You can’t trust everything you hear or read about finances.
The internet is lousy and has arguably terrible financial advice, but it’s also something you can’t avoid in the wild, either.
Here are eight pieces of advice you can let go in one ear and out the other.
1. You Can Ignore Your Credit Score
You can, but you shouldn’t. Low credit scores can keep you from getting a lot in life, including loans and credit cards.
Landlords often run credit checks as well, so it could impact whether or not you get an apartment.
2. You Shouldn’t Use Credit Cards
This advice falls on the other end of the spectrum; people think credit cards are inherently bad.
But with the right mindset and spending habits, you can use credit cards responsibly or strategically.
3. Don’t Worry About Retirement
Worry is a strong word, but you should start considering your retirement plan.
The sooner you save, the better off you’ll be, thanks to taking advantage of compound interest. Start saving now, even if you’re in your twenties or thirties!
4. Just Pay the Minimum Each Month
Sure, you’ll keep treading water if you pay your minimum payments on your credit cards.
Unfortunately, paying the minimum can keep you in a debt spiral for years. You should always try to pay off your credit card with a payment schedule and stick to the budget to become debt-free
5. You Can Always File for Bankruptcy
Again, this advice is technically accurate. But no one should consider bankruptcy lightly; it can offer you a fresh start, but it’s not always as necessary as you might think.
Filing for bankruptcy doesn’t alleviate all your financial issues and can make your credit suffer for up to a decade. So, while it makes sense for some, there’s a good chance there are alternatives you have yet to explore.
6. Renting Is a Waste of Money
We’ve all heard that owning a home is an excellent investment, while renting is like throwing money in the fire.
But what people don’t tell you is that there are so many other expenses to consider when you’re a homeowner: home maintenance, mortgage payments, and property taxes all add up each month.
7. Let Professionals Take Care of Your Money
Having a financial professional handle your finances can be an enormous weight off your shoulders. That said, there are a few instances where doing so is absolutely necessary.
Not only that, but trusting someone with your money is an inherent risk. Even if you feel good about who you’re working with, they can still make mistakes and offer bad advice that puts you in some sticky situations.
8. Get All Your Financial Advice From Online Sources
We realize the irony of what we’re saying here, but if you want to be financially successful, you should be skeptical of all advice you get online, regardless of where it’s coming from.
However, there are multiple platforms where you can be especially suspicious of the information you receive. Social media, particularly Facebook and TikTok, has misinformation and disinformation that can derail your finances if you aren’t careful.
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