By Maryalene LaPonsie
Dave Ramsey, Mary Hunt and Suze Orman are a few of the finance superstars who offer tips on everything from how to save for retirement to when you should pay off your house.
They may have bestselling books behind them, but is it really smart to follow advice doled out by a TV or radio personality? According to some finance professionals with lower profiles, the answer is yes and no.
Budgeting by the Book: Good Advice for Those Starting Out
Dave Alison, founding partner and investment advisor at Prosperity Capital Advisors in Westlake, Ohio, says generic advice can be helpful to some people. “If you’re younger or just starting to save, there’s not a lot of danger in making a costly mistake,” he says.
The concepts of saving up an emergency fund, eliminating debt and putting money aside for retirementare almost universally accepted as sound financial practices. Alison says there is little harm from following this type of advice during what he calls the “accumulation” phase of life.
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