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I used to believe that if you went to the bank, you can take out as much money as you want even if you don't have an account and you don't need to pay it back. I believed this until I was 12.
When I was little I used to believe that ATM's just gave you free money. Whenever my parents said "we can't buy that, we don't have money" , I would reply "why don't you just get some from the ATM??"
when my son was 8 he overheard his mom & I talk about a
family we knew that had fallen on hard financial times.He looks at me & says well why don't they just go to the ATM & get more money.I hugged him to keep him from seeing me cry.
When I was little I used to think that the money in the bank account was unlimited. I thought that all you had to do was to buy checkbook for about 40 Euros and then you could write out cheques until you ran out of paper, then you'd just buy a new one.
When I was younger proabaly around the time I was 5 to 7 years old when my family and I went to the mall my two older brothers told me the maniquins were people who didn't pay thier credit card debt to the stores and were killed and filled with concerte to pay for thier debt. I used to worry everytime my parents bought something.
My mother told me that every time I spent a dollar of my allowance, a butterfly would die. Needless to say, I had about 500 dollars racked up by my 8th birthday.
Around age 8, I got to help my mom work the concession stand at the recreational soccer fields on Saturdays. She couldn't understand why I was so excited to sit in a hot shack all afternoon. I cried when I was told that I didn't get to keep the money from all the candy and Gatorade I sold.
I used to believe that money literally grew in the bank. Our parents tried to teach us to save money, and they told us that if we put all the change from our change jar in our own little bank account, it would grow. I always pictured the quarters and nickels just growing to larger sizes.
When I learned about exchange rates from traveling young, I thought any country whose money went into the dollar was inferior, and any country where the dollar was worth less than their currency was superior. Hence the UK was superior, Canada was inferior, etc. I found out I was wrong in 12th grade but by then convinced a lot of people, including myself, that I knew what countries were superior or not.
My Dad told me when i was about 5 that there was a little man behind the ATM that took your card and handed you the cash. He described it to me as kinda like the guy who lives in the top of our garage to open and close the garage door.
I used to think that checks turned into receipts. I saw the cashier stick my mom's check under the thing that would read it, and above it was the receipt printer. I saw the check go in underneath and the check come out above, so I believed that somehow the check became a receipt.
When I was little, I wanted a toy and my mom said she didn't have the money for it. I said, "Write a check!", never considering that the checks had to take money from her bank account.
My mom still likes to tell that story to this day. Mothers sure know how to embarrass their kids.
I used to believe vending machines would rip me off and not give me my change back. I always hated math so I thought, how could a vending machine be so smart and figure out how change was needed to be given back.
I used to believe you accumulated more money when making a purchase. It made perfect sense when you paid the cashier with a single bill (Ex. $20) and then received many bills in return. Since you had more bills than when you started, you were richer!
For the longest time I thought that when you bought something, and had to pay tax on it, that that particular object was added to some sort of inventory of all of the things you owned and that from that point on, you would have to pay yearly taxes on that object. For that reason I was always very frugal with what toys I asked my parents for because I didn't want them to have to pay taxes on it forever.
When I was little I recall an incident where my mother was trying to get me to be thankful for what I had. She explained to me that there were people in the world who were so poor that they had to pick food out of the gutter. In a struggle to understand this horriffic level of poverty my four year old mind confused the details and for years I believed that people were trapped under the sewer grates and couldn't get out to get food. I wondered for a long time why people never put ladders and boxes of pizza (one of my favorie foods at the time) in front of the sewers so the people could get out and eat.
My cousin used to tell me he was going to sue me if I played with his toys or did anything else that he didn't like. I believed him thinking he was going to take all my money...where the money was that I thought he could take, being 6-7 years old, is still in question.
Having never had to pay for anything myself, I used to believe that people were just willing to help: doctors, mechanics, tow truck drivers, hair stylists, etc. It wasn't until I was in my teens and working that I realized how much in life is dependent on your ability to pay for it.
I used to believe that when I grew up I would never have to pay for anything with cash...I would just use a check. Writing a check totally took the place of cash.
I used to think (back in the forties) that when my mother used her charge card at the local department store it meant that she didn't have to
pay. When I was very small, I thought that when a gas station attendant washed the windshield that he was putting in the gas.