They’re called misconceptions because they are pieces of information that people believe to be true, but in actuality are not. By their very definition, they are not things that would not ring bells for consumers, tipping them off...
Chicago, IL (PRWEB) June 12, 2013
Today FinanceSpectrum.com financial advice website released their warning to consumers about how financial misconceptions may sway them towards making costly decisions, and advised readers to constantly expand their financial knowledge.
The online finance advice column was inspired towards taking such a stance after reading an InForum article by Sherri Richards, published June 9th 2013. InForum, a news website founded in Fargo, North Dakota, interviewed five local finance specialists about which money myths are most common, and why they are false. Richards’ article reveals that some fallacies are as logical as thinking that one ought to pay off debt before putting money into savings, and as dense as believing that making minimum payments on a credit account is absolutely fine.
FinanceSpectrum.com certainly understands that it can be difficult to separate fact from fiction sometimes, especially if somebody was raised to believe a certain misleading financial notion. That is why the finance advice website today heartily encouraged readers to stay informed of financial information, fact-checking and consulting with professionals if they are really off-base. Financial Spectrum recommends that for things like insurance you check to see what your policies cover by checking directly with your company that wrote that policy whether it is Geico Insurance, Liberty Financial, Global Life, or Prudential Insurance, rather then taking someone’s word for it may or may not cover. FinanceSpectrum.com is quoted as saying, “They’re called misconceptions because they are pieces of information that people believe to be true, but in actuality are not. By their very definition, they are not things that would not ring bells for consumers, tipping them off to the fact that they might be inaccurate. That is why it’s so important for each person to make it their responsibility to stay educated, informed, and aware of what truly can help or harm your personal finances and credit.”
By way of advice on where to go for financial knowledge, FinanceSpectrum.com recommended committing oneself to reading online articles on different finance subjects a couple of times a month to give yourself a more rounded perspective on finance. They stated that InForum’s article is a great place to start. Other suggestions were reading a book on personal finance, taking a brief course at a community college or online, and consulting with an expert financial advisor. FinanceSpectrum.com warned against taking the counsel of peers and family members, as good-natured as it might come, since oftentimes financial misconceptions can be perpetuated by passing them on as truth.
FinanceSpectrum.com, an online finance advice magazine, prides itself in offering valuable and relevant financial guidance to the everyday U.S. consumer. FinanceSpectrum.com reports on a broad range of topics, varying from investments, to budgeting, to chipping away at debt. The column is intended for folks in the middle of their lives who are looking for some trustworthy financial tips and information.