banner
Mar 14, 2021
41 Views
Comments Off on The worst financial advice you can follow
0 0

The worst financial advice you can follow

Written by
Photo by Syd Wachs on Unsplash

“Worry about it later”

A classic one to start. Also known as

Why do I have to worry about it later in life? I don’t want to to work. That doesn’t mean I won’t, I enjoy working when it’s things I enjoy doing, but I don’t and never will want that deadbeat , if I have to, I’ll do it.

I don’t want to work because I to. I want to work because I to.

The best way to stay away from this conundrum is to To start thinking about getting money for things I want to do rather than things

Mac Donald’s or a ‘’ job I don’t really want to do for the rest of my life is bound to catch me at some point, but I want to keep all that to a minimum and I think most people want the same.

I could tell you all day about how it can be to think about finance as soon as possible, those who push it to one side and want there to deal with all that added stress can do that if they want. but to give that out as financial advice makes my ears bleed.

My own, unmodified, urge. (Also known as the consumer mindset).

It made me buy stuff I didn’t or but I did it toor to be in the conversation… lessons.

Something that doesn’t get brought up much is the pressure you put on yourself. There are times where you use the word ‘’ rather than ‘’. We can justify purchases our mindset or our mindset, or just a regular mindset wouldn’t.

Technology/gaming is a little bit of a hidden crush for me. I have to not buy the or a Every now and then, I can put a lot of pressure on myself to or to to play with the boys, etc. For other people, it could be

Sometimes we don’t need pressure from because we put it on ourselves. Listening to the consumer, even if that is you, is on the list for the worst financial advice I ever got. I’m going to expose myself for your entertainment in the next few paragraphs… so enjoy.

Photo by Khashayar Kouchpeydeh on Unsplash

I bought the whole assassins creed video game series because this mindset took over. I have ended up playing of them, yes I plan to play them in the future, but I still had the impulse to buy all of them because

We all know the relatively pricey item we bought and used or before throwing it out or giving it away, or try to sell it on.

I went on a holiday before the came along, where I bought travel stuff, a new, full-sized, bag A load of stuff, stuff I only used . RIP to all my traveling ideas, and I will be using these in the future, so it’s not the best example but some of the stuff I didn’t need to buy.

My point with all this is sometimes we’re the biggest culprit.

Why do you need that BMW when the only time you use a car is to visit your parents a year?

Did you really need to your phone when your one works fine, and the only difference between the two was the

I could go on, but you get the point. Sometimes we pressure ourselves to or to do or buy something we don’t need or want. Listening to this part of your brain or this person in your life is the worst financial advice you could give to yourself or others.

Unnecessary debt.

A lot of people don’t know about debt. They don’t fully understand interest rates, mortgages and loans. How many years it’s actually going to take them to pay things off etc. What level of interest their willing to take on .

When I was first getting into the financial space, I talked with family members and friends. A common thing,, was something along the lines of…

Too many people go into things without knowing the full consequences or, even worse, they the worst bit of bad advice and try and move the responsibility to . “We’re young, we don’t need to think about it…,” etc.

Think about what you’re doing. Think about the of what you are buying and what kind of you’re taking out. How many years you’re going to need to As daunting as it sounds. It’s important.

Think about the cons and pros. I read book recently. Highly suggest it, by the way, a great read. Where he goes to college to become a lawyer near the middle of the book.

The way it came across, he didn’t think about it in the long term. Many people do the same thing with their finances.

Going into that field your not going to be able to do much, with your or a high-paying job till, minimum . To the best of my knowledge (If there’s a doc or a lawyer who wants to correct me please do).

. They will take being in debt because that’s what they want to do, and they’ll know, with the certificates and everything they’ll , they’ll be all paid off at some point. Others don’t take this on. They’ll take on the debt and do a couple of years of study and There is in that from me, but your financial situation just took a huge hit.

The average person would have a huge loan to the name. A few years in school, not waisted, you did learn something, but the money that you paid wasn’t worth the outcome. At the time, if you took a moment to realize, in Mathew’s case, you didn’t want to wait till 30 till you made an impact. Could save you a lot.

The same goes for people and their financial situations. They see a they want to get and pay for it, even if it leaves them in with a They go on nights out when their bank account is for them to stay in. You’re not alone. Just ignore your balance while your hungover, .

I am the last person to judge. I know I have done a lot of questionable things with money, and I’ll make a few in the future. I’m just saying it’s bad advice to follow.

What do I know? I’m just a 20-year-old who’s trying not to work forever and make his money work for him, rather than the other way around.

Inv3st!

Article Categories:
bad-advice · invest · investing · money · saving
banner

Comments are closed.