4 Money Rules You May Want to Break

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Financial professional Jeff Bangerter from Bangerter Financial Services is explaining to Mae why some common "money rules" may need to be broken.

  • Save 10% of Your Income 

Saving 10% of your income for retirement sounds like a nice round number, but this rule-of-thumb falls short because it does not consider the age at which we start saving.

  • Pay Off Your Mortgage Before Saving for Retirement 

Remember, mortgage debt isn’t always a bad thing. In most cases, it’s the last debt you pay off. I know the thought of owning your own home free and clear sounds like a great idea, but it could actually put you in a less secure situation later on.

  • Don’t Use Credit Cards 

Using credit wisely is an important part of building a good credit history. Lenders will be more likely to offer you a better interest rate if you have a good credit score.

  • Get a Tax Refund 

People get excited about receiving a tax refund. While, it feels good not to owe the IRS money, in some cases, getting money back isn’t always in your best interest.

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