7 Common Myths About Money You Need to Stop Believing

Money management strategies are not only for the rich. Every American can benefit from basic money management strategies such as managing debt or budgeting. Here are the most common myths about money you need to stop believing:

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You don’t have to save $1 million for retirement

“We get asked this all the time,” says Liz Schieck, a certified financial planner with the New School of Finance. “The answer is, it depends on your lifestyle.” Schieck says if your home is paid off and you live a quiet life, you won’t need to save a million dollars. “Totally, totally personalized. One person’s feelings of extreme deprivation is another person’s comfort level.”

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