From Dave Ramsey to Jim Kramer and beyond, there sure are a lot of places to look for financial advice. 🤓 People are even turning to TikTok for tips on how to spend and save. While there’s plenty of gems out there, there’s also plenty of hot garbage. 🫠🗑️
Wondering what’s good and what stinks? We’ve rounded up five typical money tips that aren’t what they’re cracked up to be. 👇
Here’s Five Fast Facts on financial advice you should trash:
- 🍭 A Little Treat - Uber-strict budgeting, like cutting out coffee or eating out entirely, usually misses the point. A better move? Focus on your biggest spending habits, trim those by 20% to 50% over time, and look for ways to earn more. Small, sustainable changes go a long way.
- 🎲 Risky Business - Jumping on the latest money trend is often closer to gambling than real investing. LOL remember that dumb monkey NFT? Risky bets are fine for people with extra cash, but only after their core financial needs are met.
- 🏡 Home Run - Buying a home isn’t always the slam dunk it’s made out to be. Hidden costs can add 30% to 50% on top of your mortgage. Experts still see homeownership as a good investment, but it only works if the purchase truly fits your budget and long-term plans.
- 🧑💼 Square Jobs Rule - Despite what Instagram entrepreneurs say, a regular job is still where most people earn their money. The real goal: make that income work harder by increasing pay, negotiating raises, and building your skills. Steady income plus smart moves beats out flashy shortcuts.
- 🫵 The Shame Game - Financial advice built on guilt trips usually does more harm than good. A better question: can you afford something and actually enjoy it? Since most Americans never received formal financial education, shame often replaces guidance. That self-doubt can eat away at your long-term financial health.
🔥Bottom line: At the end of the day, you shouldn’t take any advice that doesn’t fit your lifestyle or goals. Unfortunately, there’s no one-size-fits-all way to manage your money. Always use your noggin! Got a Costco membership? Hot for Kirkland products? Wondering if they’re a better buy than name brands but don’t have time to research? We’ve got you covered in this article!
What’s your favorite piece of financial advice?
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