Friday Financial Fails: Listening to Your Broke Friends

2 Minute Read

If you’ve got a good financial advisor or accountability partner, or if you’ve listened to The Dave Ramsey Show once, then you know the importance of good money advice. A bit of good advice can go a long way when you’re trying to get out of debt and make a game plan with your money.

That’s why, when you’re trying to move toward financial peace, listening to your broke friends is one of the worst things you can do.

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It’s only common sense that one of quickest ways to go broke (or stay broke) is to listen to advice from broke people—you know, like Uncle Earl and your old friend Pete.

Listen to those guys and, before you know it, you’ll be invested in a pyramid scheme, leasing a BMW, and taking out a home equity loan to finance that Civil War figurine collection you just had to get. 

Some of the best people to take advice from are those who used to be broke. They’ve fought the battles, earned the scars, and came out on top. They know exactly what you’re going through and usually are willing to lend an ear and offer advice.

Maybe it’s your Financial Peace University (FPU) coordinator or your Endorsed Local Provider (ELP) who climbed out of bankruptcy to build a debt-free business. Find people who make the right money decisions and buy them a coffee.

These are the people you should listen to when it comes to money, not broke Uncle Earl and your deadbeat cousin Bill. If you’re taking advice from your broke friends and family, you can bet you’ll still be broke at the end of the year.

Sure, Uncle Earl’s a great guy, but he gives terrible money advice. Don’t listen.

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