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When relatives give bad advice

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Re: When relatives give bad advice

Yes I've heard it all from MLM to do as I say but not as I do but just do it... For your better half's sake just nodd and grin Smiley Wink What you do for love...








"Give me liberty, or give me credit!" -PlasticDad

Message 11 of 14
Established Contributor

Re: When relatives give bad advice


@wasCB14 wrote:
My extended family is a bit weird with money.

The people who are broke love to give advice and promote themselves as experts in all areas of finance, particularly regarding investing. As they try to tell me how they are brilliant investors, either they don't know...or don't care...that I know they're nearly broke (based on what their far more credible parents/siblings/spouses have said).

The people who have money and invest prudently usually play dumb and try to avoid discussing details around others so as not to arouse jealousy.

One relative knows I'm a savvy CC user into perks and miles but still tries to convince me about a number of what might be called CC urban legends.

Another relative recently talked to me (not to a general group) for several minutes about how he recently made X% in 2 months on Z company, and didn't care in the least when I took my phone out then and there and, after looking at the company and clarifying his precise claim, expressed fake confusion and only vaguely hinted the claim was impossible. (To have made X% in Z, one would have had to own it for many years.)

On another occasion, he was talking about stocks and he pressed me for the value of my investment in some given company. The true value was $X, but I responded with about 1/20th of X.

Another broke relative talked about company XYZ and how a long history of not paying a dividend allowed it to pursue all kinds of growth. I knew XYZ had paid a regular dividend for decades, but took out my phone and said something to the effect of "according to such and such website" it was "now" paying a dividend.

Anyone in a similar situation? How do you respond to the propagation of bad advice (and general financial BS) by relatives who shouldn't be giving it?

For folks who do this, I politely change the subject. Its not worth it to me fighting them. I notice releatives who are flushed(with cash) dont brag or even talk about the latest stocks. I am starting to learn myself to take care of my credit and save as much as I can. 

Message 12 of 14
Valued Contributor

Re: When relatives give bad advice


@Blackswizz750 wrote:

@wasCB14 wrote:
My extended family is a bit weird with money.

The people who are broke love to give advice and promote themselves as experts in all areas of finance, particularly regarding investing. As they try to tell me how they are brilliant investors, either they don't know...or don't care...that I know they're nearly broke (based on what their far more credible parents/siblings/spouses have said).

The people who have money and invest prudently usually play dumb and try to avoid discussing details around others so as not to arouse jealousy.

One relative knows I'm a savvy CC user into perks and miles but still tries to convince me about a number of what might be called CC urban legends.

Another relative recently talked to me (not to a general group) for several minutes about how he recently made X% in 2 months on Z company, and didn't care in the least when I took my phone out then and there and, after looking at the company and clarifying his precise claim, expressed fake confusion and only vaguely hinted the claim was impossible. (To have made X% in Z, one would have had to own it for many years.)

On another occasion, he was talking about stocks and he pressed me for the value of my investment in some given company. The true value was $X, but I responded with about 1/20th of X.

Another broke relative talked about company XYZ and how a long history of not paying a dividend allowed it to pursue all kinds of growth. I knew XYZ had paid a regular dividend for decades, but took out my phone and said something to the effect of "according to such and such website" it was "now" paying a dividend.

Anyone in a similar situation? How do you respond to the propagation of bad advice (and general financial BS) by relatives who shouldn't be giving it?

For folks who do this, I politely change the subject. Its not worth it to me fighting them. I notices releatives who are flushed dont brag or even talk about the latest stocks. I am starting to learn myself to take care of my credit and save as much as I can. 


Fortunately for me, in this situation, I am the poor, broke relative. Our family has always had three rules at family gatherings. We do not speak about 1) religion; 2) politics; 3) finances. Currently, if someone comes to me with a financial proposition I just inform them that my money is tied up in investments with my financial advisor.













Credit isn’t just a score, it’s a skill.
Message 13 of 14
Regular Contributor

Re: When relatives give bad advice

I had a coworker that was exactly like this!  He thought he was an expert on everything.  We all just ignored him.  I think some people just like to be the center of attention or have that 15 minutes of fame.  He would say something totally wrong and I would have to go back to that person and correct his misinformation to set things right.  This person I quit speaking to and eventually he quit and found a job elsewhere.

 

Cut out or limit your time with this person is about the best advice I can give.

Message 14 of 14