What's the worst financial advice you were ever given?

[barrett]

Just for fun... Anyone want to share any truly terrible money advice they have been given over the years?

[barrett]

I asked this question because I was just thinking back to the time in 1990 that 'my guy' advised me against buying 30-year treasuries that were yielding 9%. Ouch!

[goodasgold]

I was my own worst advisor. Around 2000 I ignored the advice of Mel Lindauer on the old Morningstar BH list. He was telling everyone who would listen to "back up the truck" and feast on the newly-created I-bonds, which were paying 3-4% plus the inflation rate for 30 long and beautiful, tax-deferred years. And the individual limit for I-bond purchases at that time was $30,000. I don't recall if work-arounds permitted buyers to pile even more into their trucks.

Did I listen? Nooooooooooo... 

Years later, even before I moved to the PP, I eventually woke up and realized that I-bonds were still a good deal, even at the 1.2% over inflation rate offered at a later date.

[dualstow]

Worst financial advice - too terrible to tell, but it's ok because I didn't go for it.

Worst investing advice - some high-flying Chinese stocks from my (at the time) Taiwanese brother-in-law. (Didn't buy).

All in all, like goodasgold I was probably my own worst advisor. After all, I had a lot of face time with the potential investor. Like, every time I shaved.