Harmful money myths you shouldn’t believe

Don’t Bank on It Between personal finance blogs, money pundits on television, and input from family, friends, and even your neighbors, there’s no shortage of advice being dished out about money — how to make it, how to manage it and how to grow it. All of which can sometimes […]



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Some experts firmly believe credit cards lead you down a slippery slope, and reject the notion that it’s necessary to constantly focus on improving your credit score. Why? Because the point of having a good credit score is to successfully obtain more credit. “This myth means we have to get more debt so we can get more debt because debt is how we get stuff,” said Ramsey, author of “The Total Money Makeover.”



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With technology today, it’s no longer necessary to have thousands (or even hundreds) of dollars to start investing. “Spare change apps, like acorns, allow you to invest pennies at a time by rounding up purchases and investing that money,” said Dustyn Ferguson, creator of the site dimewilltell.com. “You no longer need to incur high fees for every transaction either, which makes investing small amounts of money actually viable.”



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The days of getting a “one good job” are long gone, says Adrian Huether, head of finance for the software company Evisions. “It is a myth,” said Huether. “Nowadays, the new norm is having two to five streams of income. The future of work is multiple streams of income via the world of freelancing and the booming gig economy.”



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The notion that using a debit card is far safer than many other payment options has long since become antiquated. “At one point there was some truth to this,” Chargebacks911 co-founder Monica Eaton-Cardone said. “Debit cards are protected by the FDIC, to an extent, and are more easily recovered than lost cash.” However, the rise of the internet has altered the landscape. Cash doesn’t work online. And most credit cards offer zero liability for fraudulent purchases, making them the safest bet.



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If you remember nothing else, remember this: It is never too late to have an impact on your finances. It’s true that if you don’t start saving until later in life, you’re unlikely to be able to retire at 55. However, there are always actions you can take to improve your financial outlook and goals. Even small steps, like increasing the amount you’re setting aside right now, will help in the long run.



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