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GOBankingRates spoke withfinancial expertsto uncover some surprising truths about money that many people overlook.
That emphasizes the importance of effective financial management for overall well-being.
Here are four things you (probably)dont know about your money.
Being conservative with investments over time is extremely costly, he said.
From 1926 through 2023, government bonds earned an average return of 5.1%.
Sounds pretty good, right?
Well, hold onto your hats.
Thats not a typo, folks.
Were talking about a difference of over $14,000 from a single dollar.
Johnson busts this common myth wide open.
The wealthy save and invest.
The middle class, too often, simply save.
Unfortunately, it isnt enough that people simply save.
That is a necessary condition for building wealth, but not a sufficient condition for wealth accumulation.
Instead, its all about investing.
Individuals need to be taught to invest for retirement and not to save for retirement, Johnson said.
The surest way to buildtrue long-term wealthand higher net worth is to invest in the stock market.
Of course, as with all wealth building, the earlier the better.
Grace Moser, owner of the womens lifestyle blogChasing Foxes, disagrees.
Moser shared a personal example that might just blow your mind.
Thats right: $5,000 from spare change.
That was $5,000 we wouldnt have had if we never decided to do it.
To help with this, you might want to automate your investments.
Inflation reduces the power of money.
But its not all doom and gloom.
There are ways your money can grow tax free.
So there you have it, folks.
Four things about your money that might just change the way you think about your finances.
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