We’ve all been there: You hear a motivational speaker discuss personal finance, or you read the latest financial advice column in a newspaper or magazine. For a while you feel fired up, ready to transform your financial life, and maybe even become the next rags-to-riches story.
A few weeks later, however, you realize that the finance management techniques have not made a dent in your bottom line. What went wrong?
Regardless of what some so-called professionals would have you believe, many common pieces of financial advice are myths. However, if you fall victim to a money myth, do not despair. For every common money myth, there is an alternative method that will likely be more effective.