FOR IMMEDIATE RELEASE
Five Money Myths That Are Killing Consumers
The Board of Governors for the Federal Reserve recently reported that consumer
credit increased at an annual rate of 3 percent, with total outstanding consumer
debt at $2,577,400,000.
Phoenix, AZ, October 02, 2012 - The Board of Governors for the Federal Reserve
recently reported that consumer credit increased at an annual rate of 3 percent, with
total outstanding consumer debt at $2,577,400,000. That’s Trillion with a T. And
when you add total mortgage debt, it skyrockets to nearly $16 trillion! And
CreditCard.com reports that the national average for credit card interest rates is a
whopping 14.98 percent!
Why? Because people have been lying to consumers, and it’s costing them a fortune.
But financial literacy expert, Anthony Manganiello, author of The Debt-Free
Millionaire and founder of DebtFreeAcademy.com, blows the cover off the five
money myths that are keeping consumers broke and in debt.
Anthony explains why these financial philosophies, these myths and lies, are wasting
consumers’ time and their money. Each month, these myths—the lies that people
have been buying into—are costing them thousands of dollars.
That’s because for decades, so-called “financial experts”—even our own well-
meaning parents and mentors—have been perpetuating myths like:
1. A mortgage could be the biggest investment you’ll ever make. (Wrong!
Good debt has been shoved down our throats as a “must have.” Anthony says
“good debt” is causing consumers to lose 10, 20, 30, even 40 percent or more
every year. There’s no such thing as “good debt”!)
2. In order to secure a solid financial future, you should “Pay yourself
first.” (No! This financial strategy is rooted in a story written almost 100
years ago. But a few things have changed in the last century. What worked
then just doesn’t work now.).
3. You need to use a budget to get ahead financially. (Please don’t!
Budgeting can create a false sense of financial security. And while budgeters
think they’re doing well, their financial future is slowly being stolen from them
—one paycheck at a time.)
4. If you want the best for your kids, you’d better start saving for their
college education right away. (False! Of course, parents want what’s best
for their children. But socking away the dough NOW for their college
education is not a good idea.)
5. Making more money can help you achieve your financial goals.
(Sounds good, but it’s another myth! Landing a better-paying job or earning
more income is always tempting. The truth is, extra income could push you
from the financial frying pan into the fire. Ouch!)
These five financial myths that have been handed down in “gospel-like” fashion are—
and will continue to—cost Americans a fortune. But these common money
philosophies only teach one side of a very two-sided coin. And it’s the other side of
the coin that’s costing consumers thousands of dollars each month.
If that sounds far-fetched, consider this…
Over the past 5 years, the average household generated at least $100,000 in
income. If a two-income household earns an average full-time wage (about
$50,000/year) then they’ve generated much more; a quarter of a million dollars! And
while these consumers have certainly had to pay bills and taxes, bill paying and
taxes aren’t the only reason why they likely have nothing to show for the hundreds
of thousands of dollars they’ve already produced.
It’s as if the fortune they’re already generating is being legally stolen from them.
But with his all-new DebtFree Academy, learning the truth about getting
completely debt-free is free!
With a free membership in the DebtFree Academy, Anthony will teach you first how
to pull the curtain back on…
1. The “Good Debt” Myth
2. The “Pay Yourself First” Myth
3. The “Budgeting” Myth
4. The “College Funding” Myth
5. The “More Money” Myth
One you’ve learned – with simple math – how these myths work and how they suck
you dry financially, you’ll then learn Anthony’s 5-Step Debt-FREE Millionaire Plan
1. What debt and credit really are
2. How to discover your true financial position
3. How to become COMPLETELY debt free
4. How to retire rich
5. How to create a “Wealth Accumulation” mentality
Learn how at www.DebtFreeAcademy.com.
Anthony Manganiello is an author, speaker, and entrepreneur who has spent the last
two decades in the research and development—including the investment of millions
of dollars, and tens of thousands of interviews with every day people looking for help
with their debt and credit problems. The end result was the creation of the Cash-
Flow Analysis™, the Cash-Flow Dashboard™ the book, The Debt-FREE Millionaire:
Winning Strategies to Creating Great Credit and Retiring Rich, and now the DebtFree