The Truth Behind 14 Common Money Tips

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You’ve probably heard that you should buy a used car instead of a new one. But used car prices surged 27% from early 2021 to early 2022. Does that advice really make sense for everyone?

We hear a lot about what the “experts” recommend, but does it make sense for you? In today’s podcast, we’ll take a look at some “common sense” financial advice and talk about whether we think it’s a good idea.

As usual, podcast co-hosts Stacy Johnson and Miranda Marquit are joined by producer Aaron Freeman.

Remember, even though we sometimes talk about specific investments on this show, never take them as recommendations because they’re not. Before investing in anything, do your own research, and make your own decisions.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article. Or, you can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

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

What are some common financial rules of thumb that might not work?

We hear a lot about different rules of thumb, from never buying a new car to saving 10% of your income for retirement. But like so much in personal finance, these rules aren’t one-size-fits-all. In fact, Stacy, Miranda and Aaron often ignore such advice and do what works for them.

Here are some resources on rules of thumb and what they mean. Take what you learn with a grain of salt. Financial rules can be a good place to start, but you want to tweak them for your needs.

• Right now, some used cars cost more than new cars.
• In addition to cars, what else shouldn’t you buy new?
• Miranda bucks the trend. Find out why she likes financing new cars.
• Here are some retirement planning rules you should rethink.
• Are you withdrawing too much from retirement accounts? Check out what common wisdom is wrong when it comes to retirement.
• You can save for retirement without a 401(k).
• The home you live in probably isn’t an investment. But you can still use renovations to add value to your home.
• Should you pay off your mortgage early? Check out our podcast episode on when it makes sense — and when it doesn’t.
• Ready to join Team Rent? Check out the most affordable cities for renters.
• Check out Stacy’s thoughts on good debt versus bad debt.
• What you should know about combining finances in marriage.
• Check out this article from TIAA about how separate finances can be good for a marriage.
• We have an article on why a prenup can be a good thing.
• Should you always get a prenup? Stacy breaks it down.
• Consider using dividend stocks to power your retirement.
• Listen to our podcast episode on making the most of resolutions — including investing.
• Miranda keeps her emergency fund in a taxable investment account. Find out how that works for her.
• Check out what we learned about emergency funds in the wake of COVID-19.
• Read our tips for building an emergency fund that works for you.
• Maybe you shouldn’t do it yourself. But, if you do, here’s how to avoid DIY disasters.
• Here are some times to avoid DIY home projects.
• Don’t assume credit cards are bad. Listen to our episode on how to get the most out of credit card points.
• Check out our list of the best credit cards to save on groceries and gas.

Don’t listen to podcasts?

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If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and 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.