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

59Comments
Mar 5, 2014 9:40PM
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Other money myth, ObamaCare will save you money.
Mar 14, 2014 1:58PM
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And NEVER TELL any of your family that you even have savings.!!

There will always be a few that believe that since you don't waste your money, that they should get to. 

After all, if you don't buy a new car every year, take expensive vcations, and have more house than what you need, someone should get to enjoy that money.  No matter how much, or how little you have saved.

Also note, that I am not refering to family members that have fallen on hard times through no fault of their own.  We do what we can to help out.   I am refering to the ones that just keep making bad choices, and refuse to take responsibility for them.

I'll be darned if I help someone dig a deeper dept hole, that they just keep filling with things that they don't need, and that my own family has done without so we could even have some savings.

Stepping off my soapbox now.....

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1. Obama never lies

2. If you like your money, you can keep your money....

3. The ACA is the best insurance you can find.

4. You didnt build this business

5. Hope and Change....

Mar 6, 2014 9:02AM
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Wow..... what happened to myth No. 1 propagated by Barry & Co.: "Infinite spending is the way to wealth". If it works for a country, it makes sense for an individual. Spend it all, borrow more, spend that too, give it away, throw it away, just spend! That is the liberal formula to wealth. And people buy this stuff, look what generations of poor schools and education has wrought, complete, utter ignorance.
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This article was written for an 18 year old.
Mar 6, 2014 5:37PM
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A good, simple rule to follow is to save 20% of your net income each month.  And yes, by proper budgeting and controlling expenses most people can save if they want to.   Then do research and invest wisely. 
Mar 14, 2014 2:00PM
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If you want a comfortable retirement, always pay yourself first.  Every payday, take your check and put at least 10% away .  It may not look like much at first, but  what you start with in your 20's looks pretty good in your 60's .
Mar 13, 2014 12:48PM
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What about improvements to your home that you do yourself?  If you hire a contractor, you pay $30 per hour plus mark up on labor and material.  If you are able to do the work yourself it's like paying yourself $30 per hour plus mark up.  I retiled my bathrooms and increased the value of my home by $30 an hour WHILE enjoying a cold brew.
Mar 13, 2014 12:52PM
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when I was a child I asked my grandfather if he had stocks and bonds and I was told that you should only invest in those items if you can afford with losing all that you invested  (that seems like good advice even today)
Apr 3, 2014 4:01PM
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Lets simplify it. Dont spend as much as you make. Save some money every month if at all possible. Pay your bills every month. Dont get in the habit of constantly shopping...or constantly looking at another car to buy. Dont ever sacrifice your ability to save by buying something too expensive.
Mar 6, 2014 4:47PM
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Losing 3% every year beats possibly losing 50% in one year, as happened with 50% of my stock portfolio a couple of years back.
Mar 6, 2014 3:32PM
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Re: "Pay off credit card debt before saving for retirement" -- Note that the guy saying that this isn't a good idea is from a "financial services company," i.e., he gets paid when you stay in debt and/or "invest."  If you pay down debt, he doesn't see a penny of that, so of course he doesn't see the value in it.  When you are paying interest on credit card debt, it's a good bet that the interest you're paying is dwarfing the employer match you could get by contributing to a 401(k) (assuming that your employer both offers a 401(k) and provides a match, which may not be valid assumptions).
Mar 13, 2014 12:48PM
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The biggest myth is that Obama knows what he is doing as president since he doesn't have past experience to be a dog walker
Apr 3, 2014 5:17PM
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I FIND IT AMUSING HOW ITS ALL OBAMA. BECAUSE GEORGE W. WAS MAKING US RICH? MY POINT IS IF YOU ARE A REP OR DEM AND YOU ARE WAITING FOR THE GOVERNMENT TO FIX IT ALL AND MAKE IT GREAT FOR YOU TO RETIRE AND ARE JUST GOING TO BIT*H ABOUT HOW THE OTHER SIDE IS AT FAULT.  GOOD LUCK.  TO MANY PEOPLE ARE NOT SAVING SH*T AND WHEN THEY DON'T HAVE SH*T IT WONT BE THEIR FAULT. 
Mar 13, 2014 12:33PM
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"Pay off credit card debt before saving for retirement
Ultimately, it comes down to how much debt you're talking about, and what kind."

The author talks about debt and then changes the subject to matching funds into a company retirement plan.  What a flaky article.
Mar 6, 2014 4:22PM
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Well....I never made a penny investing....for I never invested...never had a credit car debt for I paid in full every time after use....the improvements on the house, well and fine....but make sure is sellable for a profit....for u[on retirement you may not live there anymore....and finally....every penny that you can save, save it....do ot lack thins but be sensible about the way you live.....NEVER ASK FOR LOANS.....save and pay as you go....and when the day comes....it'll find you at peace and ready.....and do not work a day over the retirement date....is a trap!!
Mar 13, 2014 11:59AM
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you add on to a home because you  want to.  you need another room or you enjoy a pool.  and you normally get quite a bit of extra value for additional SF?!?  i can't imagine it's less than 75% return, but you also get to USE THE ADDITION for as long as you live there.  seems like a stupid oversimplification, as is so common in these click generating MSN articles. 
Mar 6, 2014 3:01PM
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I was kicked out of foster care (orphaned at 2) on 18th birthday  Feb '84 and finished highschool living in my pick-up hussling work and my shelf stocking job of two years. Just retired. I had to lay off 13 employees and close up shop because 1000s of pages of Obama Care regs was just to complicated. I never bought anything except real estate on credit.  now I sit all day on my private dock pole in the water, slamming ice cold 211s' and enjoying the various varities of California's herbal botanics.  

My advice: Save money, live moderately,  never give to charities that employ people that make more than you, charge customer high, and pay employees low,  but always do quality work, and most of all WORK FOR YOURSELF! ! ! !

Apr 3, 2014 7:25AM
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Myth number 5: you actually were not addressing how safe you money is as oppose to how to make your money grow faster.  the title is a little misleading.
May 4, 2014 12:29PM
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Good advice, with one glaring exception. DO pay off that credit card debt first, unless you have an extremely low interest rate, which is unlikely. Investment gains (plus your company's contribution if we are talking about a 401k) will not typically exceed the interest you will incur on credit card debt.

Ron Beasley
Investment Advisor

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