Wednesday, October 3, 2012

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 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, 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 which teaches:

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

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 Academy.

Anthony Manganiello
Debt Free Academy
450 Phoenix, AZ 80516

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