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

AskReddit People Share The Worst Piece of Financial Advice Somebody Gave Them.
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Worst Piece of "Financial Advice" You've Ever Gotten? (r/AskReddit)

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Worst Piece of "Financial Advice" You've Ever Gotten? (r/AskReddit)
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41 thoughts on “Worst Piece of "Financial Advice" You've Ever Gotten? (r/AskReddit) financial advice”

  1. 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.

  2. 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.

  3. 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.

  4. 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

  5. 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

  6. 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.

  7. 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

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

  9. 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.

  10. 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

  11. 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.

  12. 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.

  13. 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.

  14. 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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