Pretending Inflation Doesn’t Exist
Inflation is often regarded as a distant and abstract concept, a silent force that works in the background of the economy. For many people, it…
Myth: If I Have a 401k I Don’t Need Other Savings
A 401(k) plan is often considered the cornerstone of retirement savings in the United States. It offers tax advantages, employer…
Short Term Thinking: The Mistake of Only Saving for Next Month’s Bills
In the world of personal finance, saving is often portrayed as a virtue, a disciplined practice that ensures stability and security. However,…
Not Having a Clearly Defined Savings Goal
Saving money is a cornerstone of financial well-being, often emphasized as a universal good practice. However, saving without a clearly…
The Myth of Safety in Cash Alone
Cash has long been associated with security and stability, representing the ultimate symbol of financial safety. For many, holding cash…
Misunderstanding the True Impact of Bank Interest Rates
Bank interest rates are a fundamental component of personal finance, often influencing decisions about where to save, how much to save, and…
Treating Long Term Savings Like a Short Term Piggy Bank
Long-term savings are meant to provide financial security for future goals, such as retirement, buying a home, or funding a child’s education.…
The Myth of Guaranteed Returns in Savings Products
One of the most pervasive myths in personal finance is the belief that certain savings products offer guaranteed returns. This idea, often…
Believing Retirement Savings Is Just for the Elderly
One of the most damaging misconceptions in personal finance is the belief that retirement savings is a concern exclusively for the elderly.…
The Danger of Overly Conservative Saving Strategies
When it comes to financial planning, saving is often hailed as the cornerstone of security and stability. The conventional wisdom suggests…