10 Financial 'Rules' You Should Start Breaking Now

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You should always max out your 401(k) and save for your kid's college education in a 529 plan, right? Maybe not. Most experts have long touted a number of practices that may actually be working against you.

These are the top 10 money rules you should break -- and what you should do instead.



Robert Pagliarini is a best-selling author and wealth manager who focuses on sudden wealth recipients. Connect with him on Twitter at @rpagliarini.

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ncaroll

Major point re: planning -- having gone through the CFP course, it's pretty scary to see who takes it and why. ONLY use a CFP who is fee-only, rather than works on a commission or is 'free'. Their agenda is not necessarily yours -- you don't want someone who is affiliated with an insurance company or makes their money by selling you product. Most CFPs are there to sell product and that is not a good thing for the consumer who thinks they are trustworthy.

August 26 2014 at 8:55 PM Report abuse rate up rate down Reply
vlady1000

I agree with most, but not of them. Nice to see someone thinking a little different than the herd.

August 26 2014 at 5:36 PM Report abuse rate up rate down Reply
clyogi

It only took some quick browsing to see that some of this guy's advice conflicted with other advice. For example, he advises against a six month emergency fund, but then says do not max out your 401(k) contributions because you might need an emergency fund. I was unwilling to read his advice in whole.

August 26 2014 at 2:43 PM Report abuse +1 rate up rate down Reply
1 reply to clyogi's comment
vlady1000

You should have read it all. he recommends the emergency be in a short term bond fund for a better return, not cash in the bank making next to nothing

August 26 2014 at 5:31 PM Report abuse rate up rate down Reply
rbearland

Money is the root of....................................................


all

August 26 2014 at 2:21 PM Report abuse rate up rate down Reply
willynola

I don't understand why people have to be so judgmental and rude when disagreeing with others!

August 26 2014 at 1:39 PM Report abuse rate up rate down Reply
elaineen

Leasing a car is for status seeking yuppies or those who deduct car use as a business expense. I bought my first new car through my credit union. After it was paid off the credit union continued to take out the money and put it in my savings account. I kept my cars for many years and ultimately passed them to my children for a token sum. With the savings I buy my cars cash and save the money I would have paid in interest payments. Friends who disagree with my approach have accepted car payments as a way of life.

August 26 2014 at 1:14 PM Report abuse +2 rate up rate down Reply
1 reply to elaineen's comment
clyogi

Actually, leasing can also be used as insurance against major repairs after the warranty runs out.

August 26 2014 at 2:44 PM Report abuse rate up rate down Reply
1 reply to clyogi's comment
gee.effwye

How long are yoy leasing cars for?

August 26 2014 at 3:01 PM Report abuse +2 rate up rate down
bb0515

Oh really? A 3% short term bond fund? And where am I going to find that??
I'd put all my money in that if it was available. When was this article written ? 10 years ago?
What a moron.

August 26 2014 at 11:19 AM Report abuse +2 rate up rate down Reply
jdykbpl45

Stupid is as stupid does.

August 26 2014 at 8:49 AM Report abuse -1 rate up rate down Reply