Money in a mouse trap.

15 Worst Pieces of Financial Advice One Must Never Listen To

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 

Woman in camping gear.
Photo Credit: Depositphotos.

“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 

401k piggy bank.
Photo Credit: simon via

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 

Man pushing coins away.
Photo Credit: Depositphotos.

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. 

4: New Set Of Wheels 

Woman covering eyes.
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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 

Tesla car.
Photo Credit: Moose via

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

Person handing over a debit card.
Photo Credit: Depositphotos.

“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 

Angry woman.
Photo Credit: Depositphotos.

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 

Paper family at sunset.
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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 

Couple throwing money.
Photo Credit: Depositphotos.

“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 

Woman holding sweater.
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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

Piggy bank and calculator.
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“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 

Elderly man talking on the phone.
Photo Credit: Depositphotos.

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 

Piggy bank in water.
Photo Credit: Depositphotos.

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 

Man scratching his head.
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“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 

Money on a chopping board.
Photo Credit: Depositphotos.

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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Photo Credit: Depositphotos.

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