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But not so fast, say experts.
First, its important to remind ourselves that personal finance is just that personal.
Here are some of these terrible pieces of advice, according to experts.
When it comes to building wealth, one can either sleep well or eat well, Johnson said.
Investing conservatively allows one to sleep well, as there isnt much volatility.
But, it doesnt allow you to eat well in the long run because your account wont grow much.
you could Time the Market
Attempting to time the market is fools gold, Johnson said.
The opportunity cost ofsuch a strategyis quite high.
Investors should stay invested and not take a stab at outfox the market, he added.
In most cases, these expenses will end up costingmore than monthly rent.
That is a terrible mistake.
Start with $1,000 and save $1,000 every month, and youll have almost $1.2 million.
Thats why you always have to ensure your funds are working for you by way of multiple investments.
Think of managing your money as a second job.
Avoid All Debt
Debt is not inherently bad, said Scott Lieberman, founder ofTouchdown Money.
Credit card debt, however, is truly useless, Lieberman said.
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