When it comes to managing money, myths and misconceptions can be costly. Let's debunk some of the most common financial myths and uncover the truths to help you take control of your finances.
Myth 1: Debt is always bad
The truth: Not all debt is created equal. While credit card balances can drain your finances, other types of debtâsuch as a mortgage or a business loanâcan be strategic if managed responsibly.
> Good debt: Enables growth, such as buying a home or financing a business.
> Bad debt: Covers consumption or depreciating assets on credit.
Takeaway: Eliminate bad debt while leveraging good debt to build wealth.
Myth 2: You need to be rich to invest
The truth: You can start investing with almost any amount.
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