Hi Lim..if the Money Tree (Pachira) is 3' tall and planted in a 5" pot, it probably needs repotting. Are roots sticking out of drainage holes or atop soil?
I keep mine underpoted, treat like a succulent, which is the only way I can keep MT's alive.
I'm really into misting, but very seldom spray cactus and succulents. Spraying won't hurt them, but they live in arid conditions.
Tropical plants are different..they're misted twice a day.

Water your plants when soil feels dry, looks crumbly. If you're unsure, stick your finger in soil. If it comes out wet, wait before adding water. If dry, give a drink.
You can also test by weight of pot..when you lift a pot w/dry soil, it's light. after watering pot is heavier. Test it next time you're going to water. Lift the pot, then water, and relift..you'll feel the difference.

If your new Money Tree's soil is moist, wait before watering. Did you remove the dead drunks? If you decide to repot, while plant is out of its container, one thing you can do it remove the dead stalks and roots attached to the stalks, which means pruning roots. I don't know if you dare take on this feat, lol. If you cut a large portion of roots, you can repot in the same 5" container. Renew soil, (well-draining) then give a good drink.
As for pruning the trunks back, that's up to you. Money trees are a bit slow-growing, so I dont know if you want to start over again. then again if trunk is bare.... It's normal for Pachira to have a small braid, then grow regular trunk. After wood hardens it can no longer be braided. Toni
Good luck on your new 'free' plants..