Just because the same personal financial advice shows up in headlines, on Facebook and is repeated at the dining room table doesn’t make it true. As it turns out, a lot of conventional wisdom is based on flawed logic — or no logic at all.
The bad news: Inaccurate information can have a serious impact on your bottom line. In fact, believing common money myths may lead you to spend too much, save too little and get stuck with a lackluster credit score.
To save you from making important decisions about saving, investing and paying off debt based on popular opinion, we turned to experts to help uncover the truth behind 7 common money myths.
Keep reading for accurate information that is sure to make you more financially savvy (and might even save you from a costly money mistake).