You'd also pay the money due at that time. But I'm trying to be realistic and understand that I can't expect that to repeat itself. And to make matters worse, some of the financial advice given out during 2020 has been awful. She just lost her job (again) and now they are in danger of losing the house. There was a suit against the company and I recouped some of the lost $. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. You would owe your marginal tax rate on that, possibly $22 or so but it varies. Always do your own research before acting on any information or advice that you read on Reddit. 2020 has been rough. Anonymous “Buy a house. "Good" can be a subjective term; in … It took DH a while to stop listening. I've never heard of a bank not wanting to take more of your money. We knew it wasn’t going to be a long term thing so we never really considered buying. and walked out the door. Buy variable annuities in your tax-deferred retirement plan. Have you ever scrolled through Reddit? Like a gigantic addict. Edit: They did have a signed month to month lease with my MIL. "Almost got that one, only one number off", well yeah, it's a pick 3. The beats, they keep on coming. So they do what any rational person would do and MORTGAGE THE HOUSE SO THEY CAN RENOVATE IT. Getting 2/3 every couple months isn't making up for the thousands of dollars you've flushed buddy.. Married couple I know have never held down jobs. Some of us ignore the recommendations; others follow it, to their later regret. Press question mark to learn the rest of the keyboard shortcuts. When not on a mobile device, we recommend browsing Personal Finance using the classic version of Reddit. Honestly, the answers will make you thank god that you were not in their place. Here is some of the best and the worst investing advice you've probably heard. 01/27/2021 14:27 Subject: Re:What’s the worst piece of financial advice somebody has given you? The Worst Pieces of Financial Advice You’ve Ever Heard Of - … “The worst advice I have ever received was to take out a whole life insurance policy because you never know if you’ll become uninsurable. It's absurd. A good financial advisor can add tons of value to your financial well-being and can enhance your quality of life. You sell him a couple tickets every few minutes, and yeah he often gets a couple ok winners (a couple 20-100 winners :/)... but then later I realize that the vending machine is low on $20 tickets, and the next day I see that we sold $800 more in instants than the previous day. On 11/30/20, a transaction appeared on my checking account from a company called SAU AUTOMOTIVE LTD in the amount of $3,999.00 and referenced gosq.com and listed as a debit card transaction. My aunt took me to a car dealership when I was looking to buy my own first car. I lived in the Phoenix area from 2005 to 2009. I spoke with someone and reported the fraud, and she assured me the issue would be looked into and sent me a new card. The Worst Financial Advice from (Past and Present) Presidential Candidates Tawnya Redding October 19, 2020 We recently had one of the worst, if … Here’s some of the worst financial advice that nine personal finance bloggers and financial advisers have received through the years. The guy keeps getting fired and the girl keeps quitting because of various reasons. But is taking financial advice from strangers online actually a good idea? r/AskReddit is the place to ask and answer thought-provoking questions. Not totally financial advice, per se, but still kind of crazy to me. 31.4m members in the AskReddit community. I'm wanting to get into stocks or crypto but I have no clue how to get into either as they're daunting, and I don't want to jump in willy nilly and burn away my cash with stupid decisions. Spend extravagantly on the things that matter to you and cut mercilessly the things that don't. Recently her husband's mother died and willed them a fully paid for house. While there's a lot of good financial advice that could be beneficial to someone trying to save money, there's also some really bad guidance being given. Reddit has taken center stage after its users organized to game the stock market. A recent Reddit thread asked people, "What's the worst piece of financial advice somebody has given you?" r/AskReddit is the place to ask and answer thought-provoking questions. 11 Financial Advisors Share Their Own Worst Investing Mistakes The truth is, the vast majority of investors aren't perfect – and that includes financial advisors. I found the fraud on 12/3/20 and immediately contacted Bank of America. In honor of the upcoming election and questionable presidential proficiency, we’ve brought you some questionable financial advice from U.S. Presidents, along with several Presidents who were downright bad at managing their money (although luckily, these typically thought better of giving financial advice). Anonymous wrote:“Don't go to community college, you'll never get a job.Instead apply at X and X colleges so you have have the ‘real’ college experience.” My grandmother, aunt, uncle, and cousin all told me this, and I really considered their advice because my parents really didn't give a shit what I did. Here, please treat others with respect, stay on-topic, and avoid self-promotion. Private communication is not safe on Reddit. But you have to do that on paper, and you need to wait until the IRS processes your return. You are not going to owe massive fines or go to jail. I went to a financial planner who talked me into one, I was young and didn't know any better. She eventually evicted them for unpaid rent and damaging property. Sounds like my co-worker. Lent my friend $100 to pay rent. Conventional wisdom says investing is difficult and most people can’t manage their own investments without the help of a financial advisor. This is the worst career advice from Reddit. Jesse Cramer October 12, 2020. My aunt has declared bankruptcy twice in her life due to never having learned her lessons. Thanks in advance for any advice! Man lost his job again, woman got pregnant. What’s the worst piece of financial advice somebody has given you? So, in no particular order, things to know: You can't electronically revise your return, or otherwise request a do-over. Hey everyone. My landlord bought an expensive boat and then tried raising my rent the next day. Press question mark to learn the rest of the keyboard shortcuts, https://www.irs.gov/faqs/irs-procedures/collection-procedural-questions/collection-procedural-questions-3. My mother in law felt bad for them and let them move into her basement for peanuts for rent. (In particular, if you were still a dependent, then this can get unexpectedly expensive.). We have far too many people spending over 100 a week. Brilliant. 19.8k votes, 14.7k comments. 4.3k. A plethora of topics and content exists on the site. 6. He looked at the woman behind the counter said.. "Well there goes the rent money." https://www.irs.gov/taxtopics/tc308, If you don't amend your return, the IRS will eventually send you a letter noting that you forgot to declare this income, and so they are billing you for the money you owe them, plus interest and possibly minimal penalties. A couple years ago I released a game that did really well and to this day I've earned roughly 1.3m USD from it after taxes. Recently u/Miserable-Tea … Multiple years of hefty price declines after the 2007-2008 global financial crisis debunked this myth. More likely, the agent didn’t know when he was going to get his next commission check.”-Lance Cothern, Money Manifesto. He bragged recently about how much he got from his tax return so I asked if he was going to use it to pay down his loan on the car and he insisted that it was pointless because he'd still have the same amount of payments and how the bank won't let him make additional payments per month. 509 comments. There are a shocking number of people who spend $>5 a day in lottery (which okay doesn't sound so bad, but this isn't some upscale neighborhood.. and a big percentage of the people that are big spenders buy a ton of pick 3/pick 4, which is just pointless. r/AskReddit - What’s the worst piece of financial advice somebody has given you?Leave a Like and Subscribe for more Daily r/AskReddit Stories! MoneyTipsMost of us receive poor financial advice at some point in our lives. Please check your credit card and debit card activities for this merchant. (This applies as a secondary rule to "Live within your means") Think of any subscription services … He also is one of those guys that buys them one or two at a time, so if you need to do anything else you can't, you're stuck behind the desk selling this dude lottery for half an hour. I'm assuming she also probably never paid you back? Had the baby, quit to take care of it. Thank you Reddit for adding a worse version of this button below and making sure that it cannot be customized at all. I did not receive any state or federal financial aid, but did participate in several school-specific programs that significantly reduced my expenses. Press J to jump to the feed. Two days later, she makes a Facebook post about all the cool items she's picked up at a flea market specializing in rock and roll paraphernalia. He's currently financing a 2016 Altima from a buy here/pay here place with a huge interest rate and is always complaining about how the car and insurance is taking up all his money but then brags later on about all the upgrades he's making to his completely functional gaming PC. Only had it for one summer because they couldn’t afford it. Had an employee talk about selling his car because his commission check wasn't supporting him and his bills. After he spends all that time up front he goes and uses the machine, coming back to the desk to cash in winners and keep going. For the vast majority of people in this situation, there is no need to panic. New comments cannot be posted and votes cannot be cast. People like her are the only opportunities we have to enter the housing market these days. It's hard to say, especially when you think about some of the truly shocking financial advice that people give and receive. Issue is I'm 23 years old and have little to no idea on how to actually spend or make money outside of games, and I'm wanting to invest some of the money I have to try to better secure my future. But the only real sources of unhappiness in my life right now are financial — paying medical bills, paying for school, making rent, etc. And just never winning anything. Even well-known financial pundits, who encourage taking control of other aspects of your financial life, suggest you punt when it comes to investing. They still went to Disneyland. Worst advice I've seen is the guy in another thread suggesting that you can effectively protect against losses with a stop loss order. 1. Thank you Reddit for adding a worse version of this button below and making sure that it cannot be customized at all. I love game development, its been my passion forever. You can and actually should file an amendment to your tax return if your tax liability increased as a result of this. https://www.irs.gov/faqs/irs-procedures/collection-procedural-questions/collection-procedural-questions-3. 02/01/2021 14:57 Subject: Re:What’s the worst piece of financial advice … Otherwise I’m happy as a clam. If only this were true. I was given a timeline of 10 days until I would be given a provisional credit in the amount of $3,999.00 and the claim could take up to 90 days total to be resolved. Sometimes all you can do is shake your head in disappointment. The Worst Financial Advice You Could Ever Receive. So, we found a thread on Reddit where people have gotten the worst financial advice from others. Either way, until the government, regulators, and Canadian banks start getting more ambitious about doing right by consumers, Reddit is where some young investors are turning to for financial advice. That was my worst advice. On 12/14/20 I received notice that the claim was resolved and Bank of America found that their "records show the transaction activity in question was authorized and posted correctly to your account.". I got charged 1.55 on my credit card and apparently within the past 20 hours a lot of people are seeing it on their cards as well. Dropped $500 won back nothing. Ignore any private messages or chat requests. Join our community, read the PF Wiki, and get on top of your finances! Reddit asked its users for the worst advice they’ve ever been given, and it got incredibly real incredibly fast. The Worst Investment Advice. Trashed her house, never paid. I never authorized this transaction or had any knowledge of this company. I’ve come to the conclusion that a lot of the “free” financial advice floating around is worth exactly what we pay for it. Self-promotional advertising or soliciting, Relationship or personal advice discussion, Press J to jump to the feed. Here's our list of the worst financial advice in 2020. Is there any hope of getting that money back or am I SOL? Suppose that you had $100 in interest, dividends or short-term capital gains that you forgot to include in your tax return as taxable income to you. The Worst Financial Advice of 2020. They go every year they said. 4. at least if you win powerball or megamillions it'll affect your life... if they just stopped playing they'd be winning a couple times a year effectively). Bad advice: Use balance transfers to "pay off" credit card debt. Long story short I've been an indie game developer on the gaming platform roblox for little over 10 years. Yeah... we have a guy currently who buys like...200-1000 dollars of tickets every time he comes in (he buys the big ones, or used to... he recently changed it up, and having him come to our store makes ordering lottery fucking irritating), which varies but is normally at least once a week. A balance transfer credit card can let … If I had the cash I could make three $300 payments in the same month on my car loan and the bank would gladly take it. I got extremely lucky to get this opportunity , the game is fairly dead now, and my chances of releasing another hit are fairly slim. 2 months and 1 CFPB complaint later, BofA is still denying any refund or compensation. … Any idea what my next steps should be? Now, if your 1099B reports tens of thousand of short-term capital gains from daytrading or some such thing, then you could be looking at some significant additional liability, so then the interest and penalties would be more substantial. When the guy got a job again he kept making excuses about rent. One hour later comes back into the office bragging about the new gaming and home entertainment system he bought. For those who aren't familiar with roblox , for developers its much like the mobile gaming app stores but more social. Pretty much all of the financial advice FIL (who had a PhD in economics from Wharton) ever gave DH. One time I saw a guy go through $500 in $20 scratch off lottery tickets at a cigarette store. The IRS would send you a note later in the year asking for that $22 + not much more in interest and penalties, and you would pay it at that time. So this is the time of year when people report the following: they recently filed their federal income taxes electronically, they just received a 1099B document from their bank / brokerage and didn't include that in their tax filing, they want to know their responsibilities and options. Get your financial house in order, learn how to better manage your money, and invest for your future. We are bombarded by both good and bad financial advice from friends, advisers, the news and family. More specifically, on Reddit, people have been very open about the worst sex advice they have ever received. Share on Twitter Share on Facebook Share on LinkedIn Share on Reddit. I rejected that advice, of course, since it was highly unethical, and we decided we weren’t ready to buy a house at that time.” INVESTING Ben Stein, author of “How to Ruin Your Life”: “The absolutely worst financial advice I ever received was to buy an array of Internet stocks in early 2000. My too kind MIL gave them a couple months of no rent to get back on their feet. Even career advice. I was shocked and appalled.

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