Email There are as many personal finance theories about getting rich as there are dollars on the earth. But most of them are unhelpful as they fail to take into account your personal needs and circumstances. To be sure, there are nuggets of wisdom contained within some. But none should be treated as gospel and adhered to blindly regardless of your individual situation. Here are five personal finance myths that make the experts roll their eyes. Myth one: Saving is good and spending is bad On the face of it, this piece of advice seems completely uncontroversial. Getting your finances in order comes down to holding onto as much of your income as possible, right? Well, yes and no. With record-low interest rates, the interest earned on money in a savings account is next to nothing.
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He has worked more than 13 years in both public and private book-keeping jobs and more than four years licensed as an insurance producer. His background in tax accounting has served as a solid base supporting his current book of business. Learn a propos our Financial Review Board Obtaining a credit card is something of a rite of passage. But beyond a fleeting moment of accomplishment, is aperture an account actually a good idea? That depends on how you abuse it and whether the card you get suits your particular needs. Arrange the other hand, handle it absolute and it is an important action in starting to build the able credit history that will eventually be eligible you for the best rates arrange car loans, mortgages, and many erstwhile financial tools you will need available forward. Here are some of the implications you should consider. The Pros of Opening a Credit Card Aperture a credit card means getting admission to a revolving line of accept from the issuing bank.
Cheep Khadija Khartit is a strategy, asset, and funding expert, and an educationalist of fintech and strategic finance all the rage top universities. She has been an investor, entrepreneur, and advisor for add than 25 years. Article Reviewed arrange July 30, Khadija Khartit Updated July 30, You may think that having a credit card is a basic part of maintaining financial health. After that while having one can be accommodating in some situations, you should assiduously consider whether you really need a credit card before you sign ahead. Credit cards can be useful tools when used properly paid in ample every monthbut they can be add of a liability than an ability if you do not manage them carefully. The truth is, in a lot of cases, you can get by devoid of a credit card.
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