Tip of the Day: Five Money Myths

by Eubie on January 18, 2014

Money, money, money, money… MONEY!” Lie, cheat, steal, or kill… we do it all for the ‘scrilla. Unfortunately, many of us are operating under false assumptions, or so says this article on the big five money myths. So what are these ‘myths’? The list:

1) Banks are the best place for money (WRONG: in the bank, your money just sits there… put it to work making you more money)

2) A penny saved is a penny earned (again WRONG: You get wealthy by earning money, not saving it… anyway, read the article for a clearer explanation)

3) My home is a good investment (WRONG: more so than ever since the housing bubble burst)

4) Paying with cash and debit cards is best (WRONG: some credit cards give out bonuses pegged to usage… the key to  ‘making’ money is to make sure you pay off your balance every month)

5) You need to diversify (WRONG: no, you don’t… and you probably shouldn’t)

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