5 Instances When Common Finance Advice Is Wrong

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No doubt you’ve imagined being financially independent: No job necessary, no money worries, no debt and plenty of savings. Of course, “financial freedom” means means different things to different people, but one thing’s for sure: Not many of us are there yet. One recent survey found that only about 11% of Americans are living their definition of financial independence.

But no matter what financial freedom means to you, there are some steps you can take to get there faster. And that’s what we’re going to talk about today’s podcast.

We’re talking to Gigi Gonzalez, the author of the best-selling book “Cultura & Cash.”

Remember, even though we sometimes talk about money and specific investments on this show, don’t take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

You can download the episode wherever you get your podcasts:

Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money.

“Traditional” personal finance advice doesn’t work for everyone

Our guest Gigi talks about how some of the personal finance advice that we typically receive doesn’t always work for everyone. (Check out this article from Kiplinger on how budgeting advice is often flawed.)

Some of the reasons that standard personal finance advice doesn’t work for first-generation Americans have to do with some of the cultural norms surrounding money.

Gigi gives the example of lending money to family (and friends). We’re often told to “just say no” or help in other ways, but that might not be the norm, depending on your culture.

We also often assume that debt shouldn’t be used to improve financial fortunes, but many people need to take on some type of debt — especially student loans — to move into the next socioeconomic bracket.

Yes, paying off high-interest debt should probably be a priority, but how you tackle it might look different.

We go through ways that you can shift your mindset around money and look for creative ways to interact with money once you understand your money story and how it impacts you.

Steps for using money advice that works for you

Meet this week’s guest, Gigi Gonzalez

Giovanna Gonzalez
Courtesy of Giovanna Gonzalez / Money Talks News

Giovanna “Gigi” Gonzalez is a TikTok influencer, financial educator, and author of the bestselling book “Cultura and Cash.” During The Great Resignation, she quit her 10-year corporate career to pursue her true passion: teaching financial literacy to young adults.

Gigi teaches personal finance and career navigation at various organizations and on her TikTok account. She was named to “40 under 40” by the Hispanic Alliance for Career Enhancement, “Latinx to Watch” by Hispanic Executive Magazine and “Top 25 Creator” by Fast Company.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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