Financial advice is everywhere: offered over dinner tables, in social media comment sections, or unsolicited from that one friend who read a finance blog once. The truth? Not all of it is worth listening to.
The best test: Has the person offering the advice used it successfully themselves?
Unless they’re reflecting on missed opportunities or sharing hard-earned lessons, be wary.
Everyone on the internet is able to give their opinions and their advice, but just because its online or shared by an influencer doesn’t make it right.
Here are some pieces of advice collected from all over the internet that ranges from ill-informed to outright disastrous.
Let the Bank Come Get It
When you finance something whether it’s a car or a home, you’re entering a legal agreement to pay for it. If money gets tight, you should be reaching out to your lender to negotiate, not ghosting them. Walking away and letting the bank “come get it” might sound like a bold move, but it comes with long-term damage to your credit score that could haunt you for years.
Let Your Mom Keep Your Money Safe
It might sound harmless: handing off birthday money or cash gifts to your mom for safekeeping. But unless she’s actively investing it or saving it in your name, it’s as good as gone. That money often gets absorbed into household expenses and it rarely finds its way back.
Just Get It at Rent-A-Center
This might seem convenient, especially if you need something short-term. But the reality? You’ll end up paying significantly more than the item’s actual value. That TV, couch, or laptop isn’t worth the mountain of interest you’ll rack up. It’s a temporary fix with long-term consequences.
Buy Vehicles You Can’t Afford
The thrill of a shiny new car can be blinding. But buying a vehicle with a price tag that devours your paycheck and still requires costly insurance is a quick route to financial strain. The car might turn heads, but the monthly payments will keep you up at night.
Don’t Contribute to Your Retirement Account
Skipping retirement savings when you’re young and able-bodied might feel like no big deal. But future you won’t thank you. That money grows over time and opting out means missing out. The older you get, the harder it is to catch up. Don’t let short-term wants sabotage long-term needs.
Spend It Fast or Lose It
This mindset often comes from financial anxiety—a belief that if you don’t spend money quickly, it’ll vanish. Ironically, this approach guarantees that outcome. Instead, build comfort with holding onto money. Save, invest, and develop financial discipline. Peace of mind comes from security, not speed.
Emergency Funds Are Overrated
Think you don’t need one? Wait until life happens—because it will. Emergency funds aren’t a luxury; they’re a necessity. Payday loans might cover you short-term, but the interest will drown you. A small cushion now can prevent a financial free fall later.
That Neighborhood Will Never Appreciate
If you hear someone tell you a neighborhood will never gain value, take it with a grain of salt. Many people skipped buying property in “undesirable” areas decades ago—only to see those homes skyrocket in value. Real estate trends are unpredictable, and being too cautious can cost you big.
More Income = Less Money?
This myth stems from misunderstanding how tax brackets work. Earning more does not mean all your income is taxed at a higher rate. Only the portion that falls into the higher bracket is taxed more. You’ll always end up with more money overall. Don’t fear financial growth.
Live in the Moment
Enjoying life is important—but not at the expense of your future. If every paycheck funds luxury vacations, high-end dining, and flashy clothes, there won’t be anything left for savings. Living in the moment should include planning for tomorrow.
You Only Live Once
YOLO can be fun…until you’re broke. If you’ve got $700 and drop $250 on dinner without a second thought for groceries or rent, that’s not living—it’s spiraling. There’s nothing wrong with treating yourself occasionally, but balance is what keeps you afloat.
Borrow Now, Declare Bankruptcy Later
This idea—that you can max out loans, declare bankruptcy, and walk away clean—is not only unethical, it’s also largely untrue. Most debts, especially student loans, aren’t forgiven in bankruptcy. What you’ll wreck instead is your credit and your future borrowing power.
Take a Loan to Pay Off a Loan
Unless you’re consolidating debt at a lower interest rate, using one loan to cover another just digs a deeper hole. It delays the inevitable and compounds your financial stress. It’s not a solution—it’s a snowball.
Get a Credit Card To Learn Discipline
Handing someone a credit card and expecting it to teach financial responsibility is like giving someone a firehose to teach water conservation. If someone lacks discipline, a credit card is more likely to hurt than help. Education first. Tools later.
Have Kids, Sort It Out Later
Children are a joy—but they’re also expensive. Diapers, daycare, healthcare, schooling—the costs add up quickly. Planning your finances before having kids gives you a better chance at providing them a stable, fulfilling life.
Related: How To Get Free Baby Stuff: Free Baby Samples & More
Don’t Let Money Hold Back Your Dreams
Dreams are beautiful. But pursuing them without any financial planning can lead to disaster. If your dream buries you in debt, it’s time to rethink the approach. Dreams should lift you up, not drag you under.
Put Everything on a Credit Card for Points
Chasing credit card rewards without discipline is a trap. The points might look great, but the interest you’ll pay if you don’t clear your balance each month will wipe out every perk. If you’re not careful, your spending will spiral.
Charge the Vacation
It sounds innocent enough: putting a trip on your credit card. But the hangover from that decision can last years. Memories are nice, but not if you’re still paying for them two summers later. If you can’t afford it now, it’s probably not the right time.
Money Is Meant To Make You Happy
A little indulgence here and there is perfectly fine. The issue is when those “little” expenses become routine and untracked. That daily $7 coffee or spontaneous $50 splurge adds up over time. Joy doesn’t have to come with a receipt.
Financial wisdom often hides behind simple, boring advice: save consistently, spend less than you earn, plan for the future. The worst advice is usually wrapped in charisma, impulse, or false confidence. Be careful who you listen to: because some mistakes cost more than money.
