25 Pieces of Popular Financial Advice You Should Ignore

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Ever hear phrases like “common knowledge” or “conventional wisdom”?

Typically, the reason knowledge is common and wisdom is conventional is because it’s true, or at least makes sense. Otherwise, it presumably wouldn’t get passed around for years.

But here’s the thing: Sometimes, conventional wisdom is stupid and common knowledge is wrong.

Here’s one of many examples: Ever hear someone say, “After you retire, your expenses will be much lower”?

While it’s possible that will be true, it’s also possible it will be laughingly false. Depending on what you plan to do during your retirement years, you could easily be spending a lot more than you did while working. That’s why you need to think about how you’re likely to spend your golden years, then plan out where the gold will come from.

And that’s just the tip of the iceberg when it comes to questionable, irrelevant, outdated or just plain bad money advice.

That’s what this week’s “Money!” podcast is about. We’re going to list bad bits of advice, explain why they’re off the mark, and replace them with new conventional wisdom that’s actually wise and common knowledge that’s actually knowledgeable.

As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman.

Sit back, relax and listen to this week’s “Money!” podcast:

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