These days, a lot of people are giving out financial advice and information. They are telling you what you should and shouldn’t do with your finances and money. Including how to grow it, and become financially free. Oftentimes, this information is quite contradictory, for each one might have an opposing one. Which makes it confusing for anyone following through those financial tips. In this article, you’ll be learning that financial information you should cringe at every time you hear them.
What should work for you?
As with everything in life, there isn’t one solution to your financial dreams. You’ll always find different ways to get to it. Maybe, this is why the online space is crowded with different ways of tackling your finances and money. The ultimate truth is that the person teaching those lessons is coming from a place of experience.
The fact that it worked for them doesn’t mean it’s true, it’s only that it worked for them. You may see things online that you cringe or disagree with because of your personal experiences.
Cringe at frugality with food
The idea that you need to be frugal with your food spending is one of the thoughts you should cringe at. Online, people talk about how little they spend on their food and the pride they have in their food budget.
Your body is a temple and is worth taking good care of. You shouldn’t be frugal with your food to the point of eating food less nutritional because you are trying to save money. Please, cringe at the thought of this.
You will not be able to perform at your best if you are not giving the optimal nutrition to your body. Even though you do not have much money at the moment, you should eat healthy foods. Find ways to keep your health in check with the foods you consume.
Cringe at overworking as a necessity for success
You do not need to work ridiculous hours for you to succeed, you should cringe at this thought too. The hustle culture has been pushed to us over the last few years and it’s rampant on the internet too. We are shown how it is important to hustle and grind for 24 hours if you want to succeed.
It’s not bad to hustle and grind. There are moments in your life when this is important. For various goals, you set for yourself, hustle, and grind. Once you have achieved them, give yourself a break, rest, and rejuvenate. If you do not bring yourself back to balance you’ll burn out.
A house is always an asset… Cringe
Most people are falsely fed the idea that buying a house is always an asset. It’s the most common financial piece of advice on the internet. If you have read Robert Kiyosaki, you will know that a house isn’t an asset, but a liability, unless it is sold.
You should have your house be an investment property instead of the one you are living in. Of course, we should not write off the point that not everyone would be able to buy a house outrightly. It’s only to point out that your house is a liability because of the expenses of maintaining it.
Read also: You’ll never be rich and here is why
Buying a house and having to pay everything in full after let’s say 30-40 years is a bad financial idea. You wouldn’t know nor have a taste of what financial freedom feels like. And that is because you’ll be in debt, even though, you think you are paying for the minimum every month. It’s still wrong financial advice.
Unless, you are buying a duplex where you live in one, and rent out the other part. That way, the rented part pays for the mortgage payment and interest. Apart from this, your house is a liability, cringe at this idea.
The only way to invest in property is through debt
Debt is just a common thing these days, and you’ll be tempted to buy, buy, and buy, without restrictions. You might be living in luxury through credit card debts. Phew, this is a lifestyle you should cringe at because you are living a lie. You simply cannot afford the things you own or spend on, it’s not reflecting your actual financial position
Your major goal should be to become debt-free as soon as possible so you can enjoy the abundance of being financially stable.
Read Also: A debt-free life is the best life ever
You’ll hear a lot of financial experts advising you to use debt to buy properties. It’s a common thing though, but there are two ways about all of this. You might be among the people who do not know how to properly handle debts. So, Unless, you know how to use debt very strategically, you should cringe at the thought of using debt to acquire things.
The second reason is putting all your hopes on the bank to save you is crazy. What if we experience hyperinflation in the next few years and you discover you do not own anything. The financial establishments might decide to take their properties away if you can not pay up during the worst financial economy of the country.
However, if you are in the market to buy anything, go ahead, but buy below your means. Pay no attention to the bank telling you they will help you secure the shiny houses and pull you into huge debts.
These are the various financial advice that you should cringe at. And the reason is that they are not given in your best interest. Give your body the right foods and nutrition, so you can perform at your best. Do not buy anything with debt, if you can’t afford it, wait till you can or buy below your means. Finally, when you grind and hustle, give yourself breaks, and rest, so you can be revitalized for the next journey of your financial success.