Everybody wants to earn as much money as possible with minimum effort. However, the reality is that people must work hard and take risks if they want to fill their bank accounts. Unfortunately, sometimes they take the wrong steps because they’ve received the worst money advice.

In this article, we’ll look at some of the worst money advice received by real people. Some of these are because of the generation gap while others are just pure stupidity. Check out the list via Reddit.

26. Just Get Another Credit Card

Credit cards can be very useful but they’re also very dangerous. One Reddit user revealed how his friend had a magical solution after maxing out their cards. Prannke said that his friend advised him to “just get another credit card.” This is some of the worst money advice ever.

In fairness, the Reddit user acknowledged this. It’s a terrible idea because the debt will continue to increase. In the end, they will be bankrupt. There’s even a possibility that they could lose their car or other major assets. This is a rabbit hole that no one should go down.

25. Join My Pyramid Scheme!

Another Reddit user revealed how his ex’s father attempted to lure him into a pyramid scheme. LewisEFurr wrote: “He bought thousands of dollars worth of the product and you had to go around selling it to other homeowners by not just doing the work, but also recruiting them into the company.”

In the end, this was a terrible idea and some of the worst money advice possible. The father failed to sell his products and was unable to entice other people into the business. Finally, he had a garage full of useless products nobody wanted.

24. Live Paycheck to Paycheck

Most people love their parents but not everybody is perfect. One Reddit user explained that his parents gave the worst money advice and lived paycheck to paycheck. He revealed that they had no concept of saving for a rainy day and also spent beyond their means.

The user explained: “I ignored a lot of my parents’ financial advice and I’m so glad I did. They both made decent money, but borrowed against their house, bought cars they didn’t need, and paid for other ridiculous things.” That’s a tough pill to swallow.

23. Become A Day Trader

Another Redditor said that their friend advised them to quit their job and become a full-time day trader. Level6-killjoy’s friend said: “You can become very very rich with day trading. After some time you can leave your job and live off your trading profits.”

However, this isn’t realistic for most people because they don’t have a proper understanding of the market. This requires intense analysis and serious dedication. A regular person shouldn’t quit their job in an unrelated field and try to make it on Wall Street.

22. Take Out A Student Loan

Student loans are the bane of many young Americans’ existence. According to Dethstrok9, the worst money advice they received was to take out a student loan. Several other netizens agreed because it was a massive debt to carry at such a young age.

Sadly, most potential students don’t have a choice. If they don’t take out a loan they won’t be able to afford to go to school. Then they spend three years studying before a lifetime of trying to repay the cash they borrowed. It’s a brutal system and one that’s a horrible lie.

21. Gamble Your Paycheck!

People work incredibly hard to pay their bills every month. That’s why it’s important not to waste that money. However, Redditor differentiatedpans revealed the worst money advice they ever received. One friend told them: “Let’s go to the casino and double your paycheck.”

Perhaps they weren’t being serious but if they were it’s a problem. That’s an insane idea that will end in tears. Imagine playing roulette and putting an entire paycheck on black. Luckily, the Reddit user knew that this was a terrible plan and didn’t bite.

20. Don’t Negotiate

Somebody gave summertimecinnamon the worst money advice of their life. They told the Redditor: “Don’t negotiate your salary. Just accept the offer.” This is terrible because everybody wants to earn what they feel they are worth.

However, by refusing to negotiate, employees are allowing their company to take advantage of them. It’s also important to learn what other employees are earning. This ensures that there are no unfair pay gaps. At least the Redditor knew that this was bad advice.

19. Empty Your Bank Account

18. The Worst Advice Is No Advice

Sometimes money isn’t the gift that people think it is. Whoisniko explained that their late father left them a large sum of money after he died. However, the Redditor was only a teenager and had no self-control. They wish that they received financial advice instead of just a lump sum.

The user said: “The worse piece of financial advice somebody has given me is no advice at all. When my dad died, he left a substantial sum of money for me. At this point, I’m pretty sure he probably would’ve been able to have an advisor guide me with my finances once I received this money, but there wasn’t one.”

17. Don’t Invest In A 401K

Nobody wants to think about what life will be like when they are old. However, it’s important to understand that preparing from a young age will make for a more comfortable retirement. Unfortunately, one Redditor’s friend had a different idea.

They told TheRealOcsiban: “Don’t invest in a 401K.” Fortunately, the user didn’t listen to their plan and is making good savings. Of course, not everybody can take advantage of a 401K but there are different pension schemes that they can look to.

16. Get It At Rent-A-Center

15. Kids First, Finances Later

Children are a massive commitment both emotionally and financially. Parents have a responsibility to ensure that they can afford to give a child a decent life. However, not everybody takes this seriously. Somebody told watashinomori: “Have a kid first, figure out the finances later.”

14. Cut Up The Credit Card

This Reddit user’s cousin is having a hard time. They have a unique perspective when it comes to making credit card repayments. SalemScout wrote: “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.”

Unfortunately, this isn’t how life works. There is a process to officially cancel a credit card but debt will remain. It’s amazing how delusional people are. Usually, they know that they’re wrong but sometimes they convince themselves that they’re doing the right thing.

13. Quit University & Get A Real Job

This person’s father gave them the worst money advice of their lives. Luckily, @RickVug didn’t listen because his life would be down the drain. His father told him to leave school and get a real job. Indeed, college isn’t for everybody. But most people require a degree for a high-earning position.

He also told him not to look for raises because they just increase the amount of payable tax. This is a very cynical way of looking at things. A pay increase could indeed result in a higher tax bracket. But they should also have a greater take-home pay.

12. You Only Live Once

Family members don’t always provide the best advice. Sometimes it’s a good idea to consider their current state because they might be talking trash. That was the case for this Reddit user. Their uncle told them not to save because life is too short.

Jonukas96 said: “An uncle told me I should rather spend my money and enjoy life because you only live once, rather than save your money to build up a retirement find. I am now in my 50s and corona unemployment has devastated the little bit of savings I had. Should never have listened to Uncle Jarvis.”

11. Don’t Pay Your Phone Bill

It’s important to pay all bills because they will affect a person’s credit rating. Phone contracts can be annoying but don’t ignore them. In the future, they will come back with a vengeance. This Redditor said their uncle gave the worst money advice ever.

Kor_hookmaster said: “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.”

10. Take Out A Loan To Pay Debt

Debt is a terrible thing but the worst way to deal with it is to take out a loan. Yet that’s exactly the advice that one Reddit user received. Filthyburrows said: “Pay off your debt by taking out a loan I understand the logic of debt consolidation. But seriously why are you still borrowing money if you don’t know how to pay it back.”

This creates an inescapable and neverending cycle. The interest mounts up higher and higher before the entire family melts down. Many people borrow from dubious moneylenders and then have bailiffs knocking on their door. It’s a terrible hole to fall into.

9. Keep Saving

This Redditor has an interesting perspective. They said that the worst money advice they received was simply to keep saving. DrinkWaterOkur wrote: “While yes saving is good but just saving is terrible. People will literally “save” until their late 60s just to realize they haven’t saved nearly as much as they thought.”

It’s a good point because smart investments are a better way to ensure a long-term return. They don’t have to be risky but the benefits will be greater. Hoarding money isn’t as productive as putting it into something that will make more money.

8. Investing Is Like Gambling

Many people of the older generation believe that investing is extremely risky. They hear about cryptocurrencies and think that the devil is coming to take their money. In short, they believe it’s the same as gambling. One Redditor’s mother gave the following advice.

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7. A Mother’s Love

6. Monthly Payments Don’t Matter

Monthly payments add up over time. That’s why it makes sense to buy something outright in the beginning. Unfortunately, one Redditor’s aunt has a different perspective. She was oblivious to the long-term cost of this payment system.

Rleash said: “My aunt took me to a car dealership when I was looking to buy my first car. 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.”

5. Overtime Tax

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.

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.”

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.

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.”