For Financial Fitness month, what 'conventional' money rules can you actually break? Read on.
Financial Literacy Month puts a spotlight on the financial knowledge Americans are supposed to know and often don’t. But what about financial knowledge that we think we know, but should reconsider?
“There’s a whole lot of people that have made what they call cardinal rules of financial planning, and they really aren’t rules,” said Jack White, a certified financial planner with Fidelis Financial Planning in St. Charles, Mo. “The only cardinal rule that you can’t break is that you can’t spend more than you make.”
If you can afford to pay them off, credit cards can be a great tool, especially during times in your life when you’re waiting to make money from a new job or business. Brown himself leaned on credit cards when he started his business. You can go ahead and splurge — within reason — especially if you’ve worked hard to save this money. It’s not frivolous if you’ve wanted to go to Europe all your life and you spend $5,000 of your savings to do it, White said.
“ “They think that’s the golden rule, the 11th commandment that Moses had that didn’t make it into the Bible: Thou shalt have a paid off home in order for you to retire.” ” “The intangible benefit of liquidity, use and control of your cash, it’s so hard to quantify because as life changes and situations arise, we just can’t quantify how much it could mean to you to be able to put your hands on a sizable amount money whenever you want without any penalties or taxes associated,” Shipp said. “That’s just one benefit that is really overlooked.”
5. ‘Retirement’ is the Holy Grail We’ve been taught to work hard and save money so that, hopefully, someday we can plop down on a beach and relax for the rest of our lives. The idea of leaving the workforce later in life was popularized in part with the advent of Social Security in the 1930s, Brown said. Back then, people started receiving their retirement benefits only a few years before the typical American reached their life expectancy.
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