4 Money Rules You May Want to Break

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.

Don't miss

More Featured

Latest News

More News