Is we dumb?.....are we are taught to believe...
You should definitely buy and not rent...
Credit cards are evil, stay away from them…
Why worry about you credit score?...it doesn’t matter…
According to The Penny Hoarder, there’s a lot of dumb financial advice floating around and it can be difficult to figure out what’s up and what’s down…
Taken from an article called “5 Pieces of Dumb Financial Advice that Most People Believe”…
Dumb Advice #1: Put Your Money in a Savings Account
Put your money in a savings account and leave it there…Bad advice as a typical savings account earns 0.09%...
The Penny Hoarder recommends a debit card called Aspiration which lets you earn up to 5% back and up to 11 times the average interest on the money in the account…
Dumb Advice #2: Keep Wasting Hundreds of Dollars on Homeowner’s Insurance
You’re probably wasting money right now….
On something you would never expect; your homeowner’s policy…
You probably don’t actively think about it…
You just know you’re required to have it…
They recommend Policygenius, an insurance company that makes it easy to find out if you’re overpaying and by how much…
They will make sure you’re not skimping on coverage- you will have what you need…
Dumb Advice #3: You Need to Save $1,000,000,000,000,000 Before You Die
All your life, you are told to save…
For emergencies…
For the Future…
For your family…
They recommend you keep a healthy amount of savings, but if you want to give your family up to $ 1 million, use term life insurance…
They recommend Bestow, and state people are getting it for as little as $8 per month, (if you are 54 or younger)…
Dumb Advice #4: You Should Get 3 Auto Insurance Quotes
This sounds like good advice…
Comparing 3 companies is not enough… they suggest 40…
They recommend a company called Gabi, who will do it for free…
They save people money and get the same coverage…
It doesn’t matter when you last renewed, you can get a check from your old company for the time left on your policy…
Dumb Advice #5: The Only Way to Earn Money is With a Job
People say the only way you can earn money is with a job…Not true…
You can make money by watching the news!
Research companies want to pay you to watch the news…
(Incredible!)…
Its possible to earn up $225 per month by signing up for a free account with Swagbucks…
They present you with short news clips to choose from everyday…
You just have to answer honestly and The Penny Hoarder referred to a reader who made $1200 last year…
Fun and interesting information that could save you money…or make you money!
I am not recommending any of these services, I just wanted to pass along what I found…
Bob Baker
P.S. I hope you found this as interesting as I did, and you may want to do a search to find out more…
P.S.S. Have an excellent, safe and productive week!
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