Motley Fool Money Michelle Singletary on Investing, Retirement, and the Lies We Tell Ourselves About Money
Mar 4, 2023
Michelle Singletary, a best-selling author and award-winning writer for 'The Color of Money,' shares valuable insights into personal finance. She discusses the allure of Ponzi schemes and why people fall for them. Singletary emphasizes the importance of living debt-free and the wisdom passed down from her grandmother about financial planning. She also addresses the need to confront our spending habits and dispels myths surrounding retirement, including whether to pay off a mortgage before retiring. This conversation empowers listeners to rethink their financial strategies.
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Big Mama's Frugal Wisdom
- Michelle Singletary learned about money management from her grandmother, Big Mama.
- Big Mama raised five children on a low income, paid off her house, and lived frugally for 20 years in retirement.
Debt Is a Burden
- View all debt as a burden, even mortgages or student loans, to discourage over-borrowing.
- Aim to reduce expenses before and during retirement, prioritizing becoming debt-free.
Perpetual Recession Mindset
- Live below your means and save aggressively.
- Prepare for inevitable economic downturns by building a financial cushion.
