Live Your Best Life By Busting These 7 Myths

Article presented by Tom White

Life is challenging for hard-working adults in today’s fast-paced world. Anything that can make it less complicated and even a tiny bit easier is a welcome relief. That’s why it makes so much sense to find out the truth about subjects like the economic efficiency of electric cars, how college students can get credit cards, and what it costs to start an independent business. In an economy hammered by inflation, shortages of essential goods, and financial instability of all kinds, myths act as a poison that erodes consumer buying power, personal happiness, and long-term security. The following myths are among the most destructive and you can review the facts about each one in order to avoid getting caught up in the misinformation.

Electric Cars Help Consumers Save Money

There are plenty of reasons, some of them good, to purchase an electric vehicle. Saving money is not among them. Besides the fact that most states no longer offer any kind of tax incentives for going electric, the sticker price of EVs (electric vehicles) more than offsets the at the gas pump savings owners enjoy during those early honeymoon months of driving their shiny new models. Additionally, repair expenses and the cost of electricity represent a formidably economic hit for EV owners who love the idea of never buying gasoline again.

College Students Can’t Get Credit Cards

Mainstream finance publications often allude, with no evidence, to how difficult it is for college students to obtain credit cards. That may have been true a generation ago, but nowadays, it is not. In the 2020s, young adults enrolled in degree programs can apply for and get cards to help manage their finances. Of course, the first step is to gather all the relevant information from a reputable guide on the subject. Students find that it’s not just a good idea to get approved for a card but to find the one that suits their financial situation. Obtaining a first credit card is a major step in growing personal finance, so it pays to use reliable information sources and research the topic thoroughly before moving forward.

Car Air Bags Will Save Your Life

Passenger-side and driver airbags have saved millions of lives, but what many people don’t know is that the devices work best in tandem with seat belts. Indeed, early versions of bags that were on cars in the 1980s were almost completely ineffective unless used with a lap and shoulder belt. Fortunately, today’s airbags are more versatile and powerful. Still, if you read any car’s safety manual, it’s easy enough to see that for maximum safety, passengers and drivers should wear lap-and-shoulder belts whenever a vehicle is in motion. Then airbags are extremely effective at preventing serious injury and death.

An Excellent Resume Will Get You a Good Job

Resumes are designed to get interviews. Too many applicants believe they can rely on the documents to get their dream job. In fact, just getting an interview is a complex task. It involves finding and screening companies you want to work for, composing a unique cover letter, and attaching a resume before sending the documents to the appropriate person at the target company. Note that many hiring agents require resumes to be in specific digital formats before they even look at them.

College Tuition is Ridiculously High

Another media favorite is the headline, “College Tuition Skyrocketing.” While some of the nation’s top schools are way overpriced, the cost of attending community colleges, in-state universities, and online schools is very affordable. The rise of computer-based education, particularly during the recent COVID pandemic, has created a new generation of students who are happy to earn degrees from the comfort of their homes. The digital approach to education means that just about anyone can get a degree without spending the family fortune or running up massive debt.

Houses Are Money Pits

Homeowners enjoy related nightmare tales about this or that repair job that cost them a fortune. Other money pit stories are highly entertaining at parties and keep listeners on edge. But the reality is less exciting and more positive. That’s because home ownership is nearly always a positive experience for people who struggle to save for down payments and improve their credit scores before finally acquiring a first home. While there are multiple expenses that go along with ownership, the benefits tend to far outweigh them.

Millions of homeowners use their built-up equity to obtain low-interest loans for vacations, investments, and other purposes. For so many retirees, a paid-off home is the foundation of their financial security and typically is the single largest asset their own. Likewise, it’s quite common for older adults to pass homes along to children in wills and trusts. The depiction of a residential house as an endless pit of repair expenses is a profitable film plot but working adults from all walks of life aim to own at least one home in their lifetimes.

Comprehensive Car Insurance is a Waste of Money

It’s common to hear drivers complain about the high cost of vehicle insurance. Comprehensive coverage usually costs much more than the minimum level of protection, which most state laws refer to as liability. Is comp overpriced, a waste of money, or both? For many policyholders, it’s a legal requirement of the loan agreement. Banks and other lending institutions like their collateral to be fully insured and nearly always include a mandatory comp clause in the fine print of loan documents.

But even when comp is necessary, is it priced too high? When you consider what it covers, from theft and roadside assistance to dozens of other hazards and medical expenses, comprehensive coverage is fairly priced. But consumers should always stick to shopping around for the lowest rates because carriers’ prices vary a lot. The same is true for bare minimum coverage or liability. Some states have strict laws about how much companies can charge for basic protection, so there’s not as much variation in premiums as there is for comp insurance.