5 Pieces of Dumb Financial Advice That Most People Believe
5 Pieces of Dumb Financial Advice That Most People Believe
By The Penny Hoarder Staff
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. When it comes to money, everyone likes to put in their two cents. Oh, you should definitely buy and not rent. Stay away from credit cards; they’re evil. Why are you so worried about your credit score? It doesn’t matter.
There’s a lot of — quite frankly — dumb advice floating around out there, and it can be difficult to figure out what’s up and what’s down. Well, we’re here to set the record straight. Here’s all the dumb money advice out there — and what you should do instead.
Dumb Advice #1: Put Your Money in a Savings Account
You’ve probably heard the best way to grow your money is to stick it in a savings account and leave it there for, well, ever. That’s bad advice.
But maybe you’re just looking for a place to safely stash it away — but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .09% is nothing these days.)
But a debit card called Aspiration lets you earn up to 5% cash back and up to 11 times the average interest on the money in your account.
Not too shabby!
Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
Dumb Advice #2: Keep Wasting Hundreds of Dollars on Homeowner’s Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy. This isn’t something you actively think about — you just know you’re required to have it.
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