The internet is full of financial advice, but you can’t trust
everything you read. Sharing some examples of tenets
you should think twice about:
- “Don’t sweat student loan debt.” You can’t bet on debt forgiveness once you’re out of college.
Don’t borrow more than you need, and develop a plan for paying off debt as
quickly as possible.
- “Trade in your car often.” Some people trade for a new car every other year. That
means having a car loan for the rest of your life—which means spending
money you could use for other purposes.
- “Credit card balances are no problem.” Carrying a balance means paying interest, which makes
getting out of debt even harder. Do your best to pay off your bill every
month in full.
- “Buying a home is better than renting.” Sometimes true, but not always. Remember that buying a
home comes with fees, mortgage payments, property taxes, and maintenance
costs. Depending on where you live, renting may be a better option—and
allows you to be more flexible if you have to move for a new job.
- “Wait to save for retirement.” You have lots of time to think about retirement, right? Wrong. The earlier you start saving, the more money you’ll have once you hit 65 or 70. Waiting until you’re older gives you fewer options.
- Doug Myrick
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