I guess bad financial advice can come from all kinds of people, sometimes even from folks who really believe that they have it all figured out when it comes to finances.
But you always need to be wary and you need to do your homework when you get money advice from anyone, no matter who they are.
Folks on AskReddit shared stories about really bad financial advice they received.
Let’s see what they had to say.
1. Car talk.
“My aunt took me to a car dealership when I was looking to buy my own 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.” I suddenly understood too well why she had always been so financially unstable.”
2. Not gonna happen!
“A relative tried to recruit me into Amway.
He wound up stuck with a garage full of their products.”
“Yeah even if they’ve recently robbed you, you should still lend them the 500$ dollars they need to move to another city, they’re your family after all.
I don’t even know how mom married your dumb a**.”
4. You sure about that?
“My FIL when I mention our retirement plan “I never contribute to my retirement account. Money now is always better than money later”.
I needed to have a conversation with my husband 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 on a weekly basis (good news is they both make good money).”
5. Son, let’s have a talk.
“I got 90 dollars and my 11 year old son told me I should buy 90 dollars worth of kazoos.
No real plan past that…”
6. Rent to own.
“”Just get it at Rent-A-Center.”
I had a coworker that got pretty much everything there.
“It’s only $20/week, and they’ll replace it if it breaks.”
$20/week for how long? Oh cool, so you’re paying more than double for it? Got it.”
7. Burning a hole in your pocket.
““Spend it quickly or it’ll get stolen.”
Coming from someone with a history of losing and blowing their money.”
8. Not a joke.
“That an emergency fund wasn’t necessary when you can always get a payday loan or use your credit card.
He wasn’t joking.”
9. Really bad advice.
“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. Oh, boy…
“”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.”
11. I’m just vibing over here.
“”Just get another credit card”.
From my friend who hasn’t worked in 3 years and is currently just vibing with his new credit cards he somehow got approved for.”
12. Don’t listen to them.
“So when I was 24, I was financially struggling. I had a job that worked me a LOT of hours, but only paid me $10 an hour.
My parents talked me into buying a BRAND NEW 2004 4-Door Honda Civic, the pre-interest price tag on it was about $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.
I very quickly realized my parents were bad at money.”
Now it’s your turn!
In the comments, please tell us about the worst financial advice you’ve ever received.
We look forward to hearing from you!