Don't be fooled by these 9 common money myths, finance gurus say

This used to be true, but has changed in the Covid era, credit expert John Ulzheimer said.

"Where does that huge gain come from? It comes from eliminating costly mistakes and taking advantage of sure wins," said Benartzi, who along with Nobel laureate Richard Thaler pioneered the concept of "nudging" investors to boost their savings over time. Conventional thinking holds, where can you get the highest return with your extra money? If your mortgage interest rate exceeds your likely return in the market, it generally makes sense to pay off the mortgage faster.

But a mortgage paydown is akin to a guaranteed "return," she said. The only fair comparison is to the return in an account that's similarly guaranteed, such as FDIC-insured investments, said Benz, author of "30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances.

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