Don't fall for these 5 money myths

When it comes to these money 'rules,' following conventional wisdom can cost you.

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VIDEO ON MSN MONEY

87Comments
Mar 11, 2014 7:38PM
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For once, I support the CIA entirely!  Good job, CIA!!  Spy on the senale even more and syp on every CON in CONgress.  Spy on the king too.  When the CIA is spying on the general public, it is for the safety of the nation!  But, when the CIA spies on the senate, they huff and fuss like a bunch of elementary school children over a candy bar!  "Safety" as a reason for spying seems to me to be a huge "myth."
Mar 11, 2014 9:45PM
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I invested in bags of Cheetos and little Debbie cakes, and I'm headed to Colorado.

Gonna be rich!

Mar 11, 2014 7:11PM
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"I don't trust banks. I believe that when the robots rise up, ATM's will lead the charge." 

- Sheldon Cooper
Mar 11, 2014 10:20PM
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It seems that every alternative proposed includes consulting a "Professional".  That will cost you whether he's right or wrong.  Become a "Professional".  You can't lose.
Mar 12, 2014 9:51AM
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Myth #6 : Your money is safe at Pastor Joel Osteen's Lakewood Church.
Mar 11, 2014 10:46PM
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I put my money in my Local Credit Union, they haven't lost my money yet. The Bank I was with years ago, lost my money and would never give it back, it was their mistake.  I guess their CEO, or President or both needed it to party at the country club.  The Initials were WF. They never settled.  I removed my money, filed a complaint with the state attorney, but nothing was ever done. I will never trust another bank again.   
Mar 12, 2014 8:13AM
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Store your wealth close and under your control.
 The government is trying to steal every penny they possibly can. They are like rabid animals. 
  It is a pity I fear them more than a common thief.  

Stop feeding the monster any way you possibly can. 

It is our only hope to return control of our country to the People.
Mar 11, 2014 11:23PM
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invest in twinkies , they never go bad and last forever . lol
Mar 12, 2014 8:58AM
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Buy a good safe and sock it away....remember if it's in a bank it can be frozen and then you have no money...besides it's fun to count..
Mar 12, 2014 3:47AM
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Prior to Teflon Ron and a split House and Senate you were guaranteed 5% interest on a simple savings account.  When regulations were removed the banks became more greedy and started SCREWING its customers.  The same thing happened to Wall Street when the regs were removed.  FDR put those regs in place to protect the public.
Mar 11, 2014 8:12PM
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Will there be no end to your repetitive articles parroting the same information?
Mar 11, 2014 10:55PM
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The advice in this #6 is HOGWASH.  FDIC does not have enuf money put aside to pay off EVERY account of $250K or less.  There's probably not enuf to even pay off ONE banks' despositors should it go belly up!!  And if the bank needs to be rescued - guess who's going to pay for that?  YOU, the deposit holder!!  Right now, with the next to zero interest being offered, keeping it under your mattress is safer.
Mar 11, 2014 8:44PM
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Online banks pay 0.8 to 0.9% on savings. That doesn't quite compensate for inflation so you should put about 10% of your savings into safe stock that pays high dividends, like Consolidated Edison, Don't worry when the stock's price falls; it will rise again someday. Meanwhile you'll keep getting dividends that counter shrinkage in the value of your money. 

Mar 12, 2014 10:32AM
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As long as this administration prints $85 Billion a month and making it lose ANOTHER 30% of its value since 2009 alone, it will not matter where you put your money because in a few years, it will be worthless anyway.
Mar 12, 2014 10:47AM
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I have used credit unions for years, so when the big bank bust happened, I lost nothing, plus I get interest on both my accounts, checking and savings. not high but it's better than nothing!!
Mar 12, 2014 12:00PM
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Here's another myth: Obama is good for America.
Mar 11, 2014 9:05PM
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If we all look at this in a serious and realistic way home owners pay dearly for their homes and the banks are on the other end with the interest. Buy a home or condo for say $160,000.00. Put down $30,000.00. Payment will range from about $400.00 to say $700.00. Then add taxes which in my town is $16.00 per thousand and 100% assessment (Unless you know someone in the town hall). That equals $600 + $213 = $813.00. Then if it's a condo add condo fees and assessments. Mine is $183.00 for 970 Square feet. So we're close to 1000 per months. Now think about this. Approximately $125.00 per month goes to interest. Think about it!!! 
Mar 12, 2014 9:39AM
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Another sensational MSN article meant to get attention and scare the sheep.  When was the last time people lost their bank deposits?  It has not happened in over 50 years due to safeguards put in place by the feds that banks/credit unions must follow.
Mar 12, 2014 9:33AM
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Banks charge too many fees.  There are fees for just about everything associated with a bank, and hardly any of them are justified.  Fees to transfer money, fees to use a different ATM, fees to deposit a check and many more.  USBank just screwed me out of a lot of fees for a problem at their end, would not give them back and their customer service was hell.  It seems we're stuck with them though, unless we wish to keep our cash at home, and then do money orders to pay bills.  I personally keep my cash and purchase very cheap gift cards and pay online in this fashion.  I found I save several hundred dollars a month on fees that banks charge.
Mar 12, 2014 9:39AM
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MSN can come up with a tractor trailer load of crap just about every day on the average. Very little to none they write about has benefited me. As for the only credit card I owe, I'm paying it off before I retire. I already have my pension almost made and don't want to be paying all that high interest on my credit cared they tack on to it after I retire. The only thing I agree with is that owing a balance doesn't necessary help out. I don't trust any bank and have my money in the credit union. As for my house, I'm consistently having to make repairs on it as a must and not as a want. I'm saving as much money as I can and that's just being responsible is all.
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