When I hear financial tips that are unrealistic or shame-inducing, I cringe. Any advice that makes complicated money moves seem like an easy path to profit is downright dangerous.
Questionable guidance is all around, oversimplifying important decisions or claiming a one-size-fits-all approach will work. Amid the black-and-white world of advice-giving, there’s a lot of gray. Don’t ignore your unique needs and circumstances when plotting out your finances.
LACK OF WEALTH DOESN’T MEAN YOU LACK DISCIPLINE
There’s a subset of social media dedicated to what I call “hustle worship.” These posts will have you believe that if only you’d work harder, wake up earlier and eat the exact same breakfast as Elon Musk does, you’d be a billionaire.
This advice glosses over larger issues that prevent millions of hardworking, disciplined people from attaining financial security – like crushing student loan debt, job uncertainty and budget-busting child care costs. According to NerdWallet’s 2019 American Household Credit Card Debt study, the average U.S. household with student loan debt owes $46,459. Average annual U.S. child care costs ranged from $18,442 to $26,102 in 2019 for two children in full-time care in a child care center, according to a report by Child Care Aware of America.