There are a lot of ideas out there about money management. Some may be true, while others are far from that. Check out the list below for a quick read on 5 common money myths.
1. Debit is always better than credit.
The truth: The only way to achieve a strong credit history is by occasionally using your credit cards — and paying your bills on time.
2. Investing is for rich people.
The truth: Anyone with a small pile of savings can start investing.
3. My partner manages our finances, so I don’t need to think about money.
The truth: It’s important for both partners to be capable of managing household finances should the need arise.
4. Credit cards will get me through any emergency.
The truth: It’s best to use a designated emergency fund that you’ve funded in advance of emergencies to get you through a financial crises.
5. I’m too young to plan for my retirement.
The truth: The younger you are when you start building your retirement fund, the less you’ll have to put away each month.