When the Forum of Fargo-Moorhead (a news website out of Fargo, ND) consulted local finance experts about the most wide-spread misconceptions regarding money, they got some really good feedback and advice that we thought was worth sharing. After all, if you believe in a financial “truth” that is actually false, or vice versa, it can cause you to make costly decisions with inaccurate data.
Sherri Richards of InForum reported that commonly believed myths turned out to be lines like, “Saving can wait,” and “If I’m keeping up with minimum payments I’m doing okay,” and “I have to pay off my debt before I can save.” Richards disproves each of these—and a few more—with sound numbers and solid data. Her article is a must-read, even if you believe that you already have your facts separated from fictional reports.
We here at FinanceSpectrum.com heartily urge our readers to cover all financial bases, and that includes staying educated and regularly increasing your financial knowledge. An article like Richards’ is a great place to start. After all, there is a certain logic to thinking that it makes sense to pay off debt before putting money into savings, right? Even some of our staff at the FinanceSpectrum.com office were surprised that that’s not always the case. Trust us—dig into this article, and see what happens!