7 big money myths

I don’t have enough money to invest

You might feel stretched to the financial max, but you probably can find room to make deposits to savings or investment accounts.

To figure out how much you can afford to invest, review your income and expenses. You might be surprised to discover that you’re spending a significant chunk of your paycheck on extras like takeout and taxis. The U.S. Department of Labor estimates that the average consumer spends $225 per month on entertainment and $225 per month on dining out.

Translation: There is almost always enough wiggle room to trim expenses and invest the extra cash.

"Once you recognize where your money is going, you can start making changes to your budget," Fidelity Investment's Kevin O’Fee says. "You might need to cut out your morning coffee or take lunch to work, but the short-term sacrifices will lead to long-term financial gain."

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