Old-School Money Advice You Shouldn’t Follow Anymore

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If you don’t know much about money, you don’t have to look far for advice. You can always learn from personal finance articles, books and videos or from money-savvy friends and family.

Although there’s no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt. Here’s what the experts said is some of the worst money advice.

Last updated: June 17, 2020

Pay Off Your Mortgage Early

Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments.

This advice isn’t bad in itself, but according to Paul Moyer, the founder of SavingFreak.com, this advice doesn’t make the same financial sense in our current low-interest environment

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MONEY Official Site – Finance News & Advice Since 1972

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Types of insurance – Money Advice Service

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It’s unlikely that you’ll need every insurance product on the market, even if you could afford them all. But how do you know whether your hard-earned cash is going on the policies you need the most? The table below is designed to help you make the right decisions for you and your household budget.

Home insurance

What does home insurance cover? Do you need it?
Buildings insurance
  • Covers the cost of repairing or rebuilding your home if it’s damaged by storm, floods, fire, lightning, subsidence, etc
  • You won’t be covered for general wear and tear
  • You’re unlikely to be covered for properties left unoccupied for more than 60 continuous days
Yes, it is a legal requirement if you own your home, plus mortgage lenders normally insist on you having buildings cover.
  • Repairing your home can be very expensive so buildings insurance could save you a fortune in the long run
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Financial Planning, Management, and Advice

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Introducing Vanguard Personal Advisor Services

With money, comes questions. From how to maximize your retirement income to knowing the appropriate investment strategy based on your goals—it can be a lot to think about. We’re by your side to help you feel confident about your future.

Our advisors value true partnerships. They’ll work closely with you to create a personalized plan to help you reach your goals and are available to connect whenever you have questions.

Our advisors are salaried and don’t make commissions. They have no financial incentives to recommend certain products and will create a plan that is goal-driven, not market-driven. And they’ll use the low-cost funds and investment strategies that Vanguard is known for.

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A man sits on a couch in his living room, talking to his advisor using video chat on a tablet device.

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Recent Vanguard research shows that an advisor who provides professional financial planning, coaching, and portfolio management services can add meaningful value compared to the

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Mom and Dad Money | Financial Advice for New Parents

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It’s hard to balance all the new financial responsibilities that come with starting a family. From handling new expenses, to building savings, buying insurance, paying off debt, and investing for the future, it’s a lot to take on and there’s a lot of pressure to get it right.

I know from experience. Even with my background as a Certified Financial Plannertm, I struggled to make the right decisions when my wife and I were starting our family. I honestly didn’t feel confident in my ability to handle it.

Maybe you’re feeling overwhelmed too and you’re not sure where to start. Or maybe you’ve already made a lot of the “right” financial moves, but you’re still not sure whether you’re on the right track for what YOU want out of life.

No matter what, I know that you want to feel confident about your financial decisions

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What is a Finance Major and is it Right for Me? | Career Advice & Interview Tips

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Are you intrigued by the mathematics or statistics courses that you’ve taken in the past? Do you feel like you solve problems in creative ways, with a numbers-driven approach? Would you be interested in helping companies plan for how to grow their revenue or maintain profitability in both the short and long term? If so, a finance major might just be for you.

What is a finance major?

Financial planning, investment decisions and analyzing/limiting expenses are all various aspects of what you can and will learn as a finance major. As a finance major, you will study how companies have performed in the past to predict how they will perform in the future, and learn how to communicate information that will drive strategic changes. Many of your assignments will be project driven, whether they be individual case studies to enhance your problem-solving ability, or group presentations to practice the way

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