January 5, 2022
“I’m about to show you how to never stress about money ever again.”
Sounds too good to be true. But the man continues…
“And you’ll be able to afford whatever you want, whenever. Buy a Ferrari and drive off the lot if you want! And it’s real simple…”
He leans in close.
“Just stop paying your bills.”
This is, without a doubt, the worst financial advice ever given. And it’s incredibly common.
Need proof? Just go to Reddit and search for ‘worst financial advice ever.’ It shows up multiple times in every thread.
And it’s not only crazy uncle types living in McMansions giving it. Apparently, paying off debt isn’t a priority for a vast swathe of the population.
But here’s the truth—not paying debt can have serious consequences.
At best, it will ruin your credit score and make it nearly impossible to rent, purchase a home, or buy a car.
At worst, you can go bankrupt. In other words, you could lose everything.
Instead, seek to eliminate debt swiftly and effectively. Don’t bury your head in the sand about the damage it can cause to your financial future.
And if someone ever tells you to not pay off your debt, ignore them. They’re living on borrowed time… and money.