14 Personal Finance Facts and Myths: Do You Know the Difference?

IT’S ALWAYS SMARTER TO OWN A HOME THAN TO RENT, IF YOU CAN.

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This is one of the biggest money myths. It’s not always wiser to buy a home. A lot depends on your current phase of life and your career. Mannes says it’s important to ask questions such as: How much does it cost to rent where you want to live, versus how much it would cost to own? “The other key thing is: If you are young, mobility may be more important,” Mannes says. “Homes are not liquid. If you get a great job opportunity on the other side of the country for that fantastic career you’re embarking on, it might be a challenge for you to sell a home or wait around to sell it, and you may have to sell it at a loss.”