When it comes to managing your finances, it’s tough to separate fact from fiction.

Whether you’re listening to outdated advice or blindly following broad rules of thumb, personal finance myths are rampant. To debunk common misunderstandings, U.S. News asked financial experts to weigh in on the money misconceptions they’d like to see debunked. Their answers have been edited for length and clarity.

Niv Persaud, certified financial planner, managing director, Transition Planning & Guidance, Atlanta

Myth: You need at least three to six months of expenses in your emergency reserve. Actually, you need enough money in your emergency reserve to cover expenses over the time period it would take you to find a new job.