Bad Money Advice

[jeffrey]

Time for a little fun and creative thinking. If you had an enemy that you despised and wanted to have then make the worst possible financial decisions, what piece (or pieces) of advice would you offer to them?

Let's here your bad money advice

[disneysteve]

Use your credit card to make all of your purchases and then just make the minimum payment each month.

[lorraineb]

So many, it's hard to choose.

"Sure, go ahead and take out as many payday loans as you can. It's money that you will have at a later date and therefore it really is like it's yours anyway, so what's the harm?"

[bjl584]

Credit card debt is fine.

Financing a car for 84 months is acceptable.

0% down on a mortgage is a good idea.

Definitely get a HELOC and use your house like an ATM.

Keeping a budget isn't necessary.

Having debt is a normal part of life.

[smndtupidisaftr]

Get a steady job and count on social security to provide for your retirement.

[shaggy]

Cosign a loan.

[MonkeyMama]

Timeshare - that advice may be hard to beat - love that one! (& payday loans - ugh...)

Worst Advice:

You can Start saving for retirement later - don't bother while you are young.

Buy up your car every few years - just roll over the loans into eternity - you'll never actually have to pay it all back.

Buy a house with 0% down, 1%, 2% or 3% - whatever floats your boat - the payment should be more than your income. (I am thinking more if you are married - but make sure the payment is more than the bigger individual income).

Never buy home insurance, auto insurance, umbrella insurance, health insurance, term life insurance or disability insurance. Especially if you have children or a non-working spouse.

[Caoineag]

Always take the monthly payment option on things, you can afford lots more that way.

Get the largest mortgage the lenders will give to you because buying the most expensive house you can is a great investment.

Take the maximum amount of student loans that you can, after all, college is the time to live it up.

Don't waste your time shopping around, you can always earn more money.

Minimum payments are fine for credit cards.

Rent to buy is a wonderful option if you can't afford it right now.

[MonkeyMama]

I just thought of the #1 thing that used to drive me batty when I had my kids:

Make sure to opt out of low-cost short-term disability insurance (if it is available to you low cost, generally through employer or government) if you are female and plan to have children. {It's obviously dumb to pay a few hundred dollars per year for a guaranteed $20,000-ish benefit per pregnancy}.

While you are at it, don't use birth control. Ever.

[cardtrick]

Credit card debt is fine.

Financing a car for 84 months is acceptable.

0% down on a mortgage is a good idea.

Definitely get a HELOC and use your house like an ATM.

Keeping a budget isn't necessary.

Having debt is a normal part of life.

What's scary is that I know quite a few people (not enemies) who think like this!

[bjl584]

While you are at it, don't use birth control. Ever.

LOL

[jpg7n16]

Don't take any risks with your retirement savings.

You can afford the payment.

Gold is a safe investment. And real estate never loses money.

If an investment goes down, sell it. Wait until things look okay again before you jump back in.

Only look at the past 1-3 year performance when making your investment decision. Go with the highest number you see.

Insurance is a scam/ripoff.

If you don't spend a lot of money on birthday/Christmas gifts, you must not love that person.

Don't worry about retirement, that's 20-40 years away. You've got time.

[snafu]

Always borrow more than you need.
You can manage that monthly payment
Annuity is a safe, never lose investment.
If you need cash quick, borrow on your ATM card.
Buy the largest, grandest house in the neighborhood that has the most 'features' like heated towel bars
You are what you drive; make a statement buy an Escalade or Hummer [etc] you deserve it!
You only live once, being frugal or careful with money is for dummies.
It's 0% interest, you can pay it off later; don't bother yourself with the small print
You haven't been on a Mediterranean crusie yet? Do it now and pay for it later.
Cooking is too much work, [buy the food, cook the food, clean-up etc] easier and healthier to eat out lunch & dinner
You can't come to work without your dlb dbl latte from Starbucks

[Baby_nurse]

There's no reason to save for retirement. Social security will take care of you.

[scfr]

Go ahead ... you deserve it!