News flash: no piece of advice — even money advice — is one-size-fits-all. There are certainly some general, widely-accepted money tips and tricks that a lot of people follow and actually get great results from, but it is important to remember that no piece of advice (even the ones that actually do work for someone else) are guaranteed to work for you.
In addition to the tips that actually are good pieces of advice that might just not fit quite right within your personal money-saga, there are also some weird money myths floating around that people accept as great advice for some reason (like “carry a balance on your credit card to improve your credit score!”) despite the fact that they’re actually extremely bad for your finances. (Seriously — that tip is extremely bad for your finances. Don’t do it.)
It is sometimes hard to distinguish between the pieces of money advice that are actually worth your while, and the ones that you should run full-speed away from. It is easy to assume that since something worked for someone else, or that a bunch of people are telling you something is a great idea, that you should follow suit and take the advice yourself. When your parents used to say “If everyone else was jumping off a bridge, would you do it too?” you probably said “No” — but in this case, if all the people jumping off the bridge are rich (or at least financially secure) and swore to you that jumping off the bridge helped them get to that place financially, you might be tempted (even if it sounds like a bad idea).
So this week over on the TFD YouTube channel, Erin is helping you out and talking through five piece of money advice that you should never listen to. If you often find yourself unsure about which pieces of money advice are legit and which ones should completely ignore, find out in this week’s installment of the 3-Minute Guide, brought to you by Skillshare.
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