Terrible Financial Advice: Top 10 Tips You Shouldn’t Follow

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5 comments
Go_CAP3
Go_CAP3

Unless your neighbor, friend and/or relative is a CPA, CFO, or does Financial Advising for their living...you shouldn't listen to them. If business owners do not have an in house CFO or an accounting department to answer their questions/work for them, then they should outsource one! Outsourced Accounting services can be easier than hiring an accounting department yourself. Here at CAP3, we lead your entire accounting department, whether it’s one person or ten. www.gocap3.com 

 

GaryBirtles
GaryBirtles

I agree that one shouldn't take the advice to drain a 401k to pay bills. That should always be a last option and one should go to great lengths to avoid that. My parents had to use their 401k when I was a kid to fund my fathers business. Luckily things worked out for them, but it is very risky. If done incorrectly, it can ruin your retirement. http://www.thalheimergroup.ca/en/ 

doranwaugh
doranwaugh

Many have to rely on loans to cover up their tuition fees. Unfortunately these people aren’t good with their finances. They need to spend only on books and tuition fees, but a lot goes away on desires. This mostly happens with title loans. Using payday loan will help them realize the value of money.

vilmateodoro5
vilmateodoro5

I have seen friends who have misused student loans to buy things that they do not even need at the time. This will come back to hurt them in the end because of the interest on the student loan. The common theme that I noticed in all of these tips is the fact that one should be both honest and forward thinking. From personal experience, I have learned that it all comes down to self-control and patience with personal finance.

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pipeboat
pipeboat

also if you find your credit having issues. get it repaired ASAP! use a reputable company like Lexington Law. They have been in business over 20 years and have had over 500,000 people they have helped.