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The true value of a penny and other money-making myths and tips

The true value of a penny and other moneymaking myths and tips

Pennies made out of copper are actually worth more than one cent. In fact, some penny hoarders have estimated their stashes of hundreds of thousands of pennies might be worth three times the normal amount due to the precious copper they're made from, according to ABC News.

So why aren't more people saving their pennies nowadays? For starters, the average penny isn't made out of copper primarily. Since 1982, modern pennies have been crafted from zinc, a lower value metal. Any penny made after 1982 is likely worth exactly its printed value - one cent. Pennies made before 1982 - the ones that are 95 percent copper - are the "valuable" finds. So you might not want to start hoarding these not-so-common cents any time soon.

Whether you're stocking up on coins or taking paid surveys, not every money-making strategy is the same. In fact, there are a few myths and pitfalls everyone should be aware of. 

It's easy to get a part-time job after retirement
The prospect of an early retirement is tempting, but it doesn't always pay off. A survey by Charles Schwab showed that 79 percent of 1,000 respondents believed getting a part-time job after retiring would be easy if need be, according to Forbes. However, this isn't always the case. You could likely earn some extra cash taking surveys for money, but the news source noted that speedy evolution of technology could make it difficult to get a worthwhile part-time job in old age.

You'll make a lot in interest by opening a savings account
While you might earn more in a savings account than a checking account at a bank, the gains are still minuscule, according to Bankrate. Even then, you're actually liable to lose a little bit as the rate of inflation is often greater than the interest rate.

"Savings accounts are the equivalent of modern-day mattress stuffing," Elle Kaplan, CEO of Lexion Capital Management, a New York City-based asset management firm, told Bankrate. "Savings accounts cause you to lose money over time because their low interest rates do not keep pace with inflation."

"Money is the root of all evil"
The biblical quote in 1 Timothy 6:10 actually goes "the love of money is the root of all evil," not just money itself. Still, this popularly misquoted reference often makes people complacent in their saving and OK with distancing themselves from earning or having cash.

Think of it this way: Bill Gates is the world's richest person, and he manages to donate several billions of dollars to charities regularly, according to Tech Times. Being rich isn't evil - it's what you choose to do with your money that counts. You can't donate anything to charity if you're not making any money in the first place.

Buying items on sale saves money
This isn't necessarily the truth. If you're buying something you absolutely need - milk, bread, gasoline, etc. - then it pays to find a sale. If, however, you're purchasing a new flat screen TV because there's a sale at the mall, that doesn't mean you're saving money. You're just spending less than you normally would when you don't need to spend anything at all. 

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