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Four Money Myths That Can Hold You Back

Written by Miranda Marquit on April 10, 2014 in Credit  |   3 comments

You’ve probably been told that it is very important to have a good job and that the real American Dream is still homeownership. However, a lot of these supposed money truths are actually myths. Here are some of the money myths that might be holding…

canceling a credit card

You’ve probably been told that it is very important to have a good job and that the real American Dream is still homeownership. However, a lot of these supposed money truths are actually myths.

Here are some of the money myths that might be holding you back:

Myth 1. The key to success is a good job.

While a good job can certainly provide you with a decent paycheck and a greater feeling of security, it’s important to understand that relying too heavily on a job can lead to financial disaster. As many Americans learned during the last recession, anyone can lose his or her job.

If you lose your job—or even if you keep your job but your hours are dramatically cut—you could find yourself in financial difficulty. A job is not a guarantee that your income will always be the same or worse, be discontinued. In fact, no matter how good it may be, a job still leaves you at the mercy of someone else.

You don’t have to quit your job and start a business to break free, but it is a good idea to look for ways to diversify your income so that you aren’t...

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