Bad Money Advice

[bigdaddybus]

While you are at it, don't use birth control. Ever.

As the adoptive parent of two of the four kids born to a 22 yr old homeless woman this one hits close to home. I am guessing by 40 she will have close to a dozen kids. Unplanned kids are definitely not cheap.

[MonkeyMama]

As the adoptive parent of two of the four kids born to a 22 yr old homeless woman this one hits close to home. I am guessing by 40 she will have close to a dozen kids. Unplanned kids are definitely not cheap.

*sigh* I wasn't thinking to that angle, (just more thinking how people in general make very poor birth control choices). But yeah... We have a relative who adopted two children from a woman in jail. I forget how many kids she has in the system, but is definitely 10+.

[kv968]

Don't put money into your 401k to get the employer match because its really not "free" money. You have put in some of your own in order to get it. But if you do, be "safe" with it and put it all in a MM account fund.

Don't worry about what the price of something is when buying on credit, just make sure the monthly payments are what you want to pay.

Lease a car, that way you get to drive a new one every 3 years.

Don't worry about carrying a CC balance, everyone does.

And if you do fall a little behind on CC payments, don't worry you can always take money out of your 401k.

NEVER listen to the advice given on that "SavingAdvice" website. Those people are crazy and don't know what they're talking about

[disneysteve]

NEVER listen to the advice given on that "SavingAdvice" website. Those people are crazy and don't know what they're talking about

LOL. I've often wondered how much, if any, of our advice actually gets followed. I'm particularly thinking of non-regulars, folks who come to ask a specific question or get general advice.

[kv968]

LOL. I've often wondered how much, if any, of our advice actually gets followed. I'm particularly thinking of non-regulars, folks who come to ask a specific question or get general advice.

I've wondered the same thing myself. You see a lot questions get posted and then no follow up so you think its falling on deaf ears, which I'm sure some/most of the time it is.

However I'm sure there are quite a few people who never even post, or even register for that matter, that read through some of the threads and glean something from them.

Either that or its just us regulars talking back and forth to one another

[jeffrey]

I've wondered the same thing myself. You see a lot questions get posted and then no follow up so you think its falling on deaf ears, which I'm sure some/most of the time it is.

However I'm sure there are quite a few people who never even post, or even register for that matter, that read through some of the threads and glean something from them.

Either that or its just us regulars talking back and forth to one another

There are quite a few people that lurk these forums so even if the original person might not like the advice, it's still helpful to others -- especially if they have the same question.

[lorraineb]

Keep up with the Joneses. In fact, try to out do them.

[johnmclaren]

Bad advice to use credit cards.

Most of my bad advice is to utilize credit cards for everything so I can get cash back, The thing about that, is I would deeply that I would spend more, because I would want to earn those points and the thing is – don’t get that much cash back, and if they require money, GO to the bank and get it
.......I don’t know why it is such a crazy thing for people to use a savings verse a credit card for rough times, I'm not kidding i get into this collision every holiday, got strength to fight this battle from "DAVE" , Since I turned debt free , I get into the credit card war every holiday !

[jpg7n16]

Most of my bad advice is to utilize credit cards for everything so I can get cash back, The thing about that, is I would deeply that I would spend more, because I would want to earn those points and the thing is – don’t get that much cash back, and if they require money, GO to the bank and get it
.......I don’t know why it is such a crazy thing for people to use a savings verse a credit card for rough times, I'm not kidding i get into this collision every holiday, got strength to fight this battle from "DAVE" , Since I turned debt free , I get into the credit card war every holiday !

If I can submit this one adjustment to your idea there, the bad advice would not be "Use CCs for cash back" (which is actually really good advice) -- but rather: "Don't have a plan to pay off your card, just do the minimum" (as others have 'suggested' above) or maybe "Don't have a budget. If you can buy it on your CC, you can afford it."


I know this is the "bad" advice thread, but here's a thought for you to consider. Get on a budget for your spending, use CCs for the cash back AND pay off your CCs every weekend. It doesn't take that long before you treat your CC exactly like a debit card, and check your bank balance before buying something on the card. When you get to the point that you use the CC like cash, you're doing it right. I buy things I would buy anyways (food, utilities, clothes, etc.) on my CC and get thousands of free $$$ every year. I also pay off my card in full every 1-2 weeks, so I never carry a balance, never pay interest, and never spend more than I would have using cash from my bank.

[Nika]

There are too many things you need now to save for some abstract retirement that may or may not happen. You can wait until you are older, and you don't want anything anymore. It gets easier to save as kids get older -- they need less.