Worst Piece of "Financial Advice" You've Ever Gotten? (r/AskReddit) financial advice

Invest in real estate.

This makes me think debtors prisons would be a good idea to return to

Yeah that friend that's been out of work got a card that has a 30% interest.

Credit and financing is an effing scam. I will never purchase something I can't buy outright. If I use credit it will only be to build more credit.

If your mom is in a bunch of mlms and has a habit of taking your money without telling you until after she’s spent it …. don’t join a rival mlm so your can spend you money before she steals it. 🤦🏼‍♀️ -me @ myself

My dad told me you should invest in lower value stocks because for a 10- 20 is a 100% jump , 1000- 1010 is a 1% jump, I mean the math is correct but after looking at his -3500 in the p/l i think i will stick to investing in the big companies only

The worst advice I ever got was to join bitcoin. And also of course stonks was the "other" worst advice…

Looking at this, I'm just glad my parents are always questioning my messy finances and keep annoying me. That way I'm relatively safe from my own dopamine driven buying habits.

I've spent the last 5 months trying to get my friends to believe that I havent actually lost money on gamestop. I invested when it was $16, and they know that but are still somehow convinced I've lost my money

Usury, you cannot generate wealth somewhere with no work, without generating poverty somewhere else. That's the root cause of everything here.

My advice is… if you pay a loan off in advance, make sure you close the account. I left mine open because I thought paying it all off would close the account and then I saw it still going a few months later when I'd gone to study, now the dangerous part is I could withdraw from the loan, months later I'd sucked up most of that money, now I'm working full time trying to pay it back off. I'm ahead by $1200 now, so that's good

If you get a refund, and you get another, spend it.

That tax bracket advice is false. You only pay the percentage of a given tax bracket for the income you make over that threshold. So if its only 100 over the bracket, that 100 will be taxed at that rate while the rest will follow according to it's given bracket.

Buy high sell low

I got two:
My great grandfather told me to stay in school and go to college because he didn't and regretted it.
After the first two years of university, I was over $10,000 in debt, had no idea what I wanted to do. It took me forever just to decide on a major. I realized by the time I graduated with a degree I wasn't even certain about (there was no way I was getting done in just four years) I would paying off the debt for probably the rest of my life.
So I dropped out, slowly paid off the debt and ironically I now work at the same college I dropped out of. Bought a nice house, paid off two cars and it's only 13 more years until I retire at full state pension.

The other is my parents telling me not to invest in the stock market becauce "only rich people make money in the market".
If I had started investing ten years ago instead of listening to them, I'd be making $25K a year just on dividends.

Wow, after watching this video and reading some comments I’ve realised that I’ve been so blessed to have my parents. They’re not in any debt and paid for my education in university (engineering at a reputed Aussie university) . Also, all the money that I’ve given my parents for safekeeping was deposited into my bank account. They’re very frugal with money and I hope to be as frugal as them someday. I really hope I can support my kids the same way my parents did for me and my sister, who is an endocrinologist. It sounds like I’m bragging, but it’s really me just realising how hard it’s gonna be for me to do the same someday. My parents are amazing.