Wednesday, December 14, 2005

Personal Finance Myths

Personal Finance Myths

Don't know who this guy is, but I like what he has too say. These 8 myths are worth taking a few minutes to read.

1. Paying tons of Mortgage Interest is WONDERFUL because it is tax deductible
2. If you refinance to a lower rate you will save interest long term
3. You pay no interest on a 0% car loan
4. All Variable Annuities are a ripoff
5. People who earn more money/live in expensive homes/drive fancy cars are "richer"
6. Always hold stocks long term to reduce taxes
7. Taxes should be fair
8. Good investments should always beat the market

You can read the justifications for each of these at the above link.

Scott Dauenhauer, CFP, MSFP