Saturday, January 23, 2021

The Dumbest Financial Advice People Have Gotten


It's weird learning that someone you trust is absolutely crap with money. Debt isn't something to play around with, but there are some out there who either don't know or don't care, and see taking out frivolous loans and making dumbass purchases as a way of life. For more money madness, here's a tumblr user's scary debt notice lesson as well as some of the most absurdly expensive thing people witnessed.

1.

Text - somethingwittyaz 886 points · 12 hours ago Ive lived on my own since I was 17. I bought a car and worked my ass off to pay it off. It needed new tires so I called my mom to ask her how to go about it. I literally didn't know tires had sizes for Pete's sake! She told me to just go trade it in for a new car. And I fucking listened to her. I traded a paid off 5 year old car because it needed new tires. You guys.

2.

Text - kor_hookmaster 32.9k points · 19 hours ago 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.

3.

Text - Prannke 25.8k points · 16 hours ago 2 5 e 34 "Just get another credit card" - my friend who hasn't worked in 3 years and is currently just vibing with his new credit cards he somehow got approved for

4.

Text - Jules6146 10.6k points · 13 hours ago · edited 10 minutes ago A friend's family taught them to take out as many store cards and credit cards as they could, and as long as the minimum was paid, they'd be able to live a luxurious lifestyle. They were almost $100k in debt when they finally told me, from dozens of cards and interest, car loan, etc. Then did not want to discuss it further after I offered advice (lawyer, counseling). It's simply how their parents lived, life on credit far beyon

5.

Text - SalemScout 18.6k points · 15 hours ago 2 3 e 8 2 "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.

6.

Text - Avereguero 16.1k points · 19 hours ago · edited 8 hours ago 23 32 E 2 "These beanie babies are an investment in our future." Edit: Thank you for my first silver!! Thirty_Helens_Agree 6.3k points - 17 hours ago 1997 I'm sitting in the office of my college job. An office mate's husband is visiting. He makes a phone call and starts negotiating over a price like he's selling Manhattan real estate. Turns out he's negotiating the sale of a Beanie Baby with a 12-year-old. After a few minutes his

7.

Text - LuluTopSionMid 15.8k points · 16 hours ago 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.

8.

Text - ChilledGopher 15.3k points · 19 hours ago .2 "Spend it quickly or it'll get stolen." Coming from someone with a history of losing and blowing their money.

9.

Text - SeveralAioli3 15.2k points · 19 hours ago 22 3 8 2 When I got to university and opened a student current account, I received an interest free overdraft of about £1200. I wasn't entirely sure of what that meant. My brother informed me "So that's like your new zero", and encouraged me to use it to buy a new gaming PC. For the next few years I really really wish I hadn't taken that advice, he's never been too amazing with his money so I should have seen that one coming.

10.

Text - girlfromspfd 13.3k points · 18 hours ago That an emergency fund wasn't necessary when you can always get a payday loan or use your credit card. He wasn't joking. xandrenia 6.6k points · 15 hours ago My cousin's car broke down and he didn't have enough savings to get it fixed, he took out a $600 payday loan. He's still paying it off. Almost 2 years later. How this shit is still legal baffles the fuck out of me.

11.

Text - Maui96793 12.9k points · 17 hours ago · edited 13 hours ago (9 1976 San Franciso - Keep renting, no one will ever pay $35,000 for a 2 bedroom house and garage with a sweeping view of the East Bay. (Added later - I went back to vist the old neighborhood a few years ago, those $35,000 stucco homes up many flights of steps perched on the top of Potrero Hill were now all gentrified, remodeled, gated, and asking $1M+ and that was 5 years ago).

12.

Text - HotSalsaAssFire 11.6k points · 16 hours ago edited 8 hours ago O S E Don't take a raise if it puts you into the next tax bracket. And pay the minimum on your credit card to establish good credit. **as others have pointed out, sometimes getting into another bracket or other threshold may affect other benefits such as food stamps and other government / non governmental assistance. Mileage may vary. I was specifically talking about taxes.

13.

Text - Worlds_Best_Coffee 9.4k points · 14 hours ago 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 a

14.

Text - Accomplished-Today 9.1k points · 19 hours ago · edited 4 hours ago 8 2 3 8 2 This wasn't really their fault because none of us (least of all 20 year old me lol) could have predicted the fallout from the recession. I was in college when it hit, about halfway through a bachelor's degree. We're not rich and I was paying for it with loans on a semester by semester basis. Friday, you could get a loan. Then suddenly by Monday you couldn't. Anywhere. Friends were dropping out left and right unab

15.

Text - HeadassMcDeadasss 7.0k points · 15 hours ago O 2 3 e8 3 3 3 "Don't go to community college, you'll never get a job. Instead apply at X and X colleges." My grandmother, aunt, uncle, and cousin all told me this, and I really considered their advice because my parents really didn't give a shit what I did. Since I didn't get any scholarships from high school, I decided at least if I went to CC and didn't get a job I wouldn't have student debt and I could just do something else. I went to CC f

16.

Text - GeeWillickersDre 6.7k points · 20 hours ago "Hold on to those French francs, they will be worth a lot some day." I'm not holding my breath.

17.

Text - luvbugsweetheart 6.1k points · 16 hours ago 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)

18.

Text - Havamar 4.9k points - 14 hours ago E 2 "Don't worry about a career, Armageddon will come before you finish high school." My parents, Jehovah Witnesses.

19.

Text - Memedme2020 4.2k points · 13 hours ago 2 3 2 When my mom said that she will hold my money for me as a kid JohhnyTheKid 1.4k points · 9 hours ago My mom opened a bank account for me when I was 7 promising to put a small amount there every month so once im 18 I'll have a nice fund to start my life with. Turned 18 and found out she used the account to take out a shit ton of loans that I now have to pay back.

20.

Text - rleash 3.7k points · 13 hours ago S 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.

21.

Text - Tbables 3.2k points 16 hours ago "Just get it at Rent A Center" homomomoatx 2.1k points · 13 hours ago 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.

22.

Text - UltimaCaitSith 2.9k points · 16 hours ago "Know what's better than winning money on roulette? Doubling down and winning even more!" -Me to me

23.

Text - necromax13 2.1k points · 15 hours ago 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. -Dad. I don't even know how mom married your dumb ass.

24.

Text - plzeatslugsmalfoy 2.0k points · 17 hours ago Spend whatever is in your bank account the day before payday, you obviously don't NEED it

25.

Text - ActionDense 1.9k points · 17 hours ago Guy I haven't seen in three years or so wanted to talk me into starting a business with him, because he just got into college for a bachelors degree in business. Yeah sure, let me get my cheque book out in this badly illuminated garage while we're both drunk. Guy also got into MLM and weird self-optimisation preachers

26.

Text - AffectionatePanic 1.9k points · 16 hours ago Get a bigger mortgage, you can deduct more from your taxes! Yeah dumbass, and I'll be spending double that amount in interest so why should I?

27.

Text - SirObalobus 1.8k points · 17 hours ago - edited 10 hours ago Someone gave me the great advice to take out a loan to pay off a loan, I didn't listen to this advice. They are now is £80,000 debt I am not.

28.

Text - fermat1432 1.5k points · 15 hours ago A relative tried to recruit me into Amway. He wound up stuck with a garage full of their products.

29.

Text - HorseNspaghettiPizza 1.2k points · 13 hours ago 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

30.

Text - a_lonely_trash_bag 1.0k points · 19 hours ago Not exactly what the question's asking, but my mom has an aunt who thịnks the bank is just giving you free money when you use the ATM.

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