31.4m members in the AskReddit community. 01/27/2021 14:27 Subject: Re:What’s the worst piece of financial advice somebody has given you? Please check your credit card and debit card activities for this merchant. 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. r/AskReddit is the place to ask and answer thought-provoking questions. Lent my friend $100 to pay rent. 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. Any idea what my next steps should be? 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. I love game development, its been my passion forever. This is the worst career advice from Reddit. Have you ever scrolled through Reddit? Is there any hope of getting that money back or am I SOL? 509 comments. We have far too many people spending over 100 a week. You are not going to owe massive fines or go to jail. But I'm trying to be realistic and understand that I can't expect that to repeat itself. 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. 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. 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. 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. Dropped $500 won back nothing. Buy variable annuities in your tax-deferred retirement plan. Here's our list of the worst financial advice in 2020. Thanks in advance for any advice! 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. "Almost got that one, only one number off", well yeah, it's a pick 3. I lived in the Phoenix area from 2005 to 2009. MoneyTipsMost of us receive poor financial advice at some point in our lives. Get your financial house in order, learn how to better manage your money, and invest for your future. 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. I found the fraud on 12/3/20 and immediately contacted Bank of America. A good financial advisor can add tons of value to your financial well-being and can enhance your quality of life. They still went to Disneyland. Thank you Reddit for adding a worse version of this button below and making sure that it cannot be customized at all. r/AskReddit is the place to ask and answer thought-provoking questions. 19.8k votes, 14.7k comments. We are bombarded by both good and bad financial advice from friends, advisers, the news and family. 4.3k. Even career advice. 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. 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. 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). My landlord bought an expensive boat and then tried raising my rent the next day. Otherwise I’m happy as a clam. 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. The Worst Financial Advice You Could Ever Receive. … But you have to do that on paper, and you need to wait until the IRS processes your return. It's hard to say, especially when you think about some of the truly shocking financial advice that people give and receive. Press question mark to learn the rest of the keyboard shortcuts. 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. So, we found a thread on Reddit where people have gotten the worst financial advice from others. Self-promotional advertising or soliciting, Relationship or personal advice discussion, Press J to jump to the feed. Bad advice: Use balance transfers to "pay off" credit card debt. 6. When the guy got a job again he kept making excuses about rent. If only this were true. 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. More specifically, on Reddit, people have been very open about the worst sex advice they have ever received. (In particular, if you were still a dependent, then this can get unexpectedly expensive.). And just never winning anything. They go every year they said. Like a gigantic addict. 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. The beats, they keep on coming. “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. But is taking financial advice from strangers online actually a good idea? 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. The guy keeps getting fired and the girl keeps quitting because of various reasons. Sometimes all you can do is shake your head in disappointment. Reddit asked its users for the worst advice they’ve ever been given, and it got incredibly real incredibly fast. 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. Edit: They did have a signed month to month lease with my MIL. 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. Hey everyone. 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). I’ve come to the conclusion that a lot of the “free” financial advice floating around is worth exactly what we pay for it. Pretty much all of the financial advice FIL (who had a PhD in economics from Wharton) ever gave DH. People like her are the only opportunities we have to enter the housing market these days. Honestly, the answers will make you thank god that you were not in their place. Had an employee talk about selling his car because his commission check wasn't supporting him and his bills. You'd also pay the money due at that time. I spoke with someone and reported the fraud, and she assured me the issue would be looked into and sent me a new card. She eventually evicted them for unpaid rent and damaging property. You can and actually should file an amendment to your tax return if your tax liability increased as a result of this. 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. Anonymous “Buy a house. Spend extravagantly on the things that matter to you and cut mercilessly the things that don't. Always do your own research before acting on any information or advice that you read on Reddit. and walked out the door. (This applies as a secondary rule to "Live within your means") Think of any subscription services … 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. It took DH a while to stop listening. The Worst Financial Advice of 2020. The Worst Pieces of Financial Advice You’ve Ever Heard Of - … 2 months and 1 CFPB complaint later, BofA is still denying any refund or compensation. Long story short I've been an indie game developer on the gaming platform roblox for little over 10 years. Man lost his job again, woman got pregnant. My aunt took me to a car dealership when I was looking to buy my own first car. For the vast majority of people in this situation, there is no need to panic. I got extremely lucky to get this opportunity , the game is fairly dead now, and my chances of releasing another hit are fairly slim. Here, please treat others with respect, stay on-topic, and avoid self-promotion. One time I saw a guy go through $500 in $20 scratch off lottery tickets at a cigarette store. 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. The Worst Investment Advice. Conventional wisdom says investing is difficult and most people can’t manage their own investments without the help of a financial advisor. What’s the worst piece of financial advice somebody has given you? 1. 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. Some of us ignore the recommendations; others follow it, to their later regret. Multiple years of hefty price declines after the 2007-2008 global financial crisis debunked this myth. Here’s some of the worst financial advice that nine personal finance bloggers and financial advisers have received through the years. So, in no particular order, things to know: You can't electronically revise your return, or otherwise request a do-over. Even well-known financial pundits, who encourage taking control of other aspects of your financial life, suggest you punt when it comes to investing. But the only real sources of unhappiness in my life right now are financial — paying medical bills, paying for school, making rent, etc. And to make matters worse, some of the financial advice given out during 2020 has been awful. A recent Reddit thread asked people, "What's the worst piece of financial advice somebody has given you?" My too kind MIL gave them a couple months of no rent to get back on their feet. Not totally financial advice, per se, but still kind of crazy to me. 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. 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! The Worst Financial Advice from (Past and Present) Presidential Candidates Tawnya Redding October 19, 2020 We recently had one of the worst, if …
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