If you are conscious about money, there is no doubt that you have heard the three things listed below – that investments are risky, debt is bad, and that credit cards should be avoided. However, these three things are myths. Here’s the truth:
1. Investments Are Too Risky
Investments can indeed be risky. However, not investing your money may be riskier. Instead of putting your savings in a very low interest savings account, why not put it in a high yield investment fund?
2. You Should Never Have Debt
Most people thing that all debt is bad. However, some debt can be good. In fact, certain type of debt—like a mortgage—should be maintained if it means that you have extra cash for saving or investment. If you could pay your debt and still have money, do it; if not, maintaining a small amount of debt in order to have a little emergency fund is within your best interest.
3. Credit Cards Are Your Enemy
Excessive credit card debt is your enemy, not credit cards themselves. In fact, credit card debt isn’t bad at all, as long as you are paying that debt in full each month. And, credit cards can be used to get you cash back or rewards, especially when you buy things like gas and groceries.
To learn more about your money and how to manage it well, reach out to success coach Sheevaun Moran today.
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