As bank tellers, they see it all.
Bank tellers get a glimpse into the personal financial lives of each and every customer. They see their pay cheques, which subscriptions they have, their mortgage or rent, their car payments, credit card payments, where they went to dinner, and entire records of how they spent last weekend, the weekend before, and the weekend before a year ago. Their lifestyle is clearly printed out on their bank statement.
The teller ‘window’ can feel a lot like working behind a bar. They not only see things. People also tell them things. Because of the teller’s lowly bank position, many customers don’t realize is that it is easy to spot the difference between true wealth and those portraying a façade of wealth. That said, about 50 percent of customers have accounts at more than one bank. There’s always more to people than what meets the eye.
Not everyone who earns money has money
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. There were just as many people with high paychecks fretting about bounced cheques and negative account balances as people with low pay cheques. Half of the customers that drove the fanciest cars often had the smallest bank accounts — and the most stress surrounding their accounts. They wanted strangers to believe they were wealthy. Whereas about half of the wealthiest customers drove nice but very normal vehicles and dressed fairly simply — no designer handbags plastered with logos or fancy watches or wallets.
Luxury goods are not a reflection of wealth
Looking wealthy and being wealthy are two different things. There’s no need to try to impress people we don’t know, using money we don’t have. Many of the wealthiest people do not display their wealth. They’re comfortable with their financial status and so they have little to no desire to flaunt it.
Don’t spend money you don’t have – unless it will make you money
There’s a tendency for people to overspend. The lesson is simple: Don’t take on debt unless what you’re buying makes you more money than you will pay in interest. Of course, there are things that make sense to finance – property that will increase in value. With an appreciating asset, it should ideally make you more money in the long run than it costs you in interest, making it a good investment.
Character, capital (or collateral), and capacity make up the three C’s of credit. Credit history, sufficient finances for repayment, and collateral – are all factors in establishing credit.
By acknowledging the sway of biases,
we can adopt strategies to mitigate their influence, paving the way for a more secure financial future.
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