DON’T Follow These Financial Tips from Experts
Need financial advice?
Just do a search on Google and you’ll get more ideas that you can implement in a lifetime. The problem is that not all of the financial tips are sound and okay. Some are even just plain bad.
Financial Tips You Should NOT Follow
It can be troubling how there are so many bad ideas floating out there disguised as good financial advice. Here are some of the financial tips that you should NEVER follow:
Don’t Use Credit Cards
Some supposed financial experts will tell you that you should not use credit cards. They say that credit cards will put you into debt.
There is a good reason in what they are pointing out and there is really a danger of running into a large amount of debt if you are not responsible with how you use your card but that is always an if. If you use your card responsibly then you can get plenty of benefits out of it.
Just make sure that you pay off the full balance after using your card and you should be okay. In fact, with the reward points offered by some cards, your cards will allow you to save you money.
Don’t Spend Money on Things That Make Life Easier
Some financial experts have a thing against conveniences. Those are the things or services that you can pay for instead of making or doing them yourself. Like buying coffee from a coffee shop or paying for someone else to clean your house. They say that’s a waste of money.
It might be a waste of money if your income is limited but if you can afford it, then conveniences can save you time and trouble. They can give you time to do more important stuff.
Avoid All Debt
Most of these bad financial tips make some sense up to a point, including this one. Being in a lot of debt that you cannot hope to pay back is a terrible situation to be in. That’s why those who took out student loans they cannot pay back now are in a lot of trouble.
But debt in itself is not that bad. If you manage your debt wisely, it can actually help with you making the most out of your finances. For example, you can use debt to leverage your money and to generate more income.
Get a House Since It Is the Most Valuable Asset
Some experts say that most of the money should be put in a home since it is the most valuable asset. The problem is that while a house may be valuable, you cannot really use that for your cash flow. It doesn’t work that way. You might end up with an expensive home which you cannot convert into cash.
These are just some of the financial advice that you should never follow. There are other more sensible tips that you can follow but the important thing is that you should do extensive research first before you follow any advice.