Why is all money advice the same? Why do so-called “experts” keep giving us confusing advice that never seems to work?
For example, my favorite chestnut -- “Keep a budget!” -- almost never works. Yet do we question the advice? No. We blame ourselves, instead of realizing that budgets almost never work. (If you want a better way to manage your money, try automating it.)
Your financial life would be tough enough if all you had to sort out was the confusing advice, but when you peek behind the veil, you’ll discover several money secrets that the money pros won’t tell you.
Secret #1: Cutting back on lattes almost never works
How many of us have heard this advice? “If you stop spending money on lattes, in 30 years, you could have $90,000 saved!” It sounds logical -- but it doesn’t work. If it did, we all would have cut back and we’d dutifully be stuffing our bank accounts with $3 every day. Here’s why saving money on lattes is futile:
1. We love our morning coffee. It’s not just theRead More »from 3 Ways Personal Financial Advisors Mislead You