They make good soundbites, mugs and coasters. But some sayings about money circulate so much that they become almost sacred. We debunk some of the ones you shouldn’t believe.

When he wrote these words for Polonius in Hamlet, William Shakespeare probably didn’t expect them to be regurgitated centuries later. Originally, the quote was taken to mean that one should never borrow money because it leads to the destruction of a friendship. But there weren’t any banks around in the 16th century. Now, it makes sense to borrow money for big purchases – like a house – and pay it back. Or having a 0% credit card to cover surprise bills (just make sure you pay it off ASAP).

Speaking of credit cards, Thomas Jefferson’s famous quote was in an era before them too. While it is not advisable to spend beyond your means, you can spend money you don’t physically have by making a purchase on card, again as long as you know you can meet your monthly repayments.

This saying refers to the importance of cash and cash flow in a successful business. The value of cash can also be wiped out by other factors, such as inflation. So it isn’t practical to adhere to a ‘cash only’ and ‘cash is everything’ type attitude as you go through life because you could get caught out, and badly so.

In 1951, this saying came from the belief that one should never pay for food or services before they had their goods with them. Now, however, there are many things in life you must pay for before you can access them. For example: booking a flight, booking accommodation or buying a car. You’ll do well to find a flight you can pay for upon landing!

For frivolous purposes – like a sports car or a holiday – it’s probably not wise to get yourself into a lot of debt just because you want something. However, when it comes to buying a house, for example, it is sensible to take a loan or a mortgage to make the purchase as it will benefit you in the long run.

Not putting anything on a credit card is a surefire way to avoid a hefty credit statement but refusing to use, say, a debit card in place of your paper cash may lead to you missing out on cashback and other deals on offer. The use of credit cards for bigger purchases (over £100) is particularly prudent as you get extra protection.

Sure, it's usually the person with all the money that's calling the shots. But sometimes the people at the top are just bystanders in their own organisations. Big shareholders can sometimes have non-voting shares if their business is based in another country (which is why Richard Branson was powerless to reject the sale of Virgin America).

Credit cards are useful for paying for big purchases but a piece of plastic isn’t always the answer in a crisis. Nobody knows what is around the corner and when hard times may fall. Even putting away a small amount each week in a savings account and knowing it’s there as a fall-back is vital. You never know when you might need it.

It is commonly cited that buying a house is the best thing you can do with your money. While buying your own home obviously isn't a bad idea, doing so with the expectation of making a fortune is a risky strategy, as prices can go down as well as up. Saving into a pension, for example, where your company will match your contribution, is another sound investment strategy.

You can never start saving too soon. The value of Government pensions and the age at which you can take them is changing all the time. So having a personal or workplace pension you can access that you’ve been adding to for a good 20 or 30 years will serve you well.

Well yes, to a point. No investment is ever 100% safe and companies can crumble faster than you can blink if they run into a rough patch. And no financial market is ever safe from a financial crash. The point isn't that investing in the stock market isn't a bad idea, but diversifying your risk is essential.

It's a common misconception that the more money you put into something, the more you will get out of it. It is true that the possibility of a higher return is possible when you put more money into something (like a bet) but there’s also the possibility of a big loss. There is no guarantee that your gamble is going to work out in a big way, just as there isn’t a guarantee it won’t.

People say that, if you don’t need something in the immediate future, leave it on the shelf. While this may be true for perishables, you can actually save money in the long run by buying certain goods in bulk. Loo roll, for instance, doesn’t go out of date and the big multi-packs tend to work out far cheaper per roll. You just need to find the space to store them!

DIY can often prove expensive and time consuming unless you really know what you’re doing. Buying paint, rollers and dust sheets to paint a large lounge, for example, can often prove costlier than shopping around for handymen who can have it done in a couple of hours, bringing along their own tools. And there are some jobs that somebody unqualified just shouldn’t take on, no matter the cost, like rewiring.

Not quite. If you have money, property and any other investments you want your spouse or children to inherit on your death, make sure you fix a will.

Just as you're never too young to start saving, the opposite applies as well. If you find yourself without any savings at 50 but plan on working until you are 60 or 70, you have a good 10 or 20 years to build a nest egg for your future.

Author Nathan W. Morris’ advice isn’t always applicable. In his book, ‘Your 33 Day Money Action Plan’, he suggests that by borrowing you are taking something away from your future but, in fact, borrowing could be the way to secure your future. If you borrow to buy a house then yes you get a mortgage – but also a roof over your head.

CEO and social media marketer Kim Garst has her own version of the ‘never work for free’ debate. Garst reckons that if you don’t value your time, nobody will and so you should charge for your talents. But a little bit of charity can go a long way, as can volunteer work with those less fortunate than you – regardless of how much money you yourself have.

Some studies have shown that there is a positive link between money and happiness. This isn’t necessarily always down to how much you have, but how you spend it. For example, giving a large donation to charity has been proven to make somebody feel very happy knowing they’re helping others.

Numbers and paper do not cause evil, brutality and unkindness in the world. A note won’t punch you. People have a choice between good and evil, regardless of their financial status.