Don't be fooled by these 9 common money myths, finance gurus say

Don't be fooled by these 9 common money myths, finance gurus say  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, APR 05, 2023 YOUR WEALTH Editor's Note We all grew up hearing the same financial advice: Spend less, save more and invest early. While most of these words of wisdom ring true, there are lots of widespread money management tips that are actually false. With that said, can you separate financial fact from fiction? Don't worry, we did it for you. CNBC personal finance reporter Greg Iacurci spoke with some money experts to help answer this key question: What are the biggest money myths out there? Here are a few money myths that needed some debunking. Buying that daily cup of coffee is killing your chances at burgeoning retirement wealth. Not true, says one expert. Savers don't need to be so extreme with their money decisions to be financially successful. You have to pay for your credit report access. Not true. Consumers have free weekly access to their credit reports from the three major credit reporting agencies through the end of 2023. Paying off your mortgage early isn't worth it. Experts say that conventional thinking holds, where can you get the highest return with your extra money? If your mortgage interest rate exceeds your likely return in the market, it generally makes sense to pay off the mortgage faster. You must monitor the stock market daily. No way, some experts say. There is virtually no valuable information in the day-to-day movement of the market, one financial expert said. In fact, advisors often warn that focusing on daily market swings can contribute to making moves you'll later regret. Being aware of your own money situation can reduce the stress and anxiety that life can offer. That's why bringing financial literacy into your life is so important and that means putting to bed some of the money myths that we believed were true for most, if not all, of our lives. For more timely advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. To listen to the latest edition of the PF team's weekly Twitter Space, "This Week, Your Wallet," click here. Jim Pavia Senior Editor, Personal Finance @JIMPAVIA Don't be fooled by these 9 common money myths, finance gurus say Money myths are pervasive. CNBC asked eight personal finance experts about the most egregious financial fallacies — and why they're wrong. Here are 5 things to know before the April 18 federal tax deadline The deadline to file a federal tax return is April 18. Here's what late filers should know as the date approaches. 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CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2023 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS