The Biggest Things People Get Wrong About Money
The Biggest Things People Get Wrong About Money
Financial Literacy Zina Kumok
I’ve gotten to a point in my career where I’m commonly referred to as a financial “expert”. I’ve worked hard to broaden my knowledge and fill in the gaps, so I feel pretty comfortable in that role. When a friend or colleague asks me for advice, chances are I can help them in some way.
But the more I learn, the more I realize how ignorant I actually am. Money is such a diverse and dynamic topic that it’s impossible to know everything, and even the most basic fundamentals can change over time. The best you can do is keep an open mind and actively challenge your assumptions.
We all get things wrong about money. Here are some of the most common – and most dangerous – misconceptions.
“Keep 30% Balance On Your Credit Cards.“
I’ll never forget this argument I had with my friend Chelsea. We were talking about credit card rewards programs and how awesome they are. “Of course, you should never hold a balance on them, no matter what kind of cash-back you’re getting,” I told her. She disagreed, saying that you should always carry a small balance on your card or you won’t build any credit.
In my opinion, this is probably the most persistent credit myth still making the rounds in 2019. It’s true that you need to have a balance on a card when the statement closes. That balance will then be reported to the credit card bureaus, but once the statement closes, you can pay off the entire amount without hurting your credit. If you pay off the balance before the statement closes then the card provider will report your balance as $0.
An easy way to set this up is to create automatic payments that will go in effect after the statement closes, but before your due date. Go to your credit card account and click on the payments section. Then, create automatic payments for the full statement balance and choose a withdrawal date on or before your due date.
“Investing is the same thing as gambling.”
When I was in middle school, the dot-com crash happened. I don’t remember much about it, except for the fact that a lot of people lost a lot of money. A year later, 9/11 happened and the market tanked again. When I was a freshman in college, the housing market crashed and the Great Recession began.
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GP Q: Why the Clarity Act Matters to Currency Holders
9-16-2026
CLARITY ACT — WHY IT MATTERS TO CURRENCY HOLDERS
The Senate did fail to advance the CLARITY Act today. The cloture vote was a procedural step requiring 60 votes; it was not a final vote declaring the bill d**d forever.
WHAT WE KNOW: The bill concerns regulation of digital assets, including SEC/CFTC jurisdiction.
Good Morning Dinar Recaps,
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TNT:
Tishwash: Al-Zaidi concludes his European tour, returning to Baghdad
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The Prime Minister’s Media Office stated in a statement that “Prime Minister Ali Faleh al-Zaidi concluded his official visit to the German capital, Berlin, and is returning to Baghdad.”
Prime Minister Ali Faleh al-Zaidi began his European tour on Sunday, September 13, 2026, with an official visit to the French capital, Paris, at the invitation of French President Emmanuel Macron, before heading on Tuesday, September 15, to the German capital, Berlin, to complete his tour.
KTFA
Tuesday Night video
FRANK26…9-15-26….ANOTHER ECONOMIST
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie and Omar in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
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I've been reading and writing about personal finance for more than thirteen years. In that time, I've consumed a lot of books about money. Lately, I've found that it's fun to revisit old favorites.
Recently, for instance, I've been re-reading Brett Wilder's The Quiet Millionaire [my review]. It's different than most personal finance books. It's targeted at those who are farther along their financial journeys rather than at those just starting out. Still, there are bits and pieces in The Quiet Millionaire that are applicable to everyone.
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This Week Could Be HUGE For Dinar & Crypto
The Dinar Den: 9-14-2026
We are currently witnessing an extraordinary alignment of economic milestones, particularly within a pivotal forty-eight-hour window.
This crucial period brings together the upcoming vote on the Clarity Act in the United States Senate, the drafting of Iraq’s 2027 federal budget, and the Federal Reserve’s highly anticipated decisions regarding interest rates.
These events are not happening in isolation; rather, they represent a convergence of domestic policy, international legislative updates, and global monetary strategy that could collectively influence the future value and utility of the dinar.
TNT:
Tishwash: Al-Zaidi's consultation with the head of Rothschild Bank on expanding Iraq's cooperation with international financial institutions
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Last week, Treasury Secretary Scott Bessent sat down for a fireside chat at Southern Methodist University in Dallas and told the room what the plan is for the national debt.
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Ariel: This is an Extreme Wait and See Game
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Many Wanted Me To Comment On This: Here Is My Deal
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If the CBI sets the post-RV rate at $3.22, then:
Reset Intelligence: Who Holds the Clock.
By Reset Intelligence | @EXIT_FIAT
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Parliament gets the budget on October 15. For the first time, Baghdad has printed the width of the gap between the draft and the vote. The 2023 record says that gap is where Iraq's rate decisions actually live.
Stephanie Starr: If Congress Advances this
9-15-2026
If Congress advances this, the United States is formally acknowledging Bitcoin as a strategic national asset — something potentially worth holding on the federal balance sheet rather than automatically selling.
Why that matters? Protects U.S. exposure to a scarce digital asset. Strengthens America’s position in the global digital-asset economy. Signals that crypto is becoming part of mainstream financial policy. Encourages long-term regulatory and institutional certainty. Forces other nations to think seriously about their own digital-asset reserves. Moves the conversation from “Should crypto exist?” to “How does America compete?”
Good Morning Dinar Recaps,
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MilitiaMan & Crew: The Reality of the Iraqi Dinar: Daily Analysis and Updates
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The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
No drama. No intrigue. No songs and dances. Just straight, factual news that I read and interpret to the best of my ability after being an avid Dinar investor and insanely obsessed Dinarian for over 15 years.
Follow MM on X == https://x.com/Slashn
KTFA
Monday Night Video
FRANK26…9-14-26…..RIDE THE WHALESHARK
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie and Omar in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
The Central Bank Of Iraq Is Taking Steps To Reduce The Dollar Gap; A Unified Exchange Rate For Currency Exchange Offices Is Approaching 1320
Last updated: September 14, 2026 Independent/- Informed sources revealed to the Independent Press Agency new moves within the Central Bank of Iraq aimed at reducing the large gap between the official exchange rate of the dollar and the prices circulating in the local market, through a package of measures being worked on to regulate the sale of foreign currency and tighten control over exchange companies, in conjunction with the continued rise of the dollar in Baghdad and other governorates.
Coffee with MarkZ joined by Zester 09/16/2026
MarkZ Disclaimer: Please consider everything on this call as my opinion. Be sure to consult a professional for any financial decisions
MZ: Crazy slow news day so far, factions, international deals, and global bankers. Zester has an update on the Clarity Act.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY