Everyone has an opinion and many think they have the best financial advice known to man. Unfortunately, so many give the worst financial advice ever and never know it. You may notice that some people are always happy to share these ‘secrets’ with anyone who will listen. Of course these secrets are hidden with many “nuggets”, or so it seems to the untrained ear.
Some of the “WORST” financial advice that we have heard…
- There is good debt and bad debt.
- Carry whole life insurance because it is a solid investment strategy.
- Going to college is the best thing for everyone.
- You should always carry a credit card balance because it helps boost your credit score.
- Get a 2nd mortgage so you have money to invest.
- You should strive for a tax refund because that money is your money and you deserve to get it back.
Some of the “BEST” financial advice that we have heard…
- Your goal should be to pay off all debt.
- Term life insurance is not an investment strategy and should be part of every adults portfolio.
- Trade schools are significantly undervalued.
- Your credit score is a number for how well you manage debt.
- Budget to invest 15-20% of your income.
- Claim more dependents on your taxes to keep more of your money throughout the year. If you may owe money, budget for this.
This is by no means an all inclusive list and there are many more topics we will be covering in the future. Checkout LifeBeforeBudget.com‘s post if you are interested in some other bad financial advice
What would you say is the BEST and WORST financial advice you have heard or received?
Remember, we are focused on helping you by “Saving Money to Make Memories.”