Don't believe everything you hear about your money. By Rebecca Dolan, Contributing Writer November 30, 2016 Myth: You don't have to start saving for retirement until age 40.Truth: The sooner you start saving and investing, the better. See Also: Surprising Secrets of the Millionaire Next Door Myth: Only rich people get tax breaks. Truth: The tax code offers savings for middle- and working-class taxpayers for starting a family, education, home buying and retirement saving. Myth: Gold is the best investment you can make. Truth: A diversified portfolio will shine brighter. Advertisement Myth: Social Security won't be around when you retire. Truth: It will evaporate by 2034 if nothing changes, but incoming money from payroll taxes will still be enough to support about 75% of promised benefits. Myth: Free trade deals are bad for America. Truth: Trade and international commerce creates as many (if not more) higher-paying jobs, especially in the services industries, as it destroys. Advertisement See Also: 10 Financial Decisions That Will Haunt You Forever Myth: Tapping your 401(k) is a great way to borrow money. Truth: The hit to your nest egg may be greater -- and last longer -- than you think. Myth: Credit cards are best to be avoided. Truth: Used smartly, a credit card will help you build a solid credit history and boost your credit score. Myth: Only rich people need a will. Truth: Everybody should have a will, even if only to spell out funeral and burial wishes. Read more about the urban myths of personal finance.