Money Myths That Are Costing You To Believe

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Let's face it, any time there is an opportunity to save money, most of us would jump right on it - it's only natural! But what if the opportunities you thought were great actually turned out to be costing you more? If you're a firm believer in everything you hear, you may be losing more than you save - money myths are everywhere! Don't worry, though, we're here to debunk them for you and provide you with the truth:

Myth #1: The cheaper option is always the better option.

Yes, purchasing the cheaper option can help you financially at the time, but in some cases this will require you to spend more later on. Take home appliances for instance. You may feel like you're shopping smart by purchasing the cheaper of two washing machines, but down the line the cheaper product may cost you more in repairs or worse, complete replacement. When it comes to deciding between options, you really need to weigh the pros and cons rather than automatically reach for the lower price tag.

Myth #2: Always head to the clearance rack.

Of course buying items off of clearance racks will be cheaper than those that are not, but sometimes seeing a "great deal" may encourage you to buy things that you don't really need. Even if the item is inexpensive, it's still extra money coming out of your pocket. If, however, the clearance rack is your favorite place to shop, only look for the items you set out for and, if they aren't there, head elsewhere.

Myth #3: Cash always wins.

There is definitely truth to the idea that if you leave your credit cards at home you won't be tempted to spend more than you can afford, but don't forget to think about your banking and how you keep track of your money. With cash, it can be easy to lose sight of certain purchases and ultimately make banking harder - this could also lead you to spend more than you realize. If you prefer cash over credit, make sure you're organized financially so that you don't stray too far off course. 

For a list of additional myths that are costing you to believe, check out this article from U.S News and World Report.

As a leading financial planning firm, we at American Investment Planners LLC want you to feel confident in your financial situation and seek advice that only works in your favor. Rather than believe everything you read about topics such as retirement planning, estate planning and tax planning, turn to our trusted advisors - we'll always provide you with the most accurate information and answers!

To speak with a member of our team, please call (516) 932-5130 today.