10 Popular Financial Myths Busted
Financial myths discussed include 10 financial myths about debt and investing.
Key Takeaways
- Pay off your credit card balance in full each month—carrying a balance hurts your credit score and costs you high interest; use free tools like Credit Karma to monitor your credit annually
- Adjust your emergency fund based on your situation: self-employed or single-income households may need 12 months of expenses instead of the standard 3-6 months
- Use the IRS tax withholding calculator (takes 5 minutes) to avoid large refunds, which means the government held your money interest-free—adjust withholdings to put more money in each paycheck
- Start investing with as little as $25/month through a workplace 401(k) match or an IRA; open a total stock market mutual fund or ETF for simple, diversified investing
- Don't pay off all debt before investing: prioritize employer 401(k) match (free money), fully fund your emergency fund, then pay high-interest debt (20%+ credit cards) while investing in low-interest debt (under 7-10%) since S&P 500 averages ~9% returns
10 Popular Financial Myths Busted: In this video, Certified Financial Planner Haley Ellis describes 10 financial myths about debt and investing. Watch more Haley Ellis videos on finStream at this link: https://www.finstream.tv/featured/haley-ellis/
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