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5 money myths that are financial nonsense

Businessman displaying a spread of hundred dollar bills © Melpomene/
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Everybody knows this stuff is true, right? A penny saved is a penny earned. A home is a great investment. Money doesn’t grow on trees.

Are you shaking your head in agreement? Gotcha!

According to money experts, these are the types of money myths that get us into trouble and lead to false ideas about money, saving and investing.

Even benign statements such as “money doesn’t grow on trees” can have a negative effect on the way we look at money, says Grant Cardone, business consultant and author of “The 10X Rule.”

“Money comes from a cotton bush, actually,” he says. “But seriously, the concept that money is scarce is just not true. There is just a shortage of people going for money with courage and the right attitude.”

Part of forming the right attitude is knowing what is true and what is false about money. Here are five money myths dispelled.