Popular Money Advice That Just Ain’t Right #1173

Searing your steak as a way to ‘lock in the juices’ is something we’ve heard folks recommend for years! Get that grill hot as blazes, toss on your steak, and reap the juicy medium-rare rewards. But even though there might be a kernel of truth here, culinary scientists tell us that it’s not actually the best method. It turns out that the reverse sear is the better way to do it! Similarly, there are phrases and ideas in the personal finance space that get preached as though they’re the gospel truth. And there are a number of reasons why certain bits of advice stick with us- maybe it intuitively makes sense or perhaps it’s packaged well and is just flat-out catchy. We’re all looking for guidance and shortcuts but that doesn’t necessarily mean that these sayings are sage advice. So today we call out some of the biggest culprits on the show and share how you should be thinking about your money.   Can’t get enough How To Money? Here are some additional ways to get ahead with your personal finances: Cashback credit cards: Check out our favorite credit cards that we use to maximize rewards and optimize our spending. Other money nerds: Find a thriving community of fellow money nerds by joining the HTM Facebook group! Newsletter: Sign up for the weekly HTM newsletter. It’s fun, free, & practical. Money Gears: knowing what to do with your money is crucial to your personal finance journey. MG7: and maybe you’re well on your way to financial independence but you’re looking for some financial reassurance, that’s when heading over to HowToMoney.com/Advisor and getting matched with a highly vetted financial advisor makes sense.   During this episode we enjoyed an Uplifted Scottish Ale by Talisman Brewing- thanks Andy for donating this one to the pod! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!   Best friends out!See omnystudio.com/listener for privacy information.