Worst Piece of "Financial Advice" You've Ever Gotten? (r/AskReddit) financial advice

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Worst Piece of "Financial Advice" You've Ever Gotten? (r/AskReddit)
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41 comments

Indy B 24/09/2021 - 7:19 Chiều

The reason people lose their benefits and low income housing when they get raises is because the system is trying to get them off benefits (aka out of the system & on their own feet) once they start making more money. However sadly people don’t see it that way and end up cutting their hours or taking a lower paying job to stay on the benefits. Sadly this turns into generational poverty & it’s a very real, vicious cycle. I see it everyday & it’s a sad scenario.

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Nicky Dee 24/09/2021 - 7:19 Chiều

No wonder these kids are communists lol they don't know anything about money

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Miss Wrenchinitup 24/09/2021 - 7:19 Chiều

Invest in real estate.

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Vane Tamona 24/09/2021 - 7:19 Chiều

You should go to college. Worked out for me but still

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Red Ram 24/09/2021 - 7:19 Chiều

This makes me think debtors prisons would be a good idea to return to

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dragonmoon 24/09/2021 - 7:19 Chiều

What they say: Don't get a raise if it puts you in the next tax bracket.
What I hear: Know your place!

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H H 24/09/2021 - 7:19 Chiều

Yeah that friend that's been out of work got a card that has a 30% interest.

Credit and financing is an effing scam. I will never purchase something I can't buy outright. If I use credit it will only be to build more credit.

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H H 24/09/2021 - 7:19 Chiều

Just…just go get a car, they will only sell you one you can afford with financing. Everyone has debt that's just how the world works. Just do it.

Then now that I'm forty my grandmother pretty much demands I take out a 240k loan with no credit because it will keep family members I wrote off years ago in a house I can't afford. I have a good savings but and stable income, but crap she has no concept of the future because she always relied on others to make up the difference for her, now that she has a 60k debt against the house because she never paid the interest on the mortgage.

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Courtney Southerland 24/09/2021 - 7:19 Chiều

If your mom is in a bunch of mlms and has a habit of taking your money without telling you until after she’s spent it …. don’t join a rival mlm so your can spend you money before she steals it. 🤦🏼‍♀️ -me @ myself

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Reginald Uy 24/09/2021 - 7:19 Chiều

Using a credit card or (god forbid) a payday loan as an emergency fund is like surviving thirst by drinking your own piss

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dbr 24/09/2021 - 7:19 Chiều

My dad told me you should invest in lower value stocks because for a 10- 20 is a 100% jump , 1000- 1010 is a 1% jump, I mean the math is correct but after looking at his -3500 in the p/l i think i will stick to investing in the big companies only

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Jdatruth 24/09/2021 - 7:19 Chiều

Sell doge when it was at .5

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S D 24/09/2021 - 7:19 Chiều

The worst advice I ever got was to join bitcoin. And also of course stonks was the "other" worst advice…

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Cristian 24/09/2021 - 7:19 Chiều

mom: lend me those $100
child me: ok…

Months later
child me: mom, you owe me $100
mom: you owe me your life

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0pposite 24/09/2021 - 7:19 Chiều

Looking at this, I'm just glad my parents are always questioning my messy finances and keep annoying me. That way I'm relatively safe from my own dopamine driven buying habits.

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Gabriel M. 24/09/2021 - 7:19 Chiều

Don’t sell your bitcoin yet

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Trevor MTB 24/09/2021 - 7:19 Chiều

I've spent the last 5 months trying to get my friends to believe that I havent actually lost money on gamestop. I invested when it was $16, and they know that but are still somehow convinced I've lost my money

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Mary Wong 24/09/2021 - 7:19 Chiều

The JWs. 🤦🏻‍♀️

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Ulor 24/09/2021 - 7:19 Chiều

Usury, you cannot generate wealth somewhere with no work, without generating poverty somewhere else. That's the root cause of everything here.

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Jakey 24/09/2021 - 7:19 Chiều

Reminds me how my math teacher was telling us that their raise was bullshit because they all got into the next bracket and the government is just trying to steal more of their paycheck.

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Jakey 24/09/2021 - 7:19 Chiều

My advice is… if you pay a loan off in advance, make sure you close the account. I left mine open because I thought paying it all off would close the account and then I saw it still going a few months later when I'd gone to study, now the dangerous part is I could withdraw from the loan, months later I'd sucked up most of that money, now I'm working full time trying to pay it back off. I'm ahead by $1200 now, so that's good

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Jakey 24/09/2021 - 7:19 Chiều

Well French fries are a good investment if you're selling them cooked, shits so cheap, cook and sell for mad profits.

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ProtoMario 24/09/2021 - 7:19 Chiều

If you get a refund, and you get another, spend it.

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Lower Michigan 24/09/2021 - 7:19 Chiều

I try to convince all of my friends to start that 401k early. Number 1 millionaire maker.

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WarPotato 24/09/2021 - 7:19 Chiều

That tax bracket advice is false. You only pay the percentage of a given tax bracket for the income you make over that threshold. So if its only 100 over the bracket, that 100 will be taxed at that rate while the rest will follow according to it's given bracket.

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Sarthak Jain 24/09/2021 - 7:19 Chiều

8:10 the sheet number of awards 🤯

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Deco Bacolov 24/09/2021 - 7:19 Chiều

Buy high sell low

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Yay KRUSER 24/09/2021 - 7:19 Chiều

Those people who are saying you should spend your money bevore its gone arent completly wrong.
Look how often currencys change , for my father it was 2 times , first from Reichsmark to Deutsche mark and then to Euro.
In the Us people had to deal with 2 figure inflation.

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S4ns 24/09/2021 - 7:19 Chiều

I got two:
My great grandfather told me to stay in school and go to college because he didn't and regretted it.
After the first two years of university, I was over $10,000 in debt, had no idea what I wanted to do. It took me forever just to decide on a major. I realized by the time I graduated with a degree I wasn't even certain about (there was no way I was getting done in just four years) I would paying off the debt for probably the rest of my life.
So I dropped out, slowly paid off the debt and ironically I now work at the same college I dropped out of. Bought a nice house, paid off two cars and it's only 13 more years until I retire at full state pension.

The other is my parents telling me not to invest in the stock market becauce "only rich people make money in the market".
If I had started investing ten years ago instead of listening to them, I'd be making $25K a year just on dividends.

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Franklin Turtle 24/09/2021 - 7:19 Chiều

Use a credit card for anything other than an emergency

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thedrunknmunky 24/09/2021 - 7:19 Chiều

Wow, after watching this video and reading some comments I’ve realised that I’ve been so blessed to have my parents. They’re not in any debt and paid for my education in university (engineering at a reputed Aussie university) . Also, all the money that I’ve given my parents for safekeeping was deposited into my bank account. They’re very frugal with money and I hope to be as frugal as them someday. I really hope I can support my kids the same way my parents did for me and my sister, who is an endocrinologist. It sounds like I’m bragging, but it’s really me just realising how hard it’s gonna be for me to do the same someday. My parents are amazing.

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Mighty Tighty Whitey And I'm Smuggling Plums 24/09/2021 - 7:19 Chiều

never play with your star wars guys/beanie babies/pokemon cards because they'll be valuable one day

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JellyFish19 24/09/2021 - 7:19 Chiều

credit cards is an American thing I don't understand. What's the problem with using debit cards?

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Fernando Govea 24/09/2021 - 7:19 Chiều

That tire one hurt 🙁

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extroverted introvert 24/09/2021 - 7:19 Chiều

Dont sign a prenup

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Depressed 9Gagger 24/09/2021 - 7:19 Chiều

As a guy who's mother owes him over 3 grand I can definitely say fuck family. Trust no one.

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RochRich 24/09/2021 - 7:19 Chiều

Bet on red.

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sexy banana 24/09/2021 - 7:19 Chiều

Mine was why save money your going to spend it anyways

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coprographia 24/09/2021 - 7:19 Chiều

Set every payday loan outlet on fire. That shit should be illegal.

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Lostgears ⚙️ 24/09/2021 - 7:19 Chiều

BLACK.

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Kotaco 24/09/2021 - 7:19 Chiều

Watch Dave Ramsey, that dude helped me out a lot.

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