Modern Lifestyle Myths That Refuse to Die

Photo Mike B on pexels

Some myths seem to last forever, no matter how aggressively people debunk them. There are unlimited media reports about the bright future of all-electric automobiles, even though sales figures based on actual purchases tell another story. Other persistent falsehoods touch on everyday subjects like life insurance, cannabis legalization, home ownership, and the wisdom of investing in gold. Here are pertinent details that debunk each incorrect view.

Electric Cars are the Wave of the Future

While some corporations and government agencies like to dream about the day when electric vehicles are more popular than combustion cars and trucks, consumers speak with their dollars. What’s the verdict? EVs (electric vehicles) are a non-starter with everyday citizens in all income brackets. While there are complex reasons for the unpopularity of EVs, the central problems seem to be limited driving distance, high purchase prices, expensive maintenance, mechanical problems, and reliance on foreign produced parts. For those who want to stay safe while driving and feel that reassurance with traditional cars, hybrid electric vehicles tend to be much more popular because drivers have a choice between using electric or gas power at any time.

Everyone Needs Life Insurance

It’s a fact that most working adults and retirees have insurance coverage of one kind or another. But it is equally true that a good portion of those who own and continue to pay premiums on coverage no longer want or need it. Why? Because as people age, their financial priorities change. That whole life policy that seemed like a great idea 30 years ago is not necessary anymore.

Once kids are grown and out of the house, seniors begin to rethink coverage and the need to continue life insurance premiums and soon discover that it’s quite easy to get cash in exchange for an unneeded, unwanted life policy. But how do people go about selling to a third party and bagging some much-needed cash in the process? The wisest way is to review an authoritative online guide that explains all the ins and outs of converting insurance coverage into funds that can be used for any purpose whatsoever. If you’re over 65 and own a policy whose face amount exceeds $100K, it’s easy to sell an unneeded or unwanted life policy for cash.

Cannabis Has Been Decriminalized

Be careful if you think cannabis has been made legal on a national basis. Only about 17 states have laws on their books that decriminalize the substance. In the rest of the US, people can get long jail terms for possessing, using, growing, selling, or buying the stuff. Check your state’s laws before exploring recreational cannabis. Note that in most states, it is perfectly okay to invest in companies that operate or own cannabis-related companies and assets.

Owning a House is a Universal Good

In nearly all markets, it’s smart for younger adults to consider purchasing a home. But there are times when house hunting is not a grand idea for people of any age. In overheated seller’s markets, prices tend to be unrealistically high. That’s an opportune time to sit on the sidelines and wait for sales prices to come down.

Those who rent their living space view ownership as a savvy ploy because it’s a way to contribute to equity each month and avoid wasting money. In some markets, and for consumers who prefer to be free to move on a moment’s notice, buying a house is not necessarily the great maneuver it’s always made out to be. If you are among those who don’t wish to purchase a home, consider investing in real estate to take advantage of potentially booming real estate markets, soaring home prices, and the potential tax advantages that come with property ownership.

Gold is the Best Investment

Not only is gold a so-so investment compared to most other options and based on historical prices, but it’s an especially unwise choice for people over 60 who are reworking retirement portfolios. The play for gold if there is one, is a long-term strategy, not a short-term one. Sadly, the media is full of advertisements by companies that mislead older consumers about the growth potential for gold in the near future.

That does not mean the yellow metal is a total loss. One tactic that does make sense is to consider including a small amount of gold in investment portfolios as a hedge against inflation and a possible equity market meltdown. But it rarely does any good to hold more than 5% of a total savings account or IRA in precious metals of any kind, be it gold, silver, platinum, or palladium.

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About the Author: Brian Novak