Don't Be Fooled By These Common Money Myths

Chris and Jeff discuss a CNBC article, "Don’t be Fooled by Common Money Myths Financial Gurus Make".

1) Financial ‘advice’ always has your best interests at heart A fiduciary advisor has a legal duty to put your economic and financial interests ahead of their own. How one is compensated may flavor their interest.

2) You must pay for frequent credit report access “The Fair Credit Reporting Act gives us the right to one free credit report every 12 months from AnnualCreditReport.com.

3) Paying off your mortgage early isn’t worth it If your mortgage interest rate exceeds your likely return in the market, it generally makes sense to pay off the mortgage faster and visa-versa. But a mortgage paydown is akin to a guaranteed return.

4) You don’t need emergency savings These accounts shouldn’t be considered as part of a long-term savings plan for college tuition, a new car or a vacation. Instead, this fund is a safety net to be tapped only during emergencies.

5) You must monitor the stock market daily Focusing on daily market swings can contribute to making moves you’ll later regret, like selling at an inopportune time.

6) Money can make you happiest Studies have linked money with happiness. But it’s what people do with that money that ultimately makes them happiest.