Yahoo Finance 9 Things You Do With Your Money That Show Just How Old You Really Are
The year 2001 wasn’t just the turn of the century, but the start of a new millennium. But it was also over two decades ago. And if that doesn’t make you feel old, there are plenty of other things that might.
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One of the big ones is the way you use your money. If you do these things with your money, you could very well be revealing your age. You might even be considered old — but don’t worry, that’s not always a bad thing.
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You Carry Cash in Your Wallet or Purse
These days, you can pay for most things with debit or credit cards. You can even use digital or mobile wallets or money transfer services like Venmo or PayPal. So, if you’re carrying a bunch of cash around with you, you could be considered old now.
“These days, less and less younger people are actually carrying cash on them when they go out. It has become quite rare for stores to be cash only — most at the very least will accept things like Venmo or Apple Pay if they can’t accept card payments,” said Carter Seuthe, CEO of Credit Summit Consolidation.
“Any of these forms of payment are simply thought to be way more convenient by the younger generations, and cash is simply falling out of fashion. So, if you still carry cash around with you wherever you go, that could be considered an ‘old’ habit.”
Of course, some establishments do still accept cash. A few, like vendors at local fairs and farmers markets, are even cash only. So, even if you’re young, carrying a little bit of cash might not be the worst idea.
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You Still Go to the Bank
Are you still going to your local branch in person? If so, you’re probably considered old.
Older generations rely more heavily on brick-and-mortar banking services for their routine transactions, according to Jenna Trigg, co-founder of Silver Fox Secure. Young people, meanwhile, primarily use mobile apps to handle their financial affairs.
Contrary to popular belief, this isn’t because old folks don’t know how to use technology. A lot of it stems from older generations preferring the personalized service they get from face-to-face interactions, especially from those they’ve built connections with over the years.
You Invest in the Stock Market
The idea of investing can be daunting for a lot of people. Many young people who do invest do so in things like cryptocurrency or alternative investments.
So, if you’re investing in the stock market, you could be viewed as old.
“Honestly, investing in the stock market may be seen as something only ‘old’ people do these days. I think a lot of young people are quite hesitant to do this for a few reasons,” said David Kemmerer, CEO of CoinLedger. “For one, most young people aren’t taught much about stock marketing investing, so it’s largely a concept that seems confusing or downright intimidating.”
Kemmerer added that a lot of young people are wary of putting their money toward seemingly volatile investments right now. Plus, the stock market has had its struggles over the past few years.
You Invest In Tangible Things
Do you invest only in things you can touch or see? If so, you’re probably considered old.
“Older generations often [prefer] investing in tangible assets like real estate and gold over more volatile options such as stocks or cryptocurrencies,” said John F. Pace, CPA and tax partner at Pace & Associates, CPAs.
This trend isn’t necessarily due to the potential returns these investments make. In fact, it’s more likely due to the inherent distrust that comes with investing in intangible assets — like many of the modern ones you can find today.
Your Investments Are Super Low Risk
If you primarily invest in low-risk assets, you could be showing your age. Older individuals often stick with the tried-and-true methods of investing or the less risky investments. Younger people, meanwhile, might be more willing to take chances and see where things go.
You Keep Paper Records of Everything
Do you have a filing cabinet somewhere with all of your paper records from the past 10 years? If so, you could be considered old now.
Young people tend to opt for paperless options whenever they can. Whether it’s bank statements or credit card bills, all of that paperwork just leads to endless clutter.
“Despite the convenience of online statements, many [older people] prefer the tangibility of paper, which they meticulously check for unauthorized transactions,” Trigg said.
You Use a Safety Deposit Box
A safety deposit box is a secure container where people keep certain valuables like wads of cash or important documents. You can find them at banks, but you also can have an at-home version. To access your valuables, you’ll need a key or a code.
Young people don’t use safety deposit boxes as much today. Most of the things that would have been stored in them are now kept in digital form. So, if you have one, you might be showing your age.
You Still Use a Checkbook
Checkbooks are rarely needed in today’s economy, so the people who still use them tend to be people who have always used them. Unless you are part of the generation that still sticks to that tradition, chances are you don’t even own a checkbook.
“Carrying a checkbook — or even knowing what one is, in some cases — is one of the easiest ways to show your age financially,” said Ann Martin, director of operations at CreditDonkey. “Many young adults have never written a check in their lifetime and likely see no benefit in this form of payment. Although checks are still a common way for people to pay their rent and certain other utilities, they are largely a thing of the past when it comes to everyday purchases.”
You Keep Money Under the Mattress
You’ve probably heard your parents or grandparents talk about how they once kept money under their mattresses. Some of them might even do it still. But if you’ve followed suit, you’re probably getting up there in years — or at least retaining old money habits.
This isn’t to say that keeping money under your mattress is necessarily a bad idea. In fact, it doesn’t hurt to have some cash on hand, just in case. Then again, this line of thinking could also be a sign that you’re getting old.
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This article originally appeared on GOBankingRates.com: 9 Things You Do With Your Money That Show Just How Old You Really Are
