There is a lot of bad financial information out there. Whether it’s from a clickbait ad, a neighbor with hot stock tips, a headline grabbing article, or well-meaning family members—bad information is all around us. With bad information comes money myths. These are my top 12 money myths.
Mark Twain wrote “I’ve had a lot of worries in my life, most of which never happened.” I’m not sure why people worry so much, but we do. I say “we” because I’m certainly not innocent of this either. And just like the Mark Twain quote, most of it has never happened.
There’s a misnomer that the only way to be good with money is by spending less. While it’s true that many people who are financially successful are frugal, it’s not the only way. Frugality and spending less is a tool, but it’s not the only tool.
A million dollars used to be the end of the rainbow in personal finance. It literally meant that you were a “millionaire.” You had made it financially and would never have to worry about money again providing you maintained your spending habits that got you to a million in the first place. However, due to inflation, a million dollars today is not what it used to be. But it’s still a lot of money and a very worthy financial goal.
Several times a week I walk my dog at a local park. I used to do a small loop a little over a mile. It was second nature to do the same loop every time I’d walk the dog. Gradually I began to extend the length of the walk.
In my Monday blog, I wrote about New Year’s resolutions and goal setting. I outlined 5 actionable steps that have helped me achieve my goals, and can help you reach yours too. With today being New Year’s Eve, I thought I would break down actionable steps in a little more detail.
I buy used books whenever I can. The books are almost always in really good condition, and come at half the price. Some books you’d never even be able to tell are used.
I often hear people talk about personal finance like there is only one pathway to success. “Do this, not that” “The only way to get wealthy…” “That way is for suckers” “The only way is to make more” “Nothing else will work”
Should you pay off debt or invest? There are so many answers out there—it’s confusing. One financial expert says to pay off all debt first, while another says invest before anything else. Your parents both think you should pay off debt before doing anything, while your aunt says you have to start investing young.
Most people equate shopping to buying things like clothes, cars, and electronics. It’s exciting, fun, and cool. When people think of saving and investing, words and phrases like “boring”, “long term future”, and “I’m becoming my parents” comes to mind. The future seems so far away, while buying cool stuff is right now.
Money buys a lot of things. At its most basic–food, shelter, daily living items, etc. In the luxury areas–a really nice car, large home in
A week or two ago I was reading a post about retirees and their biggest regrets. One of the regrets was not investing enough and
Most people would agree that working hard is generally good. There are a lot of advantages to working hard including getting ahead, putting yourself in
The election has come and gone. In fact, we’re almost a month out. Even before the election, and any election, I had my plan already
