If you don’t know much about money, you don’t have to look far for advice. You can always learn from personal finance articles, books and videos or from money-savvy friends and family.
Although there’s no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt. Here’s what the experts said is some of the worst money advice.
Last updated: June 17, 2020
Pay Off Your Mortgage Early
Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments.
This advice isn’t bad in itself, but according to Paul Moyer, the founder of SavingFreak.com, this advice doesn’t make the same financial sense in our current low-interest environment