MoneyWise Live | October 5, 2018

Money Myths - Again

Show Notes

There are many timeless truths about money... most of them originating in the Bible, by the way.  Would you believe there are nearly as many myths about money as there are truths?  On this edition of MoneyWise Live, Steve Moore and Rob West will set the record straight on some of the more prevalent falsehoods about money with a few examples that may affect your wallet like:

  • A raise costs you money if it moves you into tax bracket.
  • Renting is just throwing away money.
  • The mortgage interest deduction is a major inducement to buy a home.
  • I don't make enough money to save.
  • Carrying a balance on your credit card raises your credit score.
  • Income tax is illegal because the 16th Amendment was really ratified.

Next, Rob and Steve tackle listener questions at 800-525-7000 and via email to on a variety of topics:

  • Is it a good idea to use a home refinance mortgage to pay for an investment property?
  • If you have an accounting of what you owe each month, how do you start off creating your own budget?
  • Is it a wise to take a loan out on your 401(k) to pay off student loan debt?
  • How much should you share with a child about your home finances?
  • If you have a money-manager that takes a very active approach in investing your money, should you be concerned about "churning"?
  • With max'd out contributions to your 401(k) and Roth accounts and a comfortable amount in savings, how can you make an extra $50,000 work for you?
  • Is there a way to find and recover lost bonds and bank accounts in your name?
  • How do get information to better understand God's Word about finances?

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