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8 Things You Get Wrong About Personal Finance



Let's hope you don't need the whole month of April to understand the importance of financial literacy. It's all about grasping how money works—and, more importantly, how to make money work best for you at every stage of life.

Unfortunately, financial literacy eludes the majority of the world. According to Standard & Poor's Ratings Services Global Financial Literacy survey, only 33% of adults worldwide understand basic concepts such as how credit card interest works, and retirement savings plans. Even in the U.S., only 57% of adults know their money stuff.

So what are the most common mistakes people make about money? We pulled together advice from our Wealth Creation Channel's contributing columnists—all financial professionals—about the missteps they encounter most frequently with prospective customers and clients. See if you recognize any of these mistakes and misperceptions:

See Also: How Much Do You Know About Personal Finance?


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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.


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