“Are You Breaking the Money Rules? Discover the 19 Lies That Could Be Costing You a Fortune!”
Have you ever stopped to think about how many “rules” there are about money? From saving and investing to spending wisely, it seems like everyone’s got an opinion on how to manage your dough. Of course, these rules of thumb can guide us in making sound financial decisions—just like a helpful GPS! But, here’s the kicker: following them blindly might not lead you to your desired destination. Have you followed advice that just didn’t pan out? Some rules are more outdated than my high school prom photos, while others might simply not fit your unique financial journey! So, let’s explore some common money guidelines that may be more like roadblocks to your financial success. It’s time to take a step back and question whether these 19 rules are serving you or steering you wrong! LEARN MORE
Money rules of thumb help us navigate earning, saving, and spending- all good things. However, not every rule is a one-size-fits-all for everyone’s financial goals and needs. Some rules might be antiquated, while others are too general and don’t consider a person’s needs.
Ultimately, some can lead to financial mayhem rather than intended stability. Thus, each piece of advice (no matter who it’s from) needs to be taken with a grain of salt and considered whether it is actually useful to you in your current situation. It’s time to potentially ditch these 19 bad money rules now!Â
1. Save Up No Matter What
We all have heard to save money for emergencies since our childhood. Well, saving is helpful, but according to research from the Federal Reserve Bank of St. Louis, cash loses its value over time due to inflation. It means that the longer you hold money as cash, the more value it loses. So, instead of saving and keeping all your money idle, you might try investing and making your money grow over time (only what you can afford to lose, of course) to build a brighter future for the next generation.
