People Share The Most 'Out Of Touch' Financial Advice They’ve Ever Received From Those Who Don’t Understand Money Troubles
People who've gone through financial crises can be incredibly tone-deaf in their guidance.
Vitaliy Abbasov | Shutterstock Given today's challenging economy, the high cost of living, and the ever-expensive holiday season that is upon us, financial advice and budgeting tips are extremely helpful. However, there's nothing worse than venting about the high cost of everything only for someone to respond, "Well, just stop buying coffee and make it at home."
Unfortunately, as anyone who has struggled financially knows, skipping out on the occasional $8 iced latte isn't going to solve your problems. Yet, it is just one example of the out-of-touch advice that wealthy people tend to spout.
People on Reddit shared countless more examples, ranging from tone-deaf to downright hilarious.
Here is the most 'out of touch' financial advice people have ever received from those who don't understand money troubles:
1. Just have your parents give you money
"A friend was once sympathizing with me about being broke and mentioned that she hates having to ask her parents. She was shocked when I told her that I couldn't ask my parents, and even if I did, it would only be a small loan I'd have to start paying back immediately," one Redditor shared.
While some parents are more than willing to help their adult children financially, many others are not willing or able. Falling back on your parents' money may work for some, but it should never be a universally given piece of advice.
2. Put all your expenses on a credit card
One Reddit user recalled a friend advising her to book a Spring break trip to Mexico that she couldn't afford on a credit card.
"I told her I'd still have to pay it off and she looked at me with the most confused look on her face," the Redditor wrote. Her parents had been paying her credit card bill, and "she just had no idea and couldn't even grasp the concept that credit cards weren't just free money."
Stokkete | Shutterstock
Unless you can afford to pay back your credit card, you shouldn't be swiping it too often, especially on large purchases. Yet, according to a survey from Bankrate, one-half of American credit cardholders carry a credit card balance from month to month.
3. Just ignore the financial crisis you're in and live your life
"I said I couldn't go on a trip because of financial obligations and was told, 'You just need to do it. Memories are more important. More important than housing?" The Redditor asked incredulously. "Food? Electricity, and running water? The memory of not starving to death or being homeless is more important than a road trip."
4. Tell your boss you need more money
A lot of people in older generations tend to underestimate just how much has changed since they were young and working. Unfortunately, in most cases, it's not a simple as just asking for a raise.
"My dad who owns several successful businesses that were purchased for him by his parents in the 1970s always says to me, 'You need to make more money. I don’t understand why you’re struggling so much ... Talk to the big boss and ask what you can do to move up. Just talk to him, you’ll see. You can’t keep struggling,'" a Redditor revealed.
"It’s just so out of touch. The big boss? Him? Just talk? He has no clue about recruiters and corporations and how expensive everything is right now," they concluded.
5. Start your own business
"Starting a business costs money that I don't have," one Reddit user admitted. "When you have less than $100 in disposable income left after paying your bills, you would have to save that small amount every month for YEARS before starting a business that may or may not work out."
"In the meantime, you're still poor," they continued. "And what are we meant to do during that time we're just waiting for that money to accumulate, so we can even get started in the first place? If we're saving everything, we're only spending it on bare necessities."
Not everyone has the means or financial resources to start their own business, and on top of that, it'll likely be a while before they see revenue from the fruits of their labor.
Many Americans are living paycheck to paycheck.
Around 35% of households with incomes below $50,000 a year are living paycheck to paycheck, up from 32% in 2019, according to Bank of America. Meanwhile, about 20% of households earning $150,000 are living paycheck to paycheck.
Similarly, a Gallup poll found that a majority of Americans say they feel worse off than they did four years ago.
While they may be well-intentioned, much of this advice is completely irrelevant to anyone in financial crisis. Before sharing tone-deaf suggestions, consider how applicable your recommendation is to the average American.
Nia Tipton is a staff writer with a bachelor’s degree in writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.