When it comes to figuring out your finances, it’s easy to get led astray. There are so many blatant myths about money, debt, investing and more. How should you begin?

Darla Pellerselsa very long time financial adviser and president of Prosperity Financial Associates at Henderson, Nevada, says it’s important to educate yourself regarding financing and begin taking charge of your money right now.

“I’d encourage all to read, reach out to an investment professional, take a class, and collect facts on investment, financing, budgeting, life insurance, and debt discounts plans,” says Pellersels.

To help you manage your money, let’s debunk 8 common money myths that you might end up believing. Have a look.

MYTH #1: My student loan is deferred rather than gaining interest.

Oftentimes this is not correct. Have a look at the terms of your loan and read every bit of paperwork. Oftentimes, the particulars of your loan are said quite clearly on the statement or invoice.

MYTH #2: I do not need life insurance since I’ll be dead, so why should I care?

This is a common myth that many people buy into. Although you may not require the insurance money once you move away, a lack of insurance may leave your grieving spouse in a terrible financial bind. And, in certain countries, your loved ones can inherit your debt – leaving them in dire financial straits. You have insurance on your cell phone…why not your life! It’s not like you’d have to go to the company headquarters and stand in line for hours for an appointment like it was done in the earlier day. The boon of technology has made selling life insurance much easier, with companies using digital agents, self-service portals, and other similar tools that can make getting an insurance policy a quick yet well-informed process. You would not even need to leave your house, much less stand in any queue. There are some insurance products that could also pay you for chronic, critical as well as terminal illnesses. It’s worth your time to check this out and buy the best life insurance policy for you.

MYTH #3: You have to be rich to invest.

That is flat-out, not correct. In fact, you don’t even have to be wealthy to employ a financial adviser. There are loads of advisers out there that can allow you to invest with a tiny minimal investment and low to no charges. Pellersels says that she has many customers that can only invest a little monthly or yearly. If you start early, a little amount may change your retirement picture in the future.

MYTH #4: If a financial adviser controls my cash, I do not need to understand how to make investments. That is why there are all professionals.

You need to know where your money is invested at all times. You always need to inquire about your investments, especially if weighing risk against benefits and volatility.

MYTH #5: I must wait until I’m 65 to retire.

Many people feel that there’s a mandatory retirement age but that isn’t correct. You may retire at any age or period you desire. Irrespective of if you intend to retire, it’s important that you work toward getting out of debt, invest as much as possible into a retirement account, and save money to prepare to live out the rest of your years.

MYTH #6: It is too late for me to regain control of my finances.

If you’re still breathing and working, you can begin!

MYTH #7: I will have a car payment or home payment.

Believe it or not, there isn’t anything that says that these things are forever. You do not have to have a car payment or home payment. There are many people out there that pay cash for slightly used cars. There are even folks that have paid off their house mortgage early. Otherwise, there are options similar to mortgage protection insurance rider. Such insurance can ensure that your mortgage cover is paid for a definite period, even if you can’t pay it due to personal reasons like critical illness, unemployment, accidental death, etc. To repay your vehicle or home loan sooner, you may want to consider earmarking extra money toward your monthly obligations. This won’t only help you hit your goals sooner, but you’ll also wind up paying less attention. To repay your vehicle or home loan sooner, you may want to consider earmarking extra money toward your monthly obligations. This won’t only help you hit your goals sooner, but you’ll also wind up paying less attention.

MYTH #8: Credit Cards are fantastic for emergencies.

Wrong. Cash is very good for emergencies! Should you use a credit card to pay for a crisis and it continues more than expected, you’ve only dug yourself into a deeper debt hole. Losing work, medical problems or even accidents can set you back significantly. This is exactly what an emergency finance is for.

Thanks to Leon Rees from Onlyreviews for this submission.