| Don't be fooled by these 9 common money myths, finance gurus say | | |  | WED, APR 05, 2023 | | | | We all grew up hearing the same financial advice: Spend less, save more and invest early. While most of these words of wisdom ring true, there are lots of widespread money management tips that are actually false.
With that said, can you separate financial fact from fiction?
Don't worry, we did it for you.
CNBC personal finance reporter Greg Iacurci spoke with some money experts to help answer this key question: What are the biggest money myths out there?
Here are a few money myths that needed some debunking.
Buying that daily cup of coffee is killing your chances at burgeoning retirement wealth. Not true, says one expert. Savers don't need to be so extreme with their money decisions to be financially successful.
You have to pay for your credit report access. Not true. Consumers have free weekly access to their credit reports from the three major credit reporting agencies through the end of 2023.
Paying off your mortgage early isn't worth it. Experts say that conventional thinking holds, where can you get the highest return with your extra money? If your mortgage interest rate exceeds your likely return in the market, it generally makes sense to pay off the mortgage faster.
You must monitor the stock market daily. No way, some experts say. There is virtually no valuable information in the day-to-day movement of the market, one financial expert said. In fact, advisors often warn that focusing on daily market swings can contribute to making moves you'll later regret.
Being aware of your own money situation can reduce the stress and anxiety that life can offer. That's why bringing financial literacy into your life is so important and that means putting to bed some of the money myths that we believed were true for most, if not all, of our lives.
For more timely advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. To listen to the latest edition of the PF team's weekly Twitter Space, "This Week, Your Wallet," click here. | |
EmoticonEmoticon