12 Common Money Myths You Need to Forget You’ve Ever Heard

The more expensive the product, the better its quality

A higher price tag does not always mean a better product. People have a more positive view of products that are more expensive, but that’s because we have been told over and over again that higher prices equal good quality.

In reality, “when you pay more for the same product, you’re paying for the brand name, not the product itself,” says Hudson. There are generic products out there that are just as good in terms of quality, but much cheaper.

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