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5 Big Lessons Popular Personal Finance Advice Gets Wrong

Gen Y Planning

So, when it comes to handling your finances, it’s natural to think that the information you hear repeatedly is the best advice to follow. After all, plenty of people are making a living sharing financial advice online (we refer to them as “influencers”). You don’t pay property taxes. Well, no… not necessarily.

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5 Big Lessons Popular Personal Finance Advice Gets Wrong

Gen Y Planning

Instead, focus on reducing your most significant expenses, such as housing and transportation. If you’re determined to purchase a new home or reach another significant financial milestone, it will take more considerable lifestyle changes than skipping coffee to meet your goals. Not enough for a down payment on a house or a new car.

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What is a Financial Plan, and How Do I Make One?

Harness Wealth

While it may seem like a luxury that is only available to the wealthy, anyone is capable of building an effective financial plan and putting it into action. Without effective personal financial management, you risk losing money to poor budgeting, poor tax planning, or even just to inflation.