10 Terrible Pieces of Money Advice People Received From Their Parents
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Have your parents ever given you a terrible piece of financial advice? You’ve got company.
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Several Redditors flooded the comment section after someone asked for examples of terrible advice their parents gave them regarding money.
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"The worst advice my mum ever gave me was (wrongly) explaining that people who earn just below a tax threshold sometimes choose not to accept pay increases."
A Pay Increase May Hurt Your Tax Status
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Many agreed that being told not to invest because it’s a gamble was some of the worst financial advice people received from their parents.
Investing is a Gamble
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One Redditor suggested their parent’s advice to buy the biggest house they could afford as soon as possible was some terrible advice.
Purchase the Largest House that You Can Afford
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"I avoided good credit for a long time, but fortunately, I got over it in time for house buying and all the fun that comes with it."
Avoid Using Credit. It’s a Trap.
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"When I was 19-20, I had a few junkers for cars, some of which died out and left me stranded."
You Should Buy a New Car
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"Oh yes, the ole turn up uninvited in a suit. Give them some courage and a firm handshake, and a job will magically appear routine."
Your Sunday’s Best, Your Resume, and Hit the Town
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"It’s the same horrendous advice most of my first-generation immigrant friends and I received when we were kids."
You Won’t Achieve Success Unless You Get a Degree
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