Whether from a friend, family member, or co-worker, sometimes people receive financial advice they’re better off not taking. People turned to social media to share the worst piece of financial advice they’ve gotten, and the responses are fascinating.
Note: Some quotes in this piece have been lightly edited for grammar.
1: Not So Happy Camper
“My cousin bought a camper, went camping once, and then decided camping wasn’t for them,” one commenter said. Did they sell it? No, they decided to stop making the payments and let the bank get it. “Which, eventually, they did.” Needless to say, the commenter didn’t listen to their advice of stopping payments on purchases they no longer want.
2: Bank of Mom
One kid discovered that investing in their mother’s wallet may not be the best plan. The worst advice they heard was “when my mom said she would hold my money for me as a kid.”
3: Layaway Woes
Although it chops major purchases into smaller payments, many agreed that “just get it at Rent A Center” is a shoddy piece of financial advice they’ve heard.Â
4: New Set Of Wheels
One commenter’s parents talked them into buying a brand new 2004 4-door Honda Civic for $25,000. “A few weeks after getting it, my hours got regulated, and it took one entire paycheck to make the monthly note on it. I could NOT afford the insurance on it,” they said. “I very quickly realized my parents were bad at money.”
5: All Too Well
One first-time car buyer’s trip to the dealership with their aunt took a turn. “I was looking at the clunkers I could afford, but she said I should be looking at the new cars. She said, ‘The total price doesn’t matter because you make monthly payments.’ I suddenly understood why she had always been so financially unstable.”
6: Go Big or Go Home
“My father would tell me to max my credit card on a new car, and if they asked for payments, just say ‘Screw them,’ what are they going to do?” one commenter said. “My father is in several levels of debt that he’s trying to get out of now, but he’s at least trying.”
7: Cutting Them Off
One person’s father-in-law has no retirement plan, and they won’t pick up the slack. “I needed to have a conversation with my husband about how we would NOT be supporting his mom and dad and their insane spending when they have no retirement plan and make huge financial mistakes every week.”
8: All in the Family
One commenter’s relative got stuck in a multi-level marketing scheme and was trying to recruit family members. “He wound up stuck with a garage full of their products.”
9: Lightning in a Bottle
“Spend it quickly, or it’ll get stolen” is a piece of advice one commenter is glad they never followed. “Coming from someone with a history of losing and blowing their money,” they said.
10: No Laughing Matter
One commenter’s father said an emergency fund wasn’t necessary when you can always get a payday loan or use your credit card. “He wasn’t joking.”
11: A Noisy Plan
“I got 90 dollars, and my 11-year-old son told me I should buy 90 dollars worth of kazoos,” one commenter said. It might be worth it just for fun.
12: Hotline Bling
One commenter’s uncle said you never have to pay your phone bill. “He suggested I simply jump to another carrier and let the first company cut you off. His life has turned out exactly as you’d imagine.”
13: Making A Splash
One commenter knows someone whose retirement plan is going swimmingly. “Take out a 401k loan to build a pool. It will raise the value of your house,” is the worst advice they’ve heard.
14: Investing in the Future
“Hold on to those French francs; they will be worth a lot someday,” is the worst advice one commenter has heard. “I’m not holding my breath.”
15: Chop It Up
One person’s cousin has an interesting hack for slashing debt. “Once you cut up the credit card, you don’t have to pay it,” they would say. Needless to say, they’re not doing so hot.
Source: Reddit.
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