Five Financial Myths to Avoid This April Fool's Day
time for harmless practical jokes, laughing and light-hearted good
fun, as long as it isn't at your financial expense. This April Fool's
Day is a time to consider what you base your financial decisions upon,
so M&I, a part of
that will help you make better choices with your money.
"Making wise financial decisions is no joking matter," says Tim
to separate myth from reality when it comes to determining how to best
handle your finances."
Myth 1: Cost of living will go down when you retire. There are many
expenses after retirement age that people don't take into account when
planning for the future. Mortgage payments, hospital visits, medical
care for your parents, and even grandchildren can add significant
expenses to your life. Plan ahead for retirement and meet with your
financial advisor to get a better understanding of how much money you
should be saving to enjoy your golden years.
Myth 2: Closing unused credit cards will help your credit score. It is
a great idea to pay down credit card debt but closing unused credit
cards may not be the solution.If you have unused credit cards in good
standing, they can reflect positively on your credit history and could
benefit you in the future.
Myth 3: Anticipating the next "big thing" is the key to earning high
returns. Studies have shown that the right mix of investments, stocks,
bonds and cash that fit your individual goals, time frame, risk
tolerance, and risk capacity can lead to a more lucrative return.
Myth 4: Always get a fixed mortgage rate. There are many types of
mortgages and a personal banker can help determine the right product
for your situation. For a person planning to move before the rate is
up, an adjustable rate mortgage can save money every month. Review all
your mortgage options before making a decision.
Myth 5: Financial planning is for the wealthy. Financial planning is
not just for people with large amounts of money to invest. A financial
planner can help you create a budget for daily expenses, invest in
retirement, or help prepare a family for educational expenses. A
financial advisor will assist with all your planning needs.
Take charge of your financial future. Before making any major
financial decisions, know all of the facts. Researching beforehand and
asking for an expert's opinion can make your process that much easier.
Visit your local M&I branch or http://www.mibank.com today for more
information and start your journey to financial security.
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IN: FIN PUB
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