4 Financial Tips to Ignore

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by Scott Markland
Updated on: May 24, 2019

Solicited or not, friends and family love to offer financial advice. We’ve compiled a few of the most common financial tips others give that may not be the best advice to listen to. Have you ever received bad financial advice? Leave us a comment and tell us about it.

Close Your Credit Cards-There’s a myth that closing your credit cards will help boost your credit score. This isn’t true. Closing your credit cards will have a slight negative impact on your credit score, because part of your credit score is your credit history. Keeping cards open helps establish credit history, which boosts credit scores. Credit history accounts for 15 percent of your credit score.

Rent vs. Own-You typically hear owning a home is a good investment. However, everyone’s lifestyle is different. For some people, owning a home could be more expensive. Although homes generally don’t depreciate, there’s no guarantee of how much money you could possibly make when you sell your home.

A better idea would be to carefully do the math. See what fits your lifestyle better.

Pay Off Your Smallest Debt First-While paying off your debts is a financially smart move, you need to try to pay down the debts costing you the most. This means the debts with the larger interest rates attached to them. The more money attached to an interest rate, the more your debt will cost you.

For example, a 10 percent interest rate on a $2,000 debt versus a $200 debt. You would want to get the $2,000 debt down as much as possible faster because it costs you more….$180 more each payment period.

People Who Rush You To Make A Decision-Financial planning isn’t a rushed decision. Don’t listen to others who try to convince you find a hurried solution. Do some research for your financial issue.

About The Author

Scott Markland

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