Home Debt 26 People Share The Worst Money Advice They Were Ever Given
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26 People Share The Worst Money Advice They Were Ever Given

Darren RydingMarch 16, 2022
Toronto Star

5. Overtime Tax

“I’ve had people tell me that overtime hours were taxed extra… no matter how much I tried to explain about tax brackets, they just didn’t believe me,” dr-moon88 wrote. It’s amazing the number of people who have no idea how the tax system works.

This is sad because they’re potentially missing out on a lot of money in the process. Schools and parents should ensure that everybody knows what’s right. It’s also why many workers reject pay raises because they mistakenly think they’ll make less.

Go From Broke

4. Spend It Before It’s Stolen

This is probably the most paranoid advice on this list. Somebody told ChilledGopher to spend their money quickly, ‘before it gets stolen.’ We’re unsure what their basis for this theory was. However, it’s about as logical as putting on shoes before pants.

Another person claimed that their grandfather told them “to spend their money before it’s gone.” This is one of the most philosophical statements we’ve ever read. It’s also some of the worst money advice ever. People shouldn’t listen to their family members.

Nerd Wallet

3. Max Your Credit Card

Maxing credit cards is never a sensible decision. But somebody failed to tell this Redditor’s father. He believed that it was the sensible course of action because he doubted the ramifications. Of course, he could receive a jail sentence but that’s not a big deal, right?

LuluTopSionMid said: “My father would tell me to max my credit card on a new car and if they asked for payments just say F*** em, 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.”

Live Mint

2. Invest In Equity Schemes and Debt Funds

One of the worst things a person can do is to invest in something that they don’t fully understand. The likes of debt funds and options trading are all dangerous if the investor doesn’t know what they’re doing. Sadly, it’s easy to fall into a trap.

BellerophonBhattu said: “I regret getting pressured prematurely into buying one, didn’t have the opportunity to research adequately. It’s a huge money drain.” This is an unfortunate reality for many people because they were too afraid to say no.

Vox

1. Trading Is Evil

Over the years stocks and trading are popular forms of investment. In contemporary society, crypto is also growing. It remains a fact that people who don’t understand these systems doubt them and condemn them. This can also cost their families opportunities.

EasyPete58 wrote: “When I got interested in stocks and also crypto (I was 16 at the time) my parents just told me that “trading was for rich and criminal people only” and that if I wanted to make money I have to go to university and study since everything banking-related was “evil.”

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