5 Financial Myths That Might Be Costing You Money

When it comes to money, it seems like everyone believes they are an expert. Financial advice from friends, family and coworkers almost always comes with the best of intentions. Unfortunately, finance can be so complicated that sometimes it’s difficult to sort fact from fiction.

Here is a list of five common financial myths that could be costing you money.

1. Gold Is The Best Long-Term Investment
Any time there is trouble in the economy or a shaky period in the stock market, TV commercials pop up everywhere advising viewers to “protect your wealth” by investing in a tangible asset such as gold. The myth is that, in the unlikely event of an economic collapse, tangible assets such as gold have some inherent value that cannot be destroyed.

The truth of the matter is that gold, silver, diamonds and other precious metals and stones would likely have less “value” in a post-apocalyptic society than coal, cloth and rope. As a matter of fact, gold, like anything else, is worth exactly what a buyer is willing to pay for it and nothing more.

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