The Truth about 5 Financial Myths

posted in: Community, Life Styles, Real Estate | 0

Posted By susanne

From retirement to saving to paying off debt, our modern-day money worries are many. But some of that concern is fueled more by rumor than reality.

Mechel Glass, vice president of community outreach for financial counseling service CredAbility, shares the top five money myths she has encountered while working with a range of clients on financial education.



—Myth 1: Most financial goals are unattainable. “People may sit down and set their goals, but they don’t track their progress,” Glass says. “They will say, ‘I’m getting out of debt this year,’ but they don’t look at where they are each month. They don’t put themselves on a plan.” In order to successfully reach your goals, you need a plan to get there and a method for tracking your progress.

—Myth 2: It is impossible to have enough money for retirement. “It is possible, if we start when we are in our 20s and 30s and just start saving a little bit,” she says. If someone tells you when you are younger to put just a little bit of money aside, the task isn’t so overwhelming. “When you are in your 60s, it does seem unattainable because you’ve waited so long,” Glass says. Continue reading…