Money Myths

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Planning for your financial future is never a fun topic to talk about but it is important.

News 13s Justin Roth spoke with a financial expert and joins us live in studio.

When it comes to your money, everyone wants to make sure it's going in the right spot, but its hard to know what's best.

Whether following a broad rule of thumb or maybe advice from your parents, there are many myths when it comes to financial planning.

Myth one: Its better to own a home than to rent.

Thomas Brock is a Financial Consultant at Brock Strategic Investments in Casper he says, "Homeownership is obviously a huge decision. It's expensive to actually do a transaction like that and so it does require a major commitment."

There's never a guarantee that a home will appreciate in value.

So think about buying a home after you've settle yourself into the area you want to live in.

Another myth: Credit Cards can hurt your credit score.

"It's not a good idea to put yourself in a position where you've piled up some much debt on the credit cards that the monthly payments are affecting your lifestyle. But actually having credit and having credit cards is a good thing" Brock says.

In fact, when used correctly, credit cards can be an incredible financial tool to build your credit.

There are many ways where you can manage your personal finances and save money the trick is to knowing fact from fiction.

Another myth: you don't need to save up for retirement until you're older. Brock says, "Let's say there late 20s 30s. You know that seems so far away that you say hey I put aside three or four thousand dollars a year or more into this account for my retirement who knows what's going to be going on in 20 years."

Saving money will only help you in the long run.

But with so many options, how do you choose the best for you?

"It's a decision about the time frame of allocating those resources you know its a lot different when you say we want to save for a trip next year or we want to save for a family college education for our kids those are two very different scenarios that require a different approach."

Do your due diligence and research before making big decisions.

Brock's biggest piece of advice is to pay attention and read through what experts are saying in regards to how your spend your money.

Another important tip is to try to save at least fifty dollars each paycheck.