Financial Experts Explore Some Of The Most Popular Money Beliefs
We all deal with money in one way or the other. Regardless of who you are, understanding how to handle and manage money will play a significant role in determining your level of success. Considering just how important it is, money has become especially popular across the world. And in our bid to better understand it, we’ve all developed certain beliefs about money.
Eight experts on personal finance have shed some light on a few of the most prominent money-related beliefs and clarified whether they are true or false.
First on the list of myths that were debunked was the belief that sacrificing small expenses would help to move the needle when it comes to building wealth. Another expert pointed out that anyone looking to get a vehicle might want to look somewhere besides a licensed car dealer.
Interestingly, some of the revelations also touched financial advisors themselves. For instance, one of the experts pointed out that hiring a financial advisor doesn’t necessarily mean that they will give you the best advice since they might not operate as fiduciaries. And another expert pointed out that anyone can hire a financial advisor regardless of their financial position or net worth.
To wrap things up, the advisors added that everyone should have a standalone savings account that they dip into whenever they have emergencies – such as car payments or mortgage settlements.
And speaking about mortgages, another expert pointed out that you might want to consider your mortgage rates and compare them to possible investment returns before deciding whether to make an early payment on your mortgage or not.