What do the following have in common? "Get rich quick" schemes, "retire a millionaire" books, and "do this now" advice from finance blogs .... they're all forms of personal finance education. Although any can change your life and help you on the road to financial success, nothing should be viewed as the silver bullet which fixes all wrongs.

Chuck Jaffe continues his exploration of financial myths that aren't right for everyone at marketwatch. This quote struck me as particularly interesting:

While consumers and investors desperately want rules and guidelines that can take them directly to the promised land of smart personal finance, the reality is some of the most common one-sized advice actually fits few people well.

In this article, he dispells the following myths:

• To retire comfortably, your investments must generate 70 percent of the income you earned while working


• Life insurance benefits should equal five times current income


• Always use borrowed money to pay for your home


• Homeowner's insurance should match your purchase price or cover the cost of your mortgage


• Keep three to six months of salary in an emergency fund

Thanks for reading!

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