On today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Mike Rudow share their takes on some points in a CNBC article about financial “rules” people should abide by.

Firstly, the article suggests readers avoid taking on debt for college. However, Mike says sometimes, taking on debt is the only route students can take. This is okay if the student is responsible and has the right personality to successfully finish college and eventually pay their debt off.

Secondly, the article encourages listeners to try to buy a home in cash. Mike says this is not realistic for most homebuyers. Furthermore, many people may not want to have all their money tied up in their property. How someone leverages their home is based on the individual, their risk tolerance, time limit, etc. 

The article also reminds readers to formally request their Social Security benefits and do proper research, call different Social Security offices, and work with a financial professional since there are many complicated rules that can easily be muddled by different members of the Social Security Administration. 

The final point of the article tells readers to seek jobs in fields that are less competitive because this increases one’s chance of success. Mike and Chris say while this may be true, it is important to choose a job and career path that one ultimately finds enjoyment and fulfillment in. 

Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.