5 Common Misbeliefs About Your Finances

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Source: Thinkstock

Source: Thinkstock

There are many common beliefs out there about your finances. But myths such as “a penny saved is a penny earned” are just that — myths. Many of these beliefs are based on how our parents, grandparents, and even great grandparents thought about things. Many of these myths have the potential to give you false notions about your finances and what you should be doing with your money. Ready to learn the truth about five common money myths? Read on.

1. Banks are the best place for your money

Or, are they? According to Bankrate, using a savings accounts is similar to modern-day mattress stuffing. Low interest rates associated with savings accounts can actually cause you to lose money over time because the rates don’t keep up with inflation. This myth formed because there was a time when people could put money into a bank and see a decent return. Unfortunately, that is no longer the case.

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