10 Common Financial Tips That People Deemed Totally Wrong

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Have you ever received some financial advice and thought to yourself that it couldn’t be right? You’ve got company. According to social media, these financial opinions are wrong and misleading. 

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#1  Investing, Do it Yourself

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“You should always DIY invest. So many clients burn themselves because they have no control and will panic sell at -25%,” one person commented. “My coworkers keep panic buying at drops. It’s like a boxing day sale,” a third replied. 

#2  Jim Cramer

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“Every word out of Jim Cramer’s mouth,” replied one. A second person suggested, “Jim Cramer is the George Costanza of investing.” “How that man still has a show a decade+ after Jon Stewart showed he was lying to his viewers to make bank is insane,” a third person added.

#3  Only Invest in Individual Stocks

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“You will underperform,” one person said. But, he continued, “If I could go back in time and change one financial decision, it would be to put all my money in low-cost, broad ETFs like VGRO and VEQT.”

“Then turn on dividend reinvestment, and add to them when I had cash. Then, never sell, never try to time the market, and never pick single stocks. I’d be twice as rich had I done this.”

#4  A New Car is Not A Good Idea

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“A newer vehicle is likely safer for protecting your family as well. It is worth paying for vs. 15-year-old vehicles to minimize cost at the expense of everything else,” one suggested. Another replied, “I had someone claiming their ten year old car is safer than a new car because safety systems are death traps and unreliable.”

#5  Save Money While You’re Young

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“Everyone told us about the power of compounding etc., but when you’re young, sometimes that money is better spent socializing.”

‘Whether at bars, on the golf course, traveling, or wherever. Creating a social network will do much more to build your career and bank balance than saving a few thousand dollars in your 20s,” someone responded. 

#6  Carrying a Balance on Your Credit

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Image Credit: VitalikRadko /Depositphotos.com

“You don’t need to pay interest every month to build credit. However, you can pay your bill every month and build good credit,” one person replied. “No. No, it doesn’t. Using the card helps, but keeping a balance helps no one except the free money you’re sending to Visa/Mastercard,” another person replied.

#7  Letting Your Parents Control Your Finances

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“I was raised by very forward-thinking parents who taught me about personal finance. Unfortunately, my friends, peers, and even my husband haven’t learned anything about personal finance. A lot of them rely on following what their parents did,” someone shared. 

#8  Never Loan Money to Family

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IgorVetushko /Depositphotos.com

“If I loan $2000 to my family and they don’t return it, yeah, it’ll hurt bad. But what will hurt more is seeing the people I love suffer. Some of us have honest families trying hard to make ends meet, and I’ll be there to help them when they need it,” one user stated.

#9  Anti-Credit Card Sentiment

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Image Credit: IgorVetushko /Depositphotos.com

“I use my Visa for everything. I’ve wracked up an insane amount of points. To me, using cash is losing money,” one user declared. “Why would you use debit over credit- banks are paying you to use their cards. I use my credit card to buy a bar of chocolate,” another agreed.

#10  More Money, More Problems

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“Don’t make more money because you will only pay more tax,” one person said. “It is stunning how many people do not understand progressive tax brackets. I have this conversation all the time,” another added. “it’s common sense that less money is a substantial problem. Look at the state of the world.”

What do you think? Did Reddit get this right, or do you not agree with this list? 

18 Things Millennials Do That Annoy Boomers

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Millennials have grown up in a world that is vastly different from that of their parents and grandparents, the Baby Boomers. As a result, there are certain behaviors and attitudes that Millennials exhibit that can be perceived as annoying by Boomers. In this article, we will discuss 18 of these behaviors that have been identified as sources of tension between the two generations.

Feeling Nostalgic? 20 Things Only Baby Boomers Remember

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Ah, the good ol’ days. That phrase has different meanings for different generations. Whether watching TV on a tiny black-and-white box or playing out in the street without fear of getting snatched up, here are some Baby Boomer memories that Gen-Z just won’t understand.

The Ultimate Ranking of America’s 15 Most Desirable Cities To Live

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In this article, we look at the top 15 cities to live in America based on data from a comprehensive study from Scholarloo, a website that helps students find affordable solutions to fund their college education. The site used publicly available information to evaluate 151 American cities across 8 metrics. Metrics considered: Safety, affordability, economy, health, education, opportunity, and infrastructure.

12 Unwritten Rules That All Men Follow

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Navigating the uncharted waters of male camaraderie can sometimes feel like deciphering a secret language. These unwritten codes of conduct weave a unique tapestry of male interactions. We’ve delved into a social media thread to unearth some of these unspoken rules, and here they are, decoded for your enjoyment and amusement.

16 Cheap Foods That Rich People Still Eat

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What do you do when you’ve reached the heights of wealth but your taste buds are still stuck in your humble beginnings? We’ve all got those comfort foods that, no matter how posh our surroundings become, still remind us of simpler times. Let’s dive into the heartwarming and sometimes quirky stories behind the foods that real people say they won’t give up, even if their bank accounts have ballooned.

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Pri Kingston

Ash & Pri are the Founders of AshandPri.com and have spent the last decade building their way towards financial freedom and a lifetime of memories. Having successfully achieved their early retirement goal in under 10 years, they look forward to sharing their financial sense with like-minded people. Read more about Ash & Pri in the 'About Us' section.