Someone asked for the 'unwritten rules' poor people live by and the answers are revealing

The economy has changed a lot since we all took our high school Economics class. And it is certainly miles away from what our parents grew up with. And yet, many still hold on to certain money beliefs that come from these bygone eras. Or frankly, ones that never had a right to exist in the first place.

And honestly, there’s so much conflicting information out there (about all things, really, but we’ll stick to finances for the sake of the conversation) that it’s no wonder that so many people might just stick with what they know, even if certain money truisms aren’t all that true, and even they aren’t actually helping.

Recently, someone flat out asked, “What’s the biggest financial myth people still believe that’s actually hurting them in today’s economy?" Below are some of the most illuminating answers.

Right off the bat, we have some politically fueled myths to debunk:

1. "'That commodity prices, like gas and eggs, are controlled by the president.' False. They're actually priced on a trade market, bought and sold, with production controlled by large corporations."

2. "That immigrants are taking our jobs! Like seriously. If every immigrant, legal or otherwise, disappeared tomorrow, it wouldn't do a single positive thing for me personally, much less the broader economy."

"People are so ignorant about this. The trades would be hurting horribly if this happened,” one person replied.

Next up were long running myths that were also deeply entwined with our collective relationship to hustle culture.

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3. "That hard work will lead to wealth. This simply is not correct for the vast majority of workers (read: anyone not C-level). The truth is that the US is a shareholder economy, not a labor economy. This means that even if someone is getting regular raises, they're likely barely keeping ahead of inflation."

4. "That your employer will be there for you when times are bad. Build and keep a savings. You are a liability to them, not an asset, and will ditch you the moment they can profit from it."

"^This. Always remember this,” someone replied. “You are a cog in the machine and if they can find a cheaper cog, they will. Oh, and HR is not your friend.”

Then there were the strategies many people implement in hopes to save money, which actually end up costing them in the long run, whether that’s with groceries or with housing.

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5. "Dollar stores are generally a worse food value based on size/quantity. Sure, it's $1, but the $2.25 box at the grocery store has 500% more food by weight, therefore, is a much better value. You're paying a little less to get a lot less."

"If anyone didn't know, US grocery stores almost always put a price per unit on the price sticker (i.e., $1.23/lb or $0.0865/oz). You should be looking at these when comparing prices for exactly this reason," one person wrote.

6. "That cheapening out on your laundry doesn't impact your clothes' lifetime. You can vastly improve the life and sustained quality of your clothes by not throwing everything in the wash together. Also, most better quality laundry detergents need less to clean better, so spending a little more on a decent brand will give you better returns. I have also found they wash out better, too."

7. "'Paying rent is like throwing your money away.' The truth is renting is a better financial move than buying in a lot of markets where home prices are too high."

And yet, certain things that could definitely add value…people are afraid of, it seems.

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8. "Not investing back into yourself. Investing doesn't always have to be some major cash return. It could be education, making your life easier so you have more time and energy, or simply relaxing. I know a lot of people who played the frugal game and are just now getting out in their 70s."

To this, someone replied, "I tell people that one of the best investments you can make early on in life is a top-tier mattress and office chair. The amount of money you'll save yourself on future medical bills is one of the best returns on investment you'll make in your life."

9. "'The stock market is just like gambling.' You are never going to accumulate enough money to retire without using the stock market. The market has always gone up in the long term. If it stops going up in the long term, society will be in pretty bad shape, and your money probably wouldn’t be worth anything anyway."

"'Time in the market beats timing the market.' The stock market can be gambling if you're into day trading and trying to achieve short-term gains. But if you're investing long term, then yes, it's a great tool for growing your wealth."

By and large, people seemed to think taxes were an elusive subject to most folks. And probably rightfully so. Along with credit cards, do any of us really ever get a basic education on this unless we actively seek it out?

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10. "Turning down raises because 'it means a giant jump in my taxes.'"

"11. Understanding tax brackets (in the US) in general. Can't tell you how many times I heard mention that their raise/overtime/bonus will just be eaten up by taxes.Fine, I'll take your raise and pay the taxes. No one ever went broke paying taxes."

12. "People do not realize that a tax refund is their money to begin with and that they should have their deductions set up to break even or owe a little. A lot of people still think it's some kind of stimulus."

13. "That tax breaks for the wealthy will allow some of their wealth to 'trickle down' to us poors. Something is trickling down on us, but it's not money."

Speaking of credit cards, that was also a popular topic in the responses.

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14. "Keeping a balance on your credit card DOES NOT improve your credit score. What it does do is get you comfortable having a balance on your credit card, which, when it likely gets out of control, is like napalm pouring down on your future financial hopes and dreams."

15. "Credit cards are great, but under no circumstance should you ever pay a penny of interest on your credit card. You absolutely need to pay off your entire credit card balance at the end of each month. Credit card debt is the last thing you want to have due to the ridiculous interest rates they charge."

16. "Credit cards are bad. If you use them right, you can actually come out ahead. Get a card with good cash-back rewards and use it for everything. I mean everything. If you can pay your rent, bills, and insurance with it, do it. If you can use it for work and they reimburse you, do it. Pay the balance off at the end of every month, and make sure you keep track of your ins and outs. It requires you to be responsible, but it's worth it."

There was also a lot of talk about how our mainstream views on success in general (what it looks like, how to actually achieve it, etc) are inherited myths.

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17. "That you have the smallest of chances of becoming a billionaire. People don't understand the orders of magnitude difference between even a low-level multi-millionaire and a billionaire. At 100 million dollars, you're still 10 times closer to homelessness than you are to becoming a billionaire. Stop trying to get there. Stop voting for people and policies that promise you that opportunity. The only way these people achieve that wealth is through siphoning it away from everyone else."

"My wildly successful uncle came from true poverty and he's worth about $50 million. If you look at what it takes to get even there, it looks BARELY possible at best. He worked his ass off from his early teens, he's incredibly smart, he's incredibly good with money, AND he was lucky, and he's still only 5% of the way to a billion after a lifetime of work,"one person replied.

"18. That you need to spend big to look successful."

19. "That you deserve something you can’t afford because you work hard. Deserves has nothing to do with it."

Lastly, we have the myth of the savings account. More specifically, the myth of how helpful it really is.

20. "Just save money.' No. You need to do more. Most savings are not beating inflation. As a result your money is shrinking by doing that. One of the most insidious ways our money is effectively being stolen is just by having inflation make it worthless by the time you'll go to use it.The easiest thing I am aware of is to put it in an index fund that automatically reinvests. These are automatic funds that follow a set algorithm of stocks (an index) and do not have a human element in the decision making. They regularly outperform professionals. They typically do very well compared to inflation, and require zero maintenance."