It is just a truth about life that money is an essential for survival. So we try to hoard and save as much as we can. That's why it can be stroke inducing when funds are depleted, especially because we trusted the wrong people to help us with growing our prosperity.
Redditor u/Miserable-Tea-1836 wanted to hear about what NOT to do when it comes to controlling wealth by asking..... What's the worst piece of financial advice somebody has given you?
thief stealing GIFR-A-C
"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.
Bad Parents
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.
Take It
Take It Giving Up GIF by Movie Trivia SchmoedownGiphyMy cousin bought a camper, went camping once, and then decided camping wasn't for them. Rather than selling it they decided to just stop making the payments and "let the bank come and get it." Which, eventually, they did.
Without a Dime....
My grandfather was pretty wealthy and gave us $50-$100 each birthday. My mom "kept it safe for us". I'm pretty sure she used it at least once to pay the light bill when the power got shut off so at least it went to good use? Never saw a dime of it myself.
All the Debt
My father would tell me to max my credit card on a new car and if they asked for payments just say F*** em, what are they going to do?
My father is several levels of debt hell deep that he's trying to get out of now, but he's at least trying.
Oh Auntie....
My aunt took me to a car dealership when I was looking to buy my own first car. I was looking at the clunkers I could afford, but she said I should be looking at the new cars. She said, "the total price doesn't matter because you make monthly payments." I suddenly understood too well why she had always been so financially unstable.
Burning a Hole
happy drag race GIF by Robert E BlackmonGiphy"Spend it quickly or it'll get stolen."
Coming from someone with a history of losing and blowing their money.
Weekly Issues...
My FIL when I mention our retirement plan "I never contribute to my retirement account. Money now is always better than money later" I needed to have a conversation with my husband how we would NOT be supporting his mom and dad and their insane spending when they have no retirement plan and make huge financial mistakes on a weekly basis (good news is they both make good money).
911
season 3 emergency GIFGiphyThat an emergency fund wasn't necessary when you can always get a payday loan or use your credit card. He wasn't joking.
Thanks Dad?
Yeah even if they've recently robbed you, you should still lend them the 500$ 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 a**.
Am-Out!
drunk episode 18 GIFGiphyA relative tried to recruit me into Amway. He wound up stuck with a garage full of their products.
The Cut
"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.
I work for a bank. The amount of times i get customers tell me 'i just got a phone call saying i owe ** but i canceled my card!!' I tell them we never received a notice that they canceled it. And they say 'but i cut it up!' Dude. If cutting bills up would solve anything, life would be great.
Hang Up
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.
Dive In
Dog Swimming GIF by The DodoGiphy"Take out a 401k loan to build a pool. It will raise the value of your house."
Throw it all Away?
I used to know a guy whose family had always told him while he was growing up that the ER was free. He was getting his mail sent to his family home for years as an adult. One day he needs to buy a car and guess what? His credit is trashed. Family threw away his medical bills the same as they did theirs. The worst part is now I know the biggest hospital in our area has a very liberal charity program.
IIRC you can get 100% of your bill dropped if you are uninsured and make under $32k. Basically this whole guys family would qualify for that program if they just did a little bit of paperwork rather than just throw away bills.
Vibing Debt
"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.
the days of '76
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 visit 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).
Maxed Out
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 beyond means. I could not live with that stress. It's so normal for some people though.
Edit: Sorry I can't reply to everyone, I got like 100 responses and messages! If anyone is concerned about excessive debt, I strongly recommend the folks over at r/personalfinance who are experts at this sort of advice. For those in extreme debt, a bankruptcy attorney should be consulted to work out a re-payment plan in court.
Zero
donald duck disney GIFGiphyWhen 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.
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