Topic: What is the biggest financial lie you believed for way too long?
We’ve all been fed financial advice that sounded smart at the time but turned out to be complete nonsense. Maybe it was something your parents told you, a lesson drilled into you at school, or just one of those things “everyone knows” that turned out to be a trap.
For example:
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“Renting is throwing money away.” Turns out, buying a house can be a financial nightmare if you aren’t in the right situation. Maintenance, property taxes, and a bad market can leave you worse off than renting.
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“College guarantees a high-paying job.” Plenty of people went into massive debt only to end up working jobs that don’t even require a degree. Meanwhile, trade school grads are out here making six figures with no loans.
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“Save money in a bank, and you’ll be fine.” Inflation laughs at your savings account while the rich are making their money work for them through investments.
What was the financial “truth” you once believed that ended up being a lie? What made you realize it? I’d like to hear the ones that hurt the most.