Myth Busters
Uncovering Financial Truths
What Most People
Get Wrong About Money
At Trusted Coverage, we don’t just offer strategies, we clear up confusion. A lot of people are doing what they’ve been told by the loudest voices, but that doesn't always mean it’s what’s best for them. Here's the truth behind five of the most common financial myths keeping families stuck.
❌ Myth #1: You Should Always Max Out Your 401(k)
✅ Truth: That’s what banks and brokers want. But maxing it out may create huge future taxes. We show you how to build tax-free income without locking up your money.
❌ Myth #2: Paying Off Your Mortgage Slowly is “Smart Leverage”
✅ Truth: It’s smart for the bank, not you. We help families pay off their homes in 50% of the time, saving tens or even hundreds of thousands in interest.
❌ Myth #3: Roth IRAs are the smartest place to build retirement income
✅ Truth: Roths offer tax-free growth, but they also come with income limits, contribution caps, and no flexibility until retirement. If you want to save more, access funds before age 59½, or protect your money from market drops, you’ll need a more strategic solution that works beyond just a Roth.
❌ Myth #4: Cash is king, just save more and you’ll be fine
✅ Truth: Saving money is smart. But when cash sits idle in a bank account, it’s losing value every year to inflation. The families that get ahead are the ones who make their money move, not just sit. Saving is step one. Strategic positioning is step two.
❌ Myth #5: Debt is bad, pay it off and stay away
✅ Truth: Not all debt is created equal. Some debt drains you. Some debt can be leveraged. The key is understanding which is which and using smart strategies to reduce bad debt faster while putting your money to work. Avoiding all debt often leads to missed opportunities and long-term losses.
❌ Myth #6: Follow Dave Ramsey’s advice and you’ll be set for life
✅ Truth: Ramsey’s advice is great for getting out of chaos, but not for building long-term wealth. It’s like training wheels: good at first, but limiting if you stay there too long. If you’ve already got your spending under control and want to build a legacy, you’ll need more advanced strategies than “pay cash and save receipts.”
❌ Myth #7: If I just work hard and save, everything will work out
✅ Truth: Working hard is essential. But in today’s world, it’s not enough. Wealth doesn’t just come from effort, it comes from intentional strategy. If your money isn’t working just as hard as you are, you’ll always feel like you’re behind.
❌ Myth #8: Term Insurance is All You Need
✅ Truth: Term is cheap, but it disappears when you need it most. We help families combine term and permanent strategies for protection now and later.
❌ Myth #9: Insurance is Just a Backup Plan
✅ Truth: Not anymore. Modern insurance strategies can accelerate your debt payoff, fund college, and create tax-free retirement income, while protecting your family all the way.
❌ Myth #10: If I Have Equity, I Should Just Let It Sit
✅ Truth: Home equity feels safe — but it’s earning 0% while inflation eats away at your buying power. We show you how to put equity to work so it helps you retire sooner, not just sit there.
Lest's Build Your
Legacy Wealth Strategy
In just one free call, we'll show you:
How fast you could pay off your home
How much tax-free income you could build for retirement
How to reposition existing money to accelerate financial freedom
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