Money Myths Busted

Have you heard the saying about an itchy palm and money? What about a penny saved is a penny earned? These famous money myths have been around for a long time. Here's the real truth behind some of these myths.

Money myth number one-- my palm is itching, so I'm going to get more money. Busted. Itchy palms don't bring you money. Truth is, you probably know what your income and obligations are. So if you come into money unexpectedly, be happy and put it to good use.

Money myth number two-- I keep a jar of change so more money will come my way. Busted. Money doesn't grow in a jar, or on trees. But if you deposit these coins into a high yield savings account, your balance will grow from dividends earned.

Money myth number three-- watch the pennies and the dollars will take care of themselves. Busted. Not true. You have watch them both in order to build wealth.

Money myth number four-- all debt is bad. Busted. Actually, some debt, such as student loans and mortgages, help you build good credit history, as long as you keep your payments timely. Found a pot of gold at the end of the rainbow? Share your money myths at facebook.com/lgfcu, or on Twitter at twitter.com/lgfcu.

LGFCU is federally insured by the National Credit Union Administration, and an equal housing opportunity lender.

The situations described in this video are for informational purposes only and meant to provide examples of the products and services LGFCU offers to its members, which may be subject to approval. Contact a financial advisor or legal or tax professional for additional guidance.

LGFCU is an equal housing opportunity lender and federally insured by NCUA.