4 money myths you can overcome to improve your finances Discover ad
Believing myths — like you don't need a budget or that a home can make you money — can keep you from reaching your financial goals..
Money myths are ideas about how to manage money that people tend to assume are true, even when they aren't. Many believe and pass on inaccurate money advice for all sorts of reasons: The idea seems true, it used to be true, or they're just hoping it's true. Whatever the cause, you can put these money myths to bed because the truth can help you reach those financial goals.Money Myth No. 1: You keep track of your money, so you don't need a budget.
Creating a budget helps you to understand how your daily spending affects your overall financial goal and where you could cut back.If you've filed credit-card-reward programs under "too good to be true," it's time to take a closer look. While there are some programs that might not be worth it after you pay annual and program fees, there are certain credit-card-reward programs that do actually put money back into your pocket.
Here's how it works: As a Discover cardmember, you will earn cash back on every dollar you spend on purchases. Then, at the end of your first year, Discover will match all the cash back you've earned — dollar for dollar, automatically. There is no limit to how much Discover will match.Your home is a lot of things — a shelter, a gathering space, a family treasure — but it shouldn't be viewed as a moneymaker.
"Too often people make the mistake of spending too much of their income on a house and effectively 'crowding out' other investment opportunities," Robert R. Johnson, professor of finance with
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