Next Generation Wealth, 808 St. Paul Street, Baltimore, MD (2026)

01/09/2026

A strong credit score can be the key to major financial purchases and affordable loans, but some states saw notable declines that created a "perfect storm" for Americans’ wallets, according to a credit repair expert.

On Thursday, WalletHub released its list of the states with the largest credit score decreases, and Micah Abigail LLC founder and social media influencer Micah Smith broke down what it means for those residents in the top – and bottom – states.

"What we’re seeing right now is a very clear trend, especially when it comes to missed student loan payments, and it’s having a real impact on credit across the country. Once payments resumed, we actually saw the national average credit score drop. Over 4.5 million Americans were caught off guard," Smith told Fox News Digital.

THIS IS WHY YOU MAKE SIX FIGURES AND STILL LIVE PAYCHECK TO PAYCHECK

"And from a credit specialist’s perspective, this is where the real problem comes in… When you combine higher interest rates, no more free money in the economy and a student loan system that reports harshly and in ways most consumers don’t understand, it created the perfect storm we’re seeing now in consumer credit."

Missouri’s average credit score in Q3 2025 was 654, a 1.51% decrease from the year prior. This marks the largest fall in average credit scores across all 50 states.

"It’s not random. There are very real structural and policy-driven factors at play," Smith said.

WalletHub reports that Missouri’s payment behavior drives this data, with median credit card debt at $2,622. The state also ranks 25th nationally for financial distress.

Georgia’s average credit score dropped from 662 to 653, a 1.36% dip. The state’s delinquency rate is above average and missed payments are high, which WalletHub notes likely contributed to the decline.

"Georgia is a particularly important case study," Smith said. "Georgia prohibits traditional credit repair, and while that may sound consumer-protective on paper, in practice it often does the opposite. It limits access to education, advocacy and remediation for consumers who don’t fully understand how credit reporting works."

"Credit doesn’t fix itself. And when people don’t have lawful support navigating disputes, errors, or even the timing of how accounts report, they tend to remain stuck with credit damage longer — which absolutely drags down statewide averages," she added.

Delaware residents saw a 1.2% decrease in their average credit score, going from 669 to 661. WalletHub reports that it is among the states adding the most debt, thus putting pressure on scores and higher balances. Delaware additionally has the seventh-highest debt delinquency rate in the U.S.

Conversely, states including Utah, North Dakota and Iowa saw the smallest declines at 0.14%, 0.15% and 0.28%, respectively.

"What you’re actually seeing in states like Utah, North Dakota and Iowa is that consumers tend to carry lower debt than the national average, and that really matters," Smith explained. "Generally speaking, people who manage their credit card utilization well are simply less risky on paper. They have stronger financial histories, better spending habits and more consistent payment behavior."

"That consistency gives them a buffer. So when interest rates rise and minimum payments increase," she added, "they’re better positioned to absorb that change without missing payments. Lower balances mean lower stress when the environment tightens."

Lower credit scores come down to a lack of understanding of how missed payments and prolonged debt actually impact a score, Smith added.

"There’s often an expectation of a quick recovery, and unfortunately, we’re the ones who have to be the bearers of bad news. The reality is that once you’ve had missed payments, charge-offs and extended periods of nonpayment, credit recovery is a long road. There are no shortcuts — it requires consistency, patience and [persistence] to rebuild the credit profile."

Whether scores continue to decline in 2026 largely depends on the state of the job market.

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"We are seeing people lose jobs, and when income is disrupted, credit almost always follows. That said, if someone was disciplined and saved for a rainy day, they’re going to be in a much better position to weather that kind of disruption," Smith said. "I am optimistic overall, but the patterns don’t lie. Credit is cyclical."

"If you don’t ask for help, and you keep things to yourself, you’re never going to get better," she continued. "Credit touches everything. It’s not optional. Invest in learning about it, manage it intentionally and build timeless habits. Your credit is your financial fingerprint — it follows you, it speaks for you, and it tells a story whether you realize it or not."

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Some states are seeing major credit score declines, but recovery is possible with the right strategies. Expert Micah Smith breaks down why Missouri and Georgia residents face hurdles.

12/19/2025

For decades, Americans were given the same advice about money: Find a good financial adviser. Trust the person, not just the process.

That model worked when markets were simpler, tax laws changed more slowly, statements arrived quarterly and financial decision-making wasn’t so complex. But today, investors are navigating inflation, volatile markets, rising debt and rapid policy shifts — all while still relying on advice that’s often reactive, emotional and outdated.

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And now comes an uncomfortable truth Wall Street doesn’t love talking about.

Artificial intelligence may soon be a better financial adviser than most human beings.

And this comes from a person who has been giving financial advice to thousands of families over the past 34 years and also sees the handwriting on the wall for financial advisers over the next decade.

Not in theory. In practice.

Every market crash teaches the same lesson. People panic. They sell at the bottom. They chase hot investments after the run-up is already over. They invest in their friend’s new restaurant that doesn’t stand a chance. They buy cryptocurrencies nobody has ever heard of. Since the dawn of time, people have looked for a get-rich-quick scheme that will help them retire tomorrow.

This behavior alone destroys more wealth than taxes, fees or recessions combined.

THIS IS WHY YOU MAKE SIX FIGURES AND STILL LIVE PAYCHECK TO PAYCHECK

Human advisers aren’t immune either. They read the same headlines. They feel the same pressure when clients demand action. They try to keep up with the Joneses as well. Even the best intentioned advisers can let emotion creep into decisions.

AI doesn’t.

It doesn’t get scared. It doesn’t get greedy. It doesn’t care what social media, cable news or your neighbor is doing with their money. It follows data, probabilities and rules every single time.

Over the long run, discipline beats emotion. Just ask Warren Buffett. Machines are built for discipline.

Most Americans meet with their financial adviser once or twice a year. That’s like checking your smoke alarm annually and hoping nothing catches fire in between.

It can monitor your…

Spending patterns

Cash flow

Debt situation

Investment allocation

Risk exposure

Tax efficiency

…in real time.

When something changes, AI can react immediately — not at the next scheduled review. And most advisers aren’t looking closely at your debt, credit cards, household budget or the small decisions that add up in your financial life. That alone puts traditional advice at a disadvantage.

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High-quality financial advice has long been reserved for the wealthy. Everyone else often gets generic portfolios like a 60/40 allocation and product-driven recommendations loaded with commissions.

AI flips that model on its head.

It can deliver ongoing guidance, planning insights and behavioral coaching at a fraction of the cost — without commissions, quotas or sales pressure. Would you pay $19.99 a month for a 24/7 financial-coach subscription? You already pay $19.99 for Netflix, and it’s not getting you any closer to retirement.

That’s why everyday investors should start experimenting now. Tools like TheBuckGuru.com an AI-powered financial coach, allow people to stress-test decisions, improve financial habits and get real-time feedback without judgment or sales pitches. It can even develop actionable game plans that integrate directly into your calendar.

Here’s the part that makes some financial advisers uncomfortable.

The average financial adviser is replaceable. The good ones may not be, because they act as much more than advisers. They are financial therapists, marriage counselors, super-connectors and career counselors — and they still bring an art form to their work that AI simply can’t replicate today.

RETURN TO OFFICE GAINING MOMENTUM AS AI RESHAPES CORPORATE STRATEGY

Average advisers are not bad people, but much of what they do can be replaced because their advice, portfolios and service are very basic.

The advisers who will thrive in the future won’t fight AI. They’ll use it.

They’ll let technology handle monitoring, calculations and ex*****on while human advisers focus on what machines can’t do well right now: managing intuition and emotions. That includes major life transitions, complex career planning, family dynamics and stopping clients from making catastrophic emotional mistakes like pulling their money out at exactly the wrong time.

AI won’t eliminate financial advisers — we heard this story before with the robo-adviser.

But it will expose the ones who add little value beyond the 60/40 portfolio and paperwork.

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It will raise the standard for advice, lower the cost for consumers and force an industry built on tradition to finally modernize over the next decade.

For investors, that’s good news.

Because when it comes to your money, the smartest adviser in the room may soon be the one without a pulse — and in an age of emotion-driven mistakes, that may be exactly what your financial future needs.

Ted Jenkin is president of Exit Stage Left Advisors and partner at Exit Wealth .

A seasoned financial advisor with 34 years of experience argues AI may soon provide better financial advice than humans, citing emotional decision-making that destroys wealth.

07/11/2025

The average net worth that Americans feel is needed to qualify as wealthy has surprisingly declined, compared to last year, though it is still an eye-popping figure, Charles Schwab found.

The financial services company said in the latest edition of its "Modern Wealth Survey " that Americans now view $2.3 million as the benchmark for counting as wealthy, pointing to what they see as a worsening economy .

That marked a $200,000 decrease from 2024, when Americans said the net worth required to be classified as wealthy averaged $2.5 million, according to the survey.

The "threshold" they have cited for being deemed wealthy has been above $2 million since 2022.

Meanwhile, Americans surveyed for Charles Schwab’s yearly "Modern Wealthy Survey" reported thinking an average net worth of $839,000 was necessary for being "financially comfortable," the company found.

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The average that Americans felt was needed to be "financially comfortable " came in at $778,000 last year, meaning the amount has gone up year-over-year.

How big of a net worth Americans typically thought was necessary to be wealthy and financially comfortable varied among the different generations, the survey found.

For Baby Boomers, the average net worth for being rich was $2.8 million, higher than the other three generations, per Charles Schwab.

The report said both Generation X and Millennials felt a $2.1 million net worth made someone wealthy, while Generation Z pegged the necessary fortune much lower, at $1.7 million.

When it came to financial comfort, Baby Boomers once again put forward the highest average net worth: $943,000. Behind them were Millennials, at $847,000, and Gen X, at $783,000, the survey showed.

The average net worth that was needed to be "financially comfortable" among Gen Z was just $329,000.

RETIREMENT ACCOUNT BALANCES DIP IN 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING

Overall, 63% of those surveyed reported that it "feels like it takes more money to be wealthy today when compared with last year," Charles Schwab said. For 73% who felt that way, they cited inflation.

Inflation measured by the Consumer Price Index in May posted a 0.1% increase from the prior month while being 2.4% higher than a year ago, the Bureau of Labor Statistics reported last month.

Many – 62% – of respondents that said they thought "more money" was needed to be rich pointed to the economy . Taxes and higher interest rates, meanwhile, were the reasons cited by over four in ten for that perception, according to the survey.

The range of the Federal Reserve’s benchmark interest rate is currently 4.24% to 4.5%.

About 35% of Americans indicated they felt they were "wealthy now" or "on track to be wealthy," with 11% reporting the former and 24% saying the latter, according to Charles Schwab.

Gen Z had the rosiest views on being "wealthy or on track" to reaching that status, at 43%. A close share of Millennials – 42% – reported those sentiments, the survey found.

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Charles Schwab also said those "who are saving, investing, and have a financial plan are more optimistic about their wealth status or ability to reach wealth."

Happiness and funds stood out as the biggest factors in how Americans define wealth, according to the survey. They were cited by 45% and 44%, respectively.

That median wealth per U.S. adult was $124,041 in 2024, according to a separate report released last month by UBS.

The total number of millionaires in America hit 23.8 million last year, marking a 1.5% increase from the prior year, that report said.

The average net worth that Americans feel is needed to qualify as wealthy has declined, compared to last year, Charles Schwab found.

06/23/2025

FICO said on Monday that it is going to incorporate buy now, pay later (BNPL) data into credit scores as the payment method surges in popularity.

The FICO Score 10 BNPL and FICO Score 10 T BNPL will be the first credit scores from a leading credit scoring provider to incorporate this data. FICO said the scores represent a "significant advancement in credit scoring, accounting for the growing importance" of such loans in the U.S. credit ecosystem.

"Buy Now, Pay Later loans are playing an increasingly important role in consumers’ financial lives," Julie May, vice president of B2B Scores at FICO, said. By expanding its FICO Score 10 Suite with these new models, May said the company is "enabling lenders to more accurately evaluate credit readiness, especially for consumers whose first credit experience is through BNPL products."

HERE'S WHY THE AVERAGE US CREDIT SCORE IS FALLING

FICO said it utilized input from the largest lenders in the U.S. and that there was a broad consensus that integrating BNPL data into credit scoring "is a critical advancement that allows lenders to make more informed, accurate decisions while responsibly expanding credit access ."

FICO said these scores will provide lenders with greater visibility into consumers’ repayment behaviors and will enable a more comprehensive view of their credit readiness.

Lending services such as Afterpay, Klarna, Affirm and PayPal have risen to prominence as cash-strapped consumers looked to stretch their wallets as they contend with persisting inflation , high interest rates and student loan payments, which resumed in October 2023 after a pause due to the COVID-19 pandemic.

The services allow consumers to make purchases and pay for them in installments, often with no interest or fees. However, interest is tacked on to certain plans, and consumers can get hit with a late fee if they don't have adequate funds in their account to cover the payments.

RISKS OF BUY NOW, PAY LATER: 'TICKET TO OVERSPENDING,' EXPERT SAYS

Traditionally, they have been utilized for big-ticket items. However, these buy now, pay later financing options have become so popular in the current economic environment, that a growing number of consumers are even leveraging them to pay for necessities like food.

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Data from an April LendingTree report shows that 25% of such users have used the service to buy groceries, up from 14% a year ago.

FICO credit scoring models will be the first to include buy now, pay later data as the payment method continues to surge in popularity among American consumers.

06/20/2025

Retirement remains top of mind for many Americans, whether they are approaching their so-called "golden years" or have many years to go before leaving the workforce.

How much money a person needs to have saved to retire without financial stress is an important consideration in the retirement preparation process, and that can vary depending on various factors, including where someone intends to live and their retirement income sources.

A study released this week by GOBankingRates calculated the amount of money that a "comfortable" retirement would require without income from Social Security factored in and the associated yearly expenses a retiree would face in each U.S. state.

RETIREMENT ACCOUNT BALANCES DIP IN THE 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING

The analysis comes as Social Security, a common source of retirement income, is looking at potential financing issues with its trust funds in the future. The trustees for Social Security and Medicare recently found that if Social Security’s Old-Age and Survivors Insurance and Disability Insurance trust funds were combined, the trust funds would be able to pay 100% of scheduled benefits until 2034, one year earlier than reported last year. After that, the trust funds would be able to pay only 81% of scheduled benefits, meaning Social Security recipients would see a mandatory 19% cut automatically.

For the GOBankingRates study, the benchmark for a "comfortable" retirement was a person holding twice the amount of money as the cost of living expenses.

NEARLY HALF OF GENERATION X IS NOT CONFIDENT ABOUT RETIREMENT

Hawaii tops the list of where the most savings would be necessary to retire "comfortably" at 60 years old without Social Security, while West Virginia, nicknamed the Mountain State, required the least, it said.

GOBankingRates found the nest egg that a person would need to accommodate a comfortable retirement at 60 years old sans Social Security in each state.

Alabama ($70,492 cost of living per year): $1,409,839

Alaska ($110,457 cost of living per year): $2,209,137

Arizona ($100,281 cost of living per year): $2,005,627

Arkansas ($67,502 cost of living per year): $1,350,045

California ($155,117 cost of living per year): $3,102,333

Colorado ($114,744 cost of living per year): $2,294,882

Connecticut ($105,428 cost of living per year): $2,108,563

Delaware ($94,392 cost of living per year): $1,887,834

Florida ($97,119 cost of living per year): $1,942,374

Georgia ($86,005 cost of living per year): $1,720,096

Hawaii ($186,062 cost of living per year): $3,721,237

Idaho ($101,912 cost of living per year): $2,038,236

Illinois ($79,736 cost of living per year): $1,594,716

Indiana ($74,029 cost of living per year): $1,480,575

Iowa ($71,373 cost of living per year): $1,427,463

Kansas ($71,534 cost of living per year): $1,430,672

Kentucky ($71,410 cost of living per year): $1,428,204

Louisiana ($67,482 cost of living per year): $1,349,639

Maine ($98,612 cost of living per year): $1,972,231

Maryland ($101,991 cost of living per year): $2,039,812

Massachusetts ($136,626 cost of living): $2,732,517

Michigan ($73,780 cost of living per year): $1,475,595

Minnesota ($88,321 cost of living per year): $1,766,414

Mississippi ($65,523 cost of living per year): $1,310,451

Missouri ($73,667 cost of living per year): $1,473,335

Montana ($102,916 cost of living per year): $2,058,322

Nebraska ($76,792 cost of living per year): $1,535,846

Nevada ($103,661 cost of living per year): $2,073,215

New Hampshire ($110,761 cost of living per year): $2,215,216

New Jersey ($118,338 cost of living per year): $2,366,765

New Mexico ($81,627 cost of living per year): $1,632,542

New York ($105,619 cost of living per year): $2,112,384

North Carolina ($86,857 cost of living per year): $1,737,146

North Dakota ($78,734 cost of living per year): $1,574,682

Ohio ($73,120 cost of living per year): $1,462,391

Oklahoma ($69,161 cost of living per year): $1,383,214

Oregon ($111,541 cost of living per year): $2,230,814

Pennsylvania ($78,582 cost of living per year): $1,571,642

Rhode Island ($109,811 cost of living per year): $2,196,222

South Carolina ($81,586 cost of living per year): $1,631,721

South Dakota ($81,949 cost of living per year): $1,638,979

Tennessee ($81,474 cost of living per year): $1,629,482

Texas ($81,985 cost of living per year): $1,639,693

Utah ($110,623 cost of living per year): $2,212,458

Vermont ($97,999 cost of living per year): $1,959,971

Virginia ($96,141 cost of living per year): $1,922,813

Washington ($126,952 cost of living per year): $2,539,048

West Virginia ($64,715 cost of living per year): $1,294,300

Wisconsin ($84,485 cost of living per year): $1,689,700

Wyoming ($88,792 cost of living per year): $1,775,841

In early June, a Gallup survey found 50% of non-retired U.S. adults that own a retirement savings account felt they "expect to have enough to live comfortably in retirement."

STUDY SHOWS HOW LONG SOCIAL SECURITY, $1.5M NEST EGG WOULD LAST IN 50 STATES

Confidence was lower among those that lacked a retirement savings account, with only 31% reporting they anticipated having sufficient funds for comfortable golden years.

Eric Revell contributed to this report.

A study calculated the amount of money a "comfortable" retirement would require without Social Security factored in and the associated yearly expenses a retiree would face in each U.S. state.

06/17/2025

How people tackle their finances can vary but, according to new research from PYMNTS, there are two ways that are most common.

PYMNTS found just 40% of American consumers are "planners," meaning their strategy for money had more foresight.

That figure has gone down compared to the roughly half who tackled their personal finances that way in February of last year, according to the outlet .

Meanwhile, for 60% of consumers, financial matters are dealt with as they come, earning them the moniker "reactors," PYMNTS reported.

CLICK HERE TO READ MORE ON FOX BUSINESS

For the former, they tended to have at least $2,500 saved and keep their credit card balances below $2,000 on average, as well as make regular payments on their balances, according to the outlet.

The latter typically amassed higher balances and had lower amounts of savings, per PYMNTS. They also reported taking care of their credit card balances less frequently.

The drop in "planners" could mean consumers are feeling more pain in their wallets, according to PYMNTS.

The two groups typically had different priorities when it came to money, with retirement being front of mind for many so-called "planners" and knocking down debt being a focus for "reactors," per the outlet.

A separate report released earlier this month by Fidelity Investments found the average 401(k) account balance in the first quarter was $127,100, while the balances for IRA and 403(b) accounts averaged $121,983 and $115,424, respectively.

RETIREMENT ACCOUNT BALANCES DIP IN 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING

Northwestern Mutual found in mid-April that Americans think they need $1.26 million saved to retire "comfortably."

PYMNTS reported that nearly one-third of financially-reactive consumers reportedly identified reducing their debt as a top priority.

Americans collectively had $18.2 trillion in debt as of the first quarter of the year, according to the Federal Reserve Bank of New York.

For the other type of consumer, investments and savings accounted for 12% of what they financially allocated for themselves on a monthly basis, PYMNTS also reported.

DEBT CRISIS DEEPENS AS 1 IN 4 AMERICANS FORCED TO CHOOSE BETWEEN BILLS AND BASICS

Additionally, the survey shed light on how different generations stacked up in terms of how they tackled finances, according to the outlet.

For Generation Z, 73% of those within that age group were considered "reactors," it said.

Members of the Baby Boomer generation, meanwhile, were more likely to be "planners," with the survey pe***ng the share in that generation at 54%.

When it comes to income, more of those taking home big bucks have started seeing themselves as "reactors" as inflation and other factors weigh on them.

Approximately 52% of high-income consumers labeled themselves as "reactors" in the survey.

The proportion of earners characterized as "planners" posted a 25% drop between February of last year and January of this year, according to PYMNTS.

The real median income for American households was over $80,600 in 2023, according to the latest data from the U.S. Census Bureau.

PYMNTS reported this week that its survey found just 40% of American consumers are "planners," meaning their strategy for money was more foresighted.

06/05/2025

Managing one’s finances can be challenging, especially when faced with conflicting – and often wrong – information fed to people, especially on social media.

Buying into common misconceptions surrounding money can be harmful, putting someone on their back foot when it comes to financial health.

Jonathan Kim, a personal finance expert and the head of finance at online savings platform Raisin, took aim at in an interview with FOX Business, including the idea that "it’s not worth saving unless you can put away a lot," buy now, pay later being a good budgeting tool, and a high salary being synonymous with financial success.

He also pushed back against the suggestion that people do not need savings accounts and that saving money should not occur before someone is debt-free.

"Some of these thoughts about paying off debt before saving, and not having a full understanding of why you might need savings and why certain debt actually might not be terrible, I think, is a widespread thing," Kim said.

STUDENT LOAN DELIQUINCIES SURGE, SENDING CREDIT SCORES PLUNGING FOR BORROWERS

The misconception that "it’s just not worth saving right now unless you can put away a lot" is a common one that he said he has seen on social media.

Kim said it’s "pretty easy to fall into this trap where you’re thinking, ‘If I can’t save X percent or X dollar amount, it’s just not worth the effort,’ and that’s a little too outcome-oriented for me."

He said consistency with saving was important, noting that even "starting with something like $10 a week can help build that financial resilience and can build a habit that sticks with you as you progress."

When it comes to high salaries and financial success, Kim said, there is "this myth and this propaganda" that a high salary equates to financial success when, in reality, financial health is more about managing money wisely.

Taking home a big paycheck is "obviously a wonderful thing, but I think it’s also very true that lifestyle creep is a very, very real thing, and if you don’t have the financial discipline and conscious saving and spending habits, it’s actually quite easy to just let lifestyle creep happen to you, and you find yourself struggling financially even after you’ve gotten that raise or that promotion or that new job," Kim said.

Budgeting can be a helpful tool to prevent lifestyle creep, Kim said, while also pushing back on the idea that it has "to be perfect" to work.

"You can have just a general understanding of what’s going in and what’s going out to get you started," he said. "And once you have that tracked, if you look at it over time, you can see ‘oh, I was only spending X amount, now I’m spending X times two. What happened there?’"

He also said that budgeting helps people "spend intentionally" and does not mean someone has to forgo "everything that brings you joy" to solely focus on necessities.

Kim touched on buy now, pay later services and whether it can be a good budgeting tool.

Buy now, pay later has become increasingly common in recent years as people look to split up and finance smaller purchases.

"If you are buying now and paying later because you don’t have the money now, that means you can’t afford it," he told FOX Business. "So if you can’t afford it today, you can’t afford it and so by that context, buy now, pay later encourages overspending, and that can lead to you accumulating debt, which then earns interest, and then you find yourself going down that rabbit hole of bad financial habits."

FINANCIAL EXPERT WARNS AGAINST THE HIDDEN TRAPS OF ‘BUY NOW, PAY LATER’ SERVICES

He said that was "kind of intertwined" with another misconception of people having to pay off all their debt before socking away money as savings.

"If you have high interest debt, like credit card debt, a variable mortgage, student loan debt, anything that could really hurt you or an interest rate can just go up, you certainly want to pay that off," Kim said. "But at the same time, the other side is that you may be lucky enough to be a person where you got a mortgage five years ago and your mortgage rate is very, very low. In that sense, it wouldn’t make sense to pay that off immediately."

Building savings while simultaneously making a dent in debt can be very beneficial.

He said it was important to have a financial plan and pay off debt but noted "things can happen in your life," so setting up an emergency fund by saving can prevent the sn*******ng of debt and interest should something happen.

He also said having a savings account was better than just using a checking account.

When someone keeps all their money in a checking account, it can be "actually easier to spend and harder to track your goals," according to Kim.

He noted balances in checking accounts can rise and fall with expenditures and income, making savings difficult to monitor. Many also offer very low or no interest on funds "so your money is actually not working for you," according to Kim.

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A dedicated savings account can establish a "physical boundary, in some senses, where you can see that that money is separate, and you can see it grow over time, which gives you a sense of accomplishment and keeps you going in some sense as it builds," he said.

They can have high interest rates that will help the savings passively grow over time, he added.

Buying into common misconceptions surrounding money can be harmful, putting someone on the backfoot when it comes to their financial health. An expert weighs in some common financial myths.

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