The 5 worst pieces of financial advice that will cost you time, money and sanity.

The 5 worst pieces of financial advice that will cost you time, money and sanity.

There are many different times that we hear pieces of financial advice that are supposed to help you get to the next level of your fiscal life. It is important to take a lot of these tips with a grain of salt. There are actually some pieces of advice that will hurt you in the long run. Understanding that you are not going to have the best advice financially from everyone will help you be more cautious with the financial advice that is being given to you.

Fresh air will save you money on cooling your home 

When someone tells you to just open your windows instead of turning on your air conditioning, they are helping you waste money instead of saving it. When it is too warm outside, you are not going to have the wind cooling power you need to make it cost effective. Instead, your home will simply just be getting warmer and warmer as the day goes on. 

Try to win money in contests 

If you are constantly spending time and energy trying to win money in contests, you are going to be let down. Your time can be better spent furthering your education, advancing in your career, or starting your own business. If you are constantly trying to win money on radio shows and giveaways, you will find that you will not have much of a return for your time investment. Instead, try building a future for yourself that you can be proud of. 

Go ahead and write a book 

Anyone who is telling you to write in order to create a passive income stream has probably never written or published a book. Having a book that makes you passive income while you sleep is just about as likely as becoming a rockstar. While it is possible, it is very unlikely that it will happen to you. 

Getting too into self-help books 

Self-help books and seminars can be a great way for you to learn more about business and yourself while getting the hype you need to really take action. However, there are times when it can just be too much. You need to make sure that you aren’t getting too into the type of self-help obsession that will keep you from ever taking real action. It is easier for you to actually go out in the world and make things happen when you aren’t too busy watching inspirational YouTube videos or reading books all day long. 

Always hang onto your loose change 

Hanging onto your loose change is a very insignificant way of saving up a substantial amount of money. Instead, you can use apps or programs that will help you round up credit card transactions and turn that loose change into investments. Only using cards will also be a better way for you to track all of your purchases. 

Learning different ways to save and manage your money can make a big difference. Instead of trying to scrimp and save, you will have strategies that will help take your business to a whole new level.

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