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15 Terrible Pieces of Financial Advice That’ll Leave You Flat Broke

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As we navigate the path to our envisioned financial future, the choices we make in the present hold significant sway over our financial well-being in the years to come. What looming pitfalls should you be mindful of today to sidestep a potential financial crisis down the road?

You don’t have to learn from your own experience. Online forum users shared their experiences while answering, “What’s the worst piece of financial advice somebody has given you?”

1. Max Out Your Credit Card

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Photo Credit: Shutterstock.com.

One sure way to be always broke is by perpetually maxing out your credit card. A user shares some terrible advice she received from her dad, “My father would tell me to max my credit card on a new car and if they asked for payments just say F*** them, what are they going to do?”

And how was daddy dearest doing financially? She says, “My father is several levels of debt hell deep that he’s trying to get out of now, but he’s at least trying.”

A different user says, “(I) maxed out two credit cards. £19k in debt. Most of that is probably interest.”

2. Money Now, Not Later Attitude

woman with money
Photo Credit: Dean Drobot from Shutterstock.com.

A little luxury in the present is good, but not at the expense of the future. An online user shared her father-in-law’s sentiments, “I never contribute to my retirement account. Money now is always better than money later.” 

That’s a sure way to be broke in old age.

3. Lending to Robbers

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Photo Credit: Shutterstock.com.

Giving is good; responsible giving is even better. Don’t lend money to someone who has broken your faith before. One user’s dad told her, “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.” Hm.

4. Quick Spending

Woman wasting of money
Photo Credit: Deposit Photos.

People tend to spend money quickly for various reasons, many of them bad. One of the worst reasons was shared by a user who was told, ““Spend it quickly, or it’ll get stolen.”

5. Living Solely on Credit Cards

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Credit cards aren’t evil, but you have to work too. An online contributor was told to “Just get another credit card.” 

This came from someone who hadn’t worked for three years.

6. Enrolling in Expensive Colleges due to Pressure

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Photo Credit: Deposit Photos.

An affordable community college may be as good as X and Y universities. A user attended a community college despite being told they’d never get a job. Another online user said, “Anyone who s**ts on community college is an enormous i***t. Bravo.”

7. Join Multi-level Marketing

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Multi-level marketing is shrouded in promises and mysteries. An online user seems to think this would not be the right way to go if you’re considering investing for the future. He says, “Join my MLM and make lots of money… Err no.”

Someone agrees, “Anytime I hear this crap from a friend, it’s the last time I ever speak to them.”

8. Empty Your Bank Account Before Payday

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Your bank account doesn’t need a clean slate every month. An online contributor said they were told to spend whatever was in their bank account the day before payday. Reason? They obviously don’t NEED it.

What happened to saving?

9. Borrow from Peter to Pay Paul

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Photo Credit: Deposit Photos.

Borrowing can become a vicious cycle, running for years. One user was advised to “take out a loan to pay off a loan.” They ignored the advice. He adds, “They are now is £80,000 debt. I am not.”

10. Use Scholarship Money to Buy a Video Game

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Being young should not be synonymous with being foolish. A user was told, “I’m sick of being poor; you just got your scholarship! That’s so much money! You should totally buy a Wii!”

Well, that’s one sure to be poor forever.

11. Gambling Away Your Paycheck

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One user recalls being told, “Let’s go to the casino and double your pay check.”

As they say, the better the gambler, the worse the man. And in this case, the worse the future.

12. Eat Today, YOLO

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Photo Credit: Deposit Photos.

One user remembers being told, “Spend it; you can’t take it with you.”

The money didn’t last very long, but he’s still here. Life is short. Life is also very long.

13. Superstitions Leading to Poverty

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Saving is good for a rainy day, but some people think it attracts rainy days. One user was told, “Saving money attracts bad luck. Do not save, or you’ll end up using it for an emergency.”

Well, would you rather be in an emergency with savings or without?

14. Bill Hopping

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Photo Credit: Deposit Photos.

A user writes, “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.” He went on to confirm that his uncle’s life was a hot mess just as you’d expect.

15. Shiny Object

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Photo Credit: Deposit Photos.

In the end, any item that you think you need that costs more than you make is almost never worth it. No shiny car, home, or diamond ring is worth financial ruin!


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