Crappy Advice

Have you ever noticed the disclaimer I have in the left column (towards the bottom) of my blog? I put that disclaimer up for one reason….every other blog I read has one. Do I really need it though? If I didn’t have it, and someone followed my advice and wasn’t happy with the outcome, could they really hold me responsible? Regardless of whether or not I actually need it, I have no plans to take it down because I want it to be very clear I am no financial expert.

Rarely do I actually provide advice to my readers. If anything, I more beg you all for advice and insight. The roles are reversed here at PDITF. I have no financial credentials, and honestly, I’m still pretty new to this whole money/career/adulthood thing, so why would I tell you how to live your life. Answer: I wont.

Don’t get me wrong, I definitely have my opinions. I want you to beat the living snot out of high interest debt. I want you to be spending less than you make. I want you to contribute to your 401K or Roth IRA or both! I want you to live comfortably and look back on your life and say “Job well done.”

Even though I believe these things are a crucial ingredient for financial freedom, I don’t really write about them. Why? Because my advice is worth what you paid for it…nothing! I think a lot of crappy advice is the result of taking financial principles and making them universal, when they should be PERSONAL. Would you agree?

I may say something like “You need to start contributing to your Roth IRA today!!!” But the truth is, I don’t know you. Maybe YOU shouldn’t be contributing to a Roth. Maybe you need to go backpack Europe instead. I have no desire to travel, so it’s easy for me to tell you to save money for retirement. But if culture and diversity is how you want to invest in yourself, then by all means, save money for a backpacking trip. My goal is not to tell you how to live your life, but only to show you how I am living mine.

I did a little google research and came across some of the crappiest (and funniest) advice I’ve ever seen…

I know I’ve posted this one before, and I know it has nothing to do with PF, but it is too darn good to pass up….

Personally the worst PF advice I ever received was to consolidate my student loan. It was given to me by Mom Ninja, but with the purest of intentions. My sister who graduated a few years before me consolidated and locked in a stupid low interest rate of 2%. Since things worked out so well for my sis, mom (and I’m guilty too) thought consolidating would be equally beneficial for me. Turns out it was a mistake. I locked in one of the highest student loan interest rates in years. It ended up not really being that big of a deal, since I am only a month or so away from being debt free, but it definitely served as reminder to be cautious when I follow others advice and at the very least, do a little research before making a BIG decision.

I’d love to hear the worst PF advice you’ve ever been given (or heard given to someone else). Drop a comment below and let me know!