16 Of The Worst Pieces Of Financial Advice People Have Ever Been Given

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When trying to improve finances, many achieve this by limiting frivolous purchases or starting side hustles.

While there’s a lot of good financial advice that could be beneficial to someone trying to save money, there’s also some really bad guidance being given. Recently u/Miserable-Tea-1836  asked the Reddit community, “What’s the worst piece of financial advice somebody has given you?”

The responses were downright concerning, here are the best ones:

 

1. No Credit Card, No Credit Card Debt

“Once you cut up the credit card,you don’t have to pay it.My cousin is not doing so hot. I’m pretty sure there are warrants out for his arrest in several states.” — SalemScout

2. Repayment Isn’t Required

“My father would tell me to max my credit card on a new car and if they asked for payments just say No, what are they going to do? My father is several levels of debt hell deep that he’s trying to get out of now, but he’s at least trying.” — LuluTopSionMid

3. Pools Are For Winners

“Take out a 401k loan to build a pool. It will raise the value of your house.” — Jazz_Cigarettes

4. Spend It, Spend It All

“Spend whatever is in your bank account the day before payday, you obviously don’t NEED it.” — plzeatslugsmalfoy

5. Phone Bills Are Optional

“One of my uncles once told me that I never really had to pay my phone bill. He suggested that I simply jump to another carrier and let the first company cut you off. His life has turned out exactly as you’d imagine.” kor_hookmaster

7. Magical Debt

“I used to live with someone who literally told me that if he just didn’t pay his debt in 10 years it would disappear.”  — JuneSongstress

8. Casino Royale

“Let’s go to the casino and double your pay check.” differentiatedpans

9. More Dependents, More Problems

“My husband and I were looking to sell our home and buy another and the realtor told us to put 99 dependents on our taxes so we make more. She said she had done it for years and it was fine. We left pretty quickly after that.” 😬 charke9

10. College Pays For Itsel

“Take out a student loan. You’ll be able to pay it back easy when you have a degree.” Dethstrok9

11. Beware Of Thieves

“Spend it quickly or it’ll get stolen. Coming from someone with a history of losing and blowing their money.ChilledGopher

12. Bankruptcy Is Your Friend

“You’re in debt $9,700. You should file for bankruptcy. Thank god I’m smarter than my dad.” — chet

13. Financial Advisors, Advise Finances

“Back when the tech stocks crashed my FA had me sell 1000 shares of a start up company called Google.”  — realjoebagodoughnuts

14. That’s What Loans Are For

“That an emergency fund wasn’t necessary when you can always get a payday loan or use your credit card. He wasn’t joking.” — girlfromspfd

15. Credit Fixes Credit

“You are using 101% of your credit. Apply for a new credit card to offset this debt and improve your credit score.” – Credit Karma — sapphic-pudding

16. Free Money

“Write a check to yourself, deposit it, and withdraw it. Free money. It’s fine. No Mom, it was not fine.” — WishOnSuckaWood

 

Source: BuzzFeed

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