallacies We Thought Were True As Kids.

What did you think you knew about money as a kid? Most of us were told at one time or another that money didn’t grow on trees, but I am not sure that I ever thought it did — I just thought that my parents had an endless supply of it, and why weren’t they buying me everything I wanted? I had no idea about the relationship between how much Dad brought in and how much it cost to support our lifestyle, and still didn’t even get it until I graduated college with a crappy low-paying job and tons of credit and student loan debt. But in thinking back to the biggest misconception I had about money as a kid, I came up with this:

I used to think that when I deposited money in the bank, they put it in a drawer that had my name on it.

Day 7 - accident
Creative Commons License photo credit: wljones15

I thought that everyone who had an account at the bank had their own drawer, and all their money was stored inside it. When you went to get money out, they opened your drawer and took out whatever you needed. Guess I never thought about how that much money or drawers would fit inside that little tiny bank, but it made sense at the time. Oh, how little did I know! But this got me thinking about what other people might have thought about money and/or banking as kids, and I wanted to throw the question out to you guys, the readers. What money fallacies did you think were true when you were a child? Let me know in the comments!

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Comments (10)

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  1. I remember my mother once told me that we only had $100 left for food for the rest of the month. I got excited about all the Little Debbie snack cakes we could get with that. She totally burst my bubble when she explained that we would get no more Little Debbies.

  2. David says:

    $100 would buy a lot of Little Debbies… 😉

  3. Craig says:

    Very embarrassing but had no idea why banks had “CDs” when they had nothing to do with music.

  4. LOL, I used to think the same thing about banks when I was younger. I thought they just put it on the shelf for you and everyone had their own shelf in the back.

  5. Bucksome says:

    I thought ATM cards were magic; they just gave you money whenever you needed it. My mom would say she didn’t have the money and I would reply, “use the ATM”.

  6. That my little brother was forever trying to steal it all…

  7. Showing my age here….. a penny could actually buy a piece of bazooka bubble gum… and I could make serious money (for a kid) picking up returnable soft drink bottles off the side of the road and getting the deposit.

  8. david says:

    I certainly don’t remember gum costing $.01 😉

  9. I’ve been trying to think of one ever since this post went live, and I finally did! I’m almost 23 now, but up until recently, I never knew what people meant when they said to “put money away for a rainy day.” As a kid, I got to thinking it meant to put some money aside, so that when you were bored on a rainy day, you could go shopping!

    It wasn’t until I became a personal finance blogger and read some article somewhere that called an emergency fund a “rainy day fund” that I realized people meant it as that!

  10. david says:

    Stephanie – me too! After all, what else is there to do but to go shopping when it rains? 😉