Financial Advice Experts Say You Should Ignore In 2021

The web is where people can easily share their viewpoints with others from all around the globe. It’s a great way to expand our links and communicate with one another. But every coin has two sides, and exchanging information on the Internet also implies that we’re prone to an enormous amount of deceived perspectives and “bad takes” every day.

It can be tough to analyze which guidance is worth listening to and which should be ignored, especially when it comes to money matters. To help you with wise decision making, we’ve compiled a list of the money advice that you’re better off ignoring in 2021. Have a look.

Pexels | Making wise money decisions means staying away from bad advice

Ignore this – “Home is your biggest investment”

Owning a house is certainly a major investment and it shouldn’t be taken lightly. But considering it to be the greatest investment of your life can be harmful. In the long-run, other priority investments can surpass home buying. And if you have a lot of your worth tied up in property, you could be doing yourself damage.

Read – Why your house is a terrible investment

Ignore this – “Avoid credit cards and use cash”

If used diligently, there are enormous advantages of credit cards, the most obvious one being the rewards that you can utilize for complimentary expenditures like travel. Apart from this, there are other benefits including protection from burglary, not carrying cash everywhere, vehicle rental insurance, and service warranties.

Pexels | The next time someone says invest only on property or stay away from credit cards, ignore it

Ignore this – “You can’t function without budgeting”

Perhaps the most common money advice people give is to make a budget plan. Now we’re not saying that living off of a budget plan is harmful. All that we wish to highlight is that numerous individuals maintain their finances effectively even without a financial plan.

While some may need a blueprint to organize their funds, others may flourish even without a financial plan. If you know and cleverly manage where your funds are going, you can have control over your budget without planning.

Read – 10 reasons why you should track your expenses

Ignore this – “Retirement = Lower Expenses”

It’s a common belief that expenditures diminish once you retire. However, the reality is that there are a few expenses that can expand during retirement, like medical care and long-term care. If you’re hoping to make a bare-bones financial plan in retirement, you could be in for a frightful surprise.

Ignore this – “A college degree is MUST for a successful career”

Going to college doesn’t ensure that you’ll have a profitable career. With the increasing expenses of higher education, following the herd and blindly heading off to college because it’s the protocol might not be the wisest decision. There are a lot of decent jobs that don’t need a college degree. Learning a skill or a trade can also be beneficial.

Pexels | Contrary to perception, a college is not a must for success in today’s time

Wrapping up

So that’s it folks! We hope that now you’ll try to stay away from the above-mentioned bad financial advice and be diligent with your money decisions. Always remember that every advice doesn’t apply to every person. Your situation determines what’s helpful and what’s worthless advice.