The current economy is rife with uncertainty. The danger is that uncertainty creates optimal conditions for financial myths to be created and for existing myths to be reinforced. When people make decisions from fear and scarcity, rather than confidence and abundance, destructive myths gain an even greater stronghold.

Myths become “sacred cows”—unquestioned beliefs that become woven in to the fabric of society, so much so that they become extremely difficult to see through and change. They gain momentum through popularity and social agreement. They are not true or correct principles, but rather they are simply comfortable ways of doing things.

The ultimate sacred cow of retirement planning is the 401(k). To illustrate how the myths limit the potential of individuals and leave their success to chance, I will analyze the following article, which is based in conventional financial planning, and kill the sacred cows throughout. My intent is to help you, the reader, discern truth from falsehood and recognize myths. Throughout the article I will give you useful questions to ask not only for this situation but future financial decisions. Look for my comments in italics. You can download the article HERE.