MoneyWise


Money Myths (Again)

October 5, 2018

There are many timeless truths about money.  Most of them originating in the Bible by the way.  But there are almost as many myths about money as there are truths.  On this edition of MoneyWise, Rob and Steve set the record straight on these money myths that may be affecting your wallet:

  • A raise costs money if it moves you into a higher tax bracket.
  • Renting is just throwing money away.
  • The mortgage interest deduction is a major advantage to buying a house.
  • I don’t make enough money to save
  • Carrying a credit card balance boosts your credit score.
  • Income tax is illegal because the 16th amendment wasn’t ratified.

Next, Rob and Steve answer questions at (800) 525-7000 and questions@moneywise.org about the following:

  • Should you help your son pay an $8000 student loan?
  • What art some best house-buying-practices for both home and investment consideration?
  • Should you tithe on "Designated Gifts" you've been given to fulfill your mission work.

Do you have enough house?  Do you have enough money?  Do you know how much is enough?  “Master Your Money” by Ron Blue will help you save, invest, give wisely, learn how to create a long term financial plan and much more.  Find this and other resources when you click the Store button at https://moneywise.org.