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WHat are some of the false myths around saving money?
in Financial Literacy by Diamond (41.3k points) | 20 views

1 Answer

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  • To save, you have to be rich or make a lot of money. Otherwise, I can’t save much, so I shouldn’t bother because it's not worth saving if I can only contribute a small amount.
  • I am too young to save for retirement, or I'm old and it's too late for me to start saving for retirement.
  • Using cash is always better. Credit is bad, all debt is bad.
  • I don't need a budget because I have enough in my account to cover all expenses.
  • Buying a home is smarter than renting.
  • The cheaper the better.
  • I should save every penny I make.
  • I should using credit card rewards such as free or heavily discounted travel or cash back.
  • I should by during sales and promotions.
  • I should buy in bulk
  • Savings means cutting out the fun stuff.
by Gold Status (11.0k points)

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