What's the worst advice you ever got?

[BreakingtheCycle]

I really liked the thread about the best advice you ever got, and I'm curious about the worst!  Here's mine:

"Go to a private university instead of a state school (even though you're using student loans to pay for college), it's nicer and you will be more likely to get a higher paying job." -mom and dad

Yeah right!  $70K in student loans later and I realized starting pay had pretty much nothing to do with what college you went to!

[HappierAtHome]

"House prices always go up, so you should buy the most expensive house you can get financing for" - everyone in my life, all the time.

Luckily I know better and I haven't falled for this yet.

[BreakingtheCycle]

"Don't keep renting - you're throwing your money away." - mom and dad and many other folks

This was told to us during 2006 when we ended up buying a home, bad advice on par with the student loan/private school advice!

[Cookie]

"Don't get married until you're thirty."

Said by a family member in reponse to my engagement. I was not happy about being lectured about how I shouldn't be married until thirty years old as I'm trying to share my joy and excitement with family.

[resy]

"Get a quick 2 year technical degree"
Hey, if I am making the sacrifices to go/pay for school I am getting a B.A., I certainly am smart enough to so why would I settle for less?! Made me so upset and was so insulting to my intelligence.

[homehandymum]

"Don't pay any extra off your student loans - just think of it as a tax added to your income for the rest of your working life"

[chuckaluck]

"Professional money managers will make you more money than you can make yourself".  And relatedly "Why settle for 'average' returns (via index mutual funds) when there are many fund managers that can beat the market".

[Neustache]

Hmmm.....maybe to lease a car?  That came from my dad.  But then my dad also wanted us to buy a 50K fixer upper right after we were married, but we opted for a house twice that amount.  He's a mix of good and bad advice.  Dang it...that 50K house would have been paid for by now, fixed up, and would have made an excellent rental. 

[TheNorwegianGuy]

I am getting alot of bad advices from my family these days. They are for example  nagging on me to buy a new car, even though I really have no use for it. Constantly sending me ads for cars on mail (They have bought/changed both their cars almost yearly the last five years). The only reason they have for me to buy a new car, is that is the normal thing to do after college :/ And there is plenty more bad advices from them all the time... They keep thinking that I need alot of stuff to be happy... But I really really dont...

[NoraLenderbee]

"Go straight to college from high school. Don't take a year off to mature and work on the personal issues that are deeply bothering you."

Biggest mistake of my life.

[Cheddar Stacker]

"Index funds are not a good investment"

From a very smart person who works in the financial services industry. Bias much?

[humbleMouse]

"Go straight to college from high school. Don't take a year off to mature and work on the personal issues that are deeply bothering you."

Biggest mistake of my life.

+1

[MrsK]

My DH is getting lots of bad advice these days as he is soon to retire from the Navy after 25 years.

Almost Everyone:  "What are you going to do after you retire?"

Us: "Be retired.  Garden, hike, play guitar, perfect out salsa, etc."

Almost Everyone: "You can't do that--you are way too young.  Here's what you should do.  As soon as you retire, you should get a job with the state and work another 25 years and get 2 pensions!"

[chuckaluck]

To MrsK,
My story is similar (DoD for 33+ years, FIRE at 58 years old "too young").  But now I go to the gym more, stay up later, take naps whenever I need one,  read everything I get my hands on, practice guitar, take courses, home renovations, car repair, attend to my investments, etc.... I really don't know how I had time to work!!  When I do see my old work mates who have to work for many more years, they tell me they "hate" me.  (I love it!)

[popsy13]

Forget her.

[Sarita]

"You should become a secretary" said my then-boyfriend at a midwestern university.

I'm now working at a director level at a humanitarian non-profit in NYC, masters degree in hand. 

[MrsK]

"You should become a secretary" said my then-boyfriend at a midwestern university.

I'm now working at a director level at a humanitarian non-profit in NYC, masters degree in hand.

I love it!  So glad you didn't take that advice.

[tardis]

"You should become a secretary" said my then-boyfriend at a midwestern university.

I'm now working at a director level at a humanitarian non-profit in NYC, masters degree in hand. 

I guess there's a reason he's a then-boyfriend.  :)

[crabbyjo]

In 2007-  "you must buy a house now, or else you'll be priced out of the market forever"

[Bob W]

From MMM himself ---- Pay cash for an expensive home instead of taking out a 3% mortgage and investing at 8-9% in index funds.  (sometimes advice applies to those giving it more than to you or that can afford giving up 30K a year in passive net worth growth)
 

[SisterX]

Husband's parents invested money for him "for college", then wouldn't let him use ANY of it for school.  Wouldn't give him any of the account info or anything.  "Oh, you can take out student loans and that will be better because then you'll make more money in the stock market than you will in interest."  Cue the stock market crash.
They did not do the same thing to his younger brother.

[Louisville]

"Get a quick 2 year technical degree"
Hey, if I am making the sacrifices to go/pay for school I am getting a B.A., I certainly am smart enough to so why would I settle for less?! Made me so upset and was so insulting to my intelligence.

Ha! That was the best advice I ever got. Different strokes, I guess.

[dycker1978]

"Get a quick 2 year technical degree"
Hey, if I am making the sacrifices to go/pay for school I am getting a B.A., I certainly am smart enough to so why would I settle for less?! Made me so upset and was so insulting to my intelligence.

Ha! That was the best advice I ever got. Different strokes, I guess.

I was advised to get my degree in electronics engineering.... I opted to get my diploma in Electronics Engineering technology instead... Now I have less then 1/4 the student loans and almost the same earning potential.

Engineers in my market will get a Salary of 90-100k a year.  I get a hourly that works out to 81k, with the opurtunity for OT if I so choose.

[TrulyStashin]

I have two, one recent and one ancient:

1989, from my (now ex-) husband  -- "You really should stop talking about going to law school.  Everyone knows you're not going to go.  You just look foolish."  (I did stop talking about it, but I didn't stop thinking about it.  I'm class of 2011).

2012, from my older brother -- "You deserve that BMW!"

[Gone Fishing]

I don't remember most of the bad advice since I didn't take it, but I did take some bad advice when a mortgage originator set me up in a FHA loan with insurance since I was a first time home buyer, vs an 80/20 which was easy to come by at the time.

[2ndTimer]

"Have your children when you are young."  I am blissfully childfree.

[GardenFun]

Parents/Teachers:  Go into engineering.  You're good at math and science. (fyi - 1st gen college, so everything "college" was new and unknown in our family).

Me:  But I also have a knack for business/finance.

Them:  Do you want to be a lowly accountant?  No, go into engineering.

Went into engineering.  Completed degree but didn't really like it.  Went back for MBA.  I am still naturally drawn to business/finance but an MBA doesn't get your foot in the door like a finance degree.   

[sleepyguy]

"you MUST go to university, you don't want to be a working low-end jobs your whole life" - mom/dad, fact is I'm doing fine self educated.

"don't invest stocks, the stock market is only for millionaires.  put everything in your home" - family, sadly we do have quite a bit tied up in house (crazy Toronto prices)

"retire early?  what will you do with your time?" - everyone that I mention I'm quitting full-time work before 45.  I joke and say, "be the youngest at the bingo hall :)"

[Louisville]

"Go ahead, I won't get pregnant."

[AllChoptUp]

"Go ahead, I won't get pregnant."

Yikes.

[1967mama]

"Buy the least expensive house in the most expensive neighbourhood."

NOOOOOO! Then everyone around you has gardeners, housekeepers, nannies, kids in private school, fancy cars in the driveway, goes on expensive international vacations on the school break, etc, etc, etc.

I would way rather live incognito like "The Millionaire Next Door!"

:0)

[SporeSpawn]

"Don't invest your money. Keep it in a safe."

"Always buy a new car."

"Don't rent."

"Get a teacher's certificate."

"Stay close to home."

"Don't use a bike."

[1967mama]

"Buy a brand new car IF you're going to keep it for at least 10 years."

Regretting this mistake made in 2010 (face punch!)

[MoneyCat]

"Follow your passion and the money will come."

[Helvegen]

"You will always have a car payment. You can't buy something in cash. It won't start in the winter. I don't understand why you don't trust car salespeople."

That last one was spoken in all 100% seriousness. My head exploded.

[fa]

Join a country club.  Was the biggest mistake of my life.  Couldn't stand the fancypants stuff.  To this day I still can't believe I fell for that.

[SporeSpawn]

Join a country club.  Was the biggest mistake of my life.  Couldn't stand the fancypants stuff.  To this day I still can't believe I fell for that.

I had a slightly lessened example with our Rotary Club. I wanted to get involved with civic activities (and make my resume sparkly with a bunch of civic and outreach organizations) so I joined our Rotary Club. At $40/month. It was nothing but rich old white dudes eating southern cooking at the country club every Wednesday.

The sad part is that they actually ARE involved with the community... but no one wants to drops $40/month on the chance to hang out with the dudes who can't relate to their poor neighbors because they pay to have their lawns cut. If they'd lower the cost (which is so high to take in the cost of the nice country club and food even if you don't eat), more people would join and help out.

[Paul der Krake]

It's just one more drink, you'll be fine.

[52cents]

Buy this stock! It's about to go through the roof.
It went directly through the floor.

Something I've learned, the hard way, is never to take advice from someone who's not successful in what they are advising you about.

[RootofGood]

"Buy as much house as you can afford". 

I would still be working if I constantly followed that mantra.  I would also be living in a nice, tidy McMansion with nice, tidy snooty neighbors with whom I must always keep up (pursuant to HOA rules). 

[clarkfan1979]

Don't go to college because you wont be able to afford your electric bill. You should be a union construction worker (in my hometown). Construction has been very slow the last six years and I really haven't heard that advice in a while.

Buy as much insurance as possible including flood insurance even if you aren't in a flood plain. It's better to be safe than sorry.

[Goldielocks]

Parents/Teachers:  Go into engineering.  You're good at math and science. (fyi - 1st gen college, so everything "college" was new and unknown in our family).

Me:  But I also have a knack for business/finance.

Them:  Do you want to be a lowly accountant?  No, go into engineering.

Went into engineering.  Completed degree but didn't really like it.  Went back for MBA.  I am still naturally drawn to business/finance but an MBA doesn't get your foot in the door like a finance degree.   

Mine:

"Don't go into Engineering,   You will find it too stressful.   Right now you are top of your class, but engineering at university is filled with hundreds of people just like you, and you will have a hard time of it.  What about commerce or general science degree (and a subsequent need for masters and more years) instead?"

This from my Dad.  Maybe because I am female and engineering is non-traditional?  Maybe because he started in engineering and found it really hard, then was hired away into a profession he loved (pilot).

[RootofGood]

Parents/Teachers:  Go into engineering.  You're good at math and science. (fyi - 1st gen college, so everything "college" was new and unknown in our family).

Me:  But I also have a knack for business/finance.

Them:  Do you want to be a lowly accountant?  No, go into engineering.

Went into engineering.  Completed degree but didn't really like it.  Went back for MBA.  I am still naturally drawn to business/finance but an MBA doesn't get your foot in the door like a finance degree.   

Mine:

"Don't go into Engineering,   You will find it too stressful.   Right now you are top of your class, but engineering at university is filled with hundreds of people just like you, and you will have a hard time of it.  What about commerce or general science degree (and a subsequent need for masters and more years) instead?"

This from my Dad.  Maybe because I am female and engineering is non-traditional?  Maybe because he started in engineering and found it really hard, then was hired away into a profession he loved (pilot).

Maybe he thought you would waste a year or two pursuing engineering and have to start over with another major based on how well he knows you?  He might be wrong of course.  Parents don't always get it right. 

I would give my kids advice like that potentially depending on how they turn out.  Like "Don't go into Law.  You will find it too stressful.   Right now you are top of your class, but law school is filled with hundreds of people just like you, and you will have a hard time of it.  The only way to make decent money in law is to work a lot of hours in a stressful career". 

I gave similar advice to my nephew ("engineering is really hard, maybe consider business or something else").  He's drifting about and wants to do something different with his life every few weeks. 

[stlbrah]

Was forced into private Lutheran school as a lad.

One of the teachers said that "when the time comes, you won't care what she looks like."
While I don't consider myself shallow at all, that is the most ridiculous bs I have ever heard. His wife looks like crusty the clown.



The other 2 are something that is more common.
1. Enjoy your highschool and college years - its all downhill from there.
--- Yes, maybe if you have failed a life.

2. If it were really that easy, everyone else would be doing it.
--- Sheep

[stlbrah]

"Buy as much house as you can afford". 

condo for life crew

[PerpetualWanderlust]

I wasn't turning the ball over, so one of my high school golf coaches told me to "swing at it as hard as you can".

If you're a golfer, you know how bad of advice that is.

[Dr. Doom]

I graduated college in 1999.  In 2000, a classmate (very casual friend) of mine who got a job at CitiGroup urged me to engage in margin investing (and entirely in the NASDAQ to boot.)  He said it was a foolproof way to riches.  I was skeptical and did my research.  Ultimately I realized this type of leveraged investing has serious risks, especially in an overvalued market (which '99 certainly was.)

I'll spare you the details, but I crunched the numbers and realized, had I taken his advice, I would have been over 100K in the hole in 2001 after the massive crash.

I'm really glad I said no, and I haven't talked to that guy since.  Margin investing is ridiculously risky.  I would have had a much bigger post-graduation financial hole to climb out of had I gone along with his advice.

[ShortInSeattle]

"You shouldn't go to the same college as your boyfriend. You're too young! Go experience life."

We're still happily together 20 years later. So glad I ignored that advice!

[kiblebuka]

"Don't get an art degree, you won't make money" And then digital design happened. Thanks Mom!

"You'll change your mind someday [about having babies]" Please stop directing how I should think...

[Cheddar Stacker]

"Go ahead and pull the trigger, the safety is on."

It was on, but it malfunctioned. Luckily before this incident I learned proper gun safety and pointed it in a safe direction before following this advice. No harm done, but the advisor was highly embarassed.