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When we call Christmas the season of giving, giving bad money advice is not what we had in mind.
But when you spend time with extended family, neighbors or coworkers, you’re bound to get a few pieces of unsolicited money advice. You know, when your cousin or brother-in-law pipes up about how you’re spending or saving your money. Or how your neighbors have this great idea about how to make thousands of dollars without doing any work.
Sigh. Ah yes, it’s all too familiar.
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So we asked Dave’s Facebook fans to tell us some of the worst money advice they’ve heard—both at the Christmas dinner table and out on the town. Can you relate?
“My ex-husband used to say, ‘Don't worry about money and bills—they will pay themselves.’ That got us kicked out of a house and homeless for 6 months. That's another reason he’s an ex." —Kailee
“Take as much money out on student loans as you can—you will be making plenty of money after college to pay it back ... NOT!” —Lillian
“At 23, I was told by several colleagues my age, ‘You're too young to start saving for retirement.’ Glad I didn't listen!” —Renee
"’You will never go through life without a car payment,’ said my dad, the banker!”—Diane
“My wife talked me into lending my daughter and her husband $70,000 for a house remodel. They divorced, and I am out the money.” —Clyde
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"‘The rapture will happen soon. Rack up the credit cards. Have fun, and leave the debt for the lost people.’ No kidding, true story.” —Shannon
“A financial advisor once told me that student loans were considered good debt! So according to him I have $60,000 of good debt!” —Amy
"‘Baby, let me have your paycheck, and I'll put it in the bank for you.’ I went bankrupt believing that.” —Eric
"‘Take out a student loan to pay for your wedding.’ I was young and stupid back then, so I did. The marriage lasted one year, but the debt lasted much longer. —Angela
Now it’s your turn. What’s some of the worst money advice you’ve ever received from a family member or friend over Christmas dinner or mingling at a party?