The following are 100 percent true statements: A penny saved is a penny earned. A home is a great investment. Money doesn’t grow on trees.
Are you nodding in agreement? Gotcha!
According to money experts, there are plenty of money myths like these that get us into trouble and lead to false ideas about money, saving and investing.
Even benign statements such as “money doesn’t grow on trees” can have a negative effect on the way we look at money, says Grant Cardone, host of the National Geographic television show “Turnaround King.”
“Money comes from a cotton bush, actually,” he says. “But seriously, the concept that money is scarce is just not true. There is just a shortage of people going for money with courage and the right attitude.”
Part of forming the right attitude is knowing what is true and false about money. Here are five money myths dispelled.