Myths & Misconceptions About Achieving Financial Independence

Remember, most people know exactly what you’re going through.

Photo: Nathan Cowley, Pexels

(SALEM, Ore.) - For many people, debt is a big problem that they grapple with every day. Indeed, millions of Americans currently have some form of debt that they’re unable to repay. Worse, relatively few people have a solid plan to get out of debt and gain financial independence.

Thankfully, today we’ll explore this topic in depth and bust some common myths surrounding debt and financial independence. Here are a few key facts you need to know ASAP:

Myth: Debt is Uncommon

If you ever feel isolated because of your financial situation, remember that most people know exactly what you’re going through.

Myth: Debt is the Product of Irresponsible Behavior

So while a person may need to visit their doctor to have a test conducted with tissue culture flasks, they may then have difficulty settling the bill for their healthcare services. Remember, a large number of Americans either don’t have any health insurance at all, or they lack significant coverage on their current plan.

At the end of the day, many people experience debt because of purchases and expenses they simply couldn’t avoid. To suggest otherwise is unfair and untrue.

Myth: All Debt is Bad Debt

Similarly, it’s okay to go into some debt to finance things like your education or your home. Just make sure you speak with a financial advisor and have backup plans in case things go awry.

Myth: People in Debt Have no Agency

Similarly, bankruptcy isn’t an option many people are willing to pursue, but it can provide important relief to individuals who need it. Getting out of debt might not be easy, but it’s important to always keep your financial options open.

Source: Salem-News.com Special Features Dept.