Here’s Some Clichéd Money Advice That You Should Ignore
Not every money advice is meant for you. You are supposed to be in the position of letting go of some ‘clichéd’ pieces of advice. After all, if it does not sound good to you, it is perhaps not good for you. Let’s be clear here. When they say, “there is no free lunch,” they exclude advice. In other words, advice is something that is for free. Your colleagues, siblings, and family members may always give a series of money tricks. They may argue that it has worked for them and will also work for you. But the truth is that there is no such thing. If they were lucky enough to get some results from random money hacks, it does not mean it will benefit you too.
It is apparent that not every money advice is worth following. That is why knowing what works for you and what does not is essential. Thus, if you are not money savvy, we have gathered a few ‘misleading’ money advice that you can ignore for good.
Here are some clichéd bits of money advice that you should not follow:
You are Financially Illiterate If You Do Not Own A House
One of the commonest misleading money advice is endorsing owning a house. Some people can not simply sustain renting for long. Instead, they look for a ‘safe heaven.’ In other words, they will label you as financially illiterate of you do not own a house. But the truth is that you are not financially illiterate if you are on rent. Rather, you will be in the position of gaining a lot of perks through renting.
Unlike owning a house, if you are renting, you will likely save a decent amount of money. To begin with, you will be tax-exempt. There will be no to least mortgages. Similarly, you will not be the maintenance costs if you rent a house.
So, the next time you hear advice about owning a house, simply disregard it. Instead, opt for renting. Consequently, you will be financially stable in the next five years.
You Must Invest in Crypto As it is the Future of Investment
So-called investment gurus often gurus crypto as the best investment portfolio. People like Gary Vee and henry Patrick often recommend investing in crypto to their followers. While this may work for some, it is simply not the future of investment.
Where the next phase of crypto takes you is uncertain. If the market goes up today, you can see it succumbing the next day. An ideal scenario could be to analyze the ins and outs of investing in crypto and decide based on that. This way, not only will you make a sensible decision, but you will also end up making a great profit.
Other Money Advice You Are Good To Ignore
- The Balance On Your Credit Card Determines Your Credit Score
- Saving For Retirement Is A Myth
More in Finance
Jennifer Lopez’s Ex-Boyfriend of 10 Years Passed Away Due to This Serious Health Condition
While the world struggles to cope with the global pandemic, the survivors of David Cruz are also grieving for his loss....November 20, 2022
People With These Jobs Might Just Survive the Next Economic Recession Unscathed
A great number of economists predict that the United States is heading towards another recession in the near future. And if...November 13, 2022
Dangerous Judgment Errors Blocking Innovation Best Practices in the Future of Work
Numerous leaders fail to adopt innovative best practices for the future of work because of dangerous judgment errors called cognitive biases....November 10, 2022
Factors That Determine A Company’s Valuation
When companies start their valuations, they focus on improving price-earnings (PE) ratios by increasing revenue and margin-based sales. However, this approach...November 7, 2022
Celebrity Memoirs That Are Worth Reading
It appears that anyone can write a memoir these days, but for a celebrity to write a book that holds you...October 29, 2022
Survey Shows Most Millennials Regret Making This Mistake When Signing up for Student Loans
Applying for a student loan is the easy part. The difficult part of the process comes when it’s finally time to...October 26, 2022
Lyft to the Rescue! Ride-Sharing Giant Is Using This Clever Strategy to Help Fight COVID-19
It looks like everyone is working towards finding a solution to the ongoing coronavirus outbreak. While scientists are hard at work...October 22, 2022
Emily Blunt Reveals Her Parents’ Unexpected Reaction When She Introduced Then-Boyfriend John Krasinski
John Krasinski and Emily Blunt, who were both born and raised in different countries, have been married for nearly a decade and...October 19, 2022
QuickTrip Is Ready To Launch A High-Tech, No-Cashier Store
Say goodbye to the days when you used to go to the grocery store, stand in the queue to get billing...October 17, 2022
You must be logged in to post a comment Login