34 TFD Readers On The Worst Money Advice They’ve Ever Been Given

There’s a lot of bad money advice out there. Whether it’s TV commercials telling you to jump on furniture sale prices before they disappear or well-meaning family members telling you that you *must* try and own a home no matter how your overall financial situation looks, you can’t really escape it — so it’s a good idea to educate yourself on what bad money advice looks like. That way, you can avoid making a mistake that could really hurt you in the long run. We reached out to the greater TFD community to ask about the worst money advice they’d ever received. We thought we’d seen it all, but boy were we wrong. Here our some of our favorite responses:

1. “Go to college no matter what.” – Summer

2. “The 20-20 rule touted by minimalists: if you don’t use it regularly and can replace it for less than $20 in 20 minutes then get rid of it. So wasteful and classist. And I got rid of a lot that I actually did want/need later.” – Sarah

3. “Put all shared utilities in your name to save the hassle of coordinating who has what with your roommates.” – Hannah

4. “Student loans are good loans. You’ll be able to get a better job and pay them off in no time!” – Taryn

5. “Just find a rich man to marry.” – Santana

6. “‘Debt is a fact of life.’ My parents insisted that because I graduated college, I deserved to ‘buy’ myself a new car and that it’s ‘so easy because you only have to put $1k down.’ They had also encouraged me to take out student loans. All of this was considered GOOD debt.” – Madeline

7. “Only ever pay the minimum on your credit card bills because then credit card companies will like you.” – April

8. “Take out as much student loans as you can, it’s good debt and you’ll be able to pay it off easily when you graduate!” – Lauren

9. “When moving, ‘just throw out everything and buy more when you need it again.’ I threw out 80% of my kitchen…still haven’t replaced it all. Would’ve taken up two boxes max.” – Molly

10. “Buy as much house as you possibly can.” – Katie

11. “Defer your student loans as long as you can.” – Ana

12. “‘Use credit cards only for emergencies.’ When you’re broke, EVERYTHING is an emergency!” – Amber

13. “Don’t worry about saving for retirement. Spend your money now because you’re going to enjoy your life a lot more when you’re young.” – Monica

14. “Keep all your money in envelopes of cash (ostensibly so you don’t spend as much).” – Elizabeth

15. “The more you spend, the more cash will come in.” – Minaz

16. “Someone told me that carrying a balance on your credit card month to month would improve your credit score. Wrong!” – Julie

17. “Don’t work side jobs or part-time jobs while you’re in college, just get a ‘real job’ after you graduate.” – Nushrika

18. “You don’t need to save any of your pay as you have an NHS pension (this is in the U.K.).” – Clara

19. “Well-meaning folks that were close to me advised that I declare bankruptcy when I was in my early twenties b/c I was under the weight of thousands in credit card debt. I thought that was too extreme and worked to deal with the debtors over time.” – Lake

20. “Get a credit card in case of a big emergency, which you should really have a savings fund for.” – Regan

21. “My mom wanted me to open a Belk’s credit card just so I could buy her an expensive mother’s day bracelet. :-/” – Elizabeth

22. “That having a credit card is like having free money!!!!” – Radka

23. “‘Buy in bulk, it’s cheaper’… for two people, it’s not as applicable as people think. Food expires faster than hubby and I can finish it. It’s great for stocking nonedibles, but not for food.” – Jackie

24. “Live in the present. Spend your money because when you die you won’t be taking it with you.” – Pretty Reckless

25. “‘Treat yourself’ every time I point out I can’t afford something.” – Crisselle

26. “Buy a car with a credit card instead of using your savings.” – Mikayla

27. “’Now that you’re done university, you should reward yourself with a brand new car! Oh and go back home [Philippines] and find yourself a nice husband.'” – Jaymee

28. “‘America is built off of credit’ meaning it’s okay to use credit cards and take out loans to make purchases.” – Krysy

29. “Wow so many — I need to keep a 30% balance on my credit card to get a good credit score, wait to save for retirement, buy whole life insurance before you become uninsurable, buy gold and silver jewelry as an investment — gosh the list goes on.” – Divya

30. “You should have at least seven different credit cards.” – Sophia

31. “‘Investing in the stock market is rigged by the big banks, buy gold and guns instead.’ From my father.” – Mr. Shirts

32. “‘You don’t need an emergency fund.’ Four months later, I definitely did. Luckily I had a small one!!” – Melissa

33. “This is in Canada where student loan interest is tax deductible. Someone told me to take as long as possible to pay off my loans because I can use it to reduce my taxes.” – Sheila

34. “Save 50% of your income. I’m sorry, but for most people that isn’t feasible.” – Rrin

Image via Unsplash