What would you say is the WORST financial advice that you have ever received?

I don't necessarily mean specific investments involving risk where you just turned out to be unlucky (although you can include those if you wish).





I'm looking for well-meaning advice given by someone who sincerely wanted to help (and wasn't just in it to try and sell something to you) that just turned out to be flat-out wrong.





Did you KNOW that it was terrible advice at the time, or did you try it out first?What would you say is the WORST financial advice that you have ever received?
As a young college student, I was still living at home. I wasn't making enough money to pay for college and my parents had no interest in helping me do so. Because they made ';enough'; money and I lived in their home, I didn't qualify for financial aid.





Concerned about this quandary of not having enough money for college but needing to attend college, I looked to my mother for help.





';Just put it on credit cards,'; she advised. ';That way, you pay for college AND build your credit!';





I have since paid off the other two and still have to pay the one. Thanks, mom. Worst. Financial. Advice. Ever.What would you say is the WORST financial advice that you have ever received?
From a well-meaning relative: You can never lose money in real estate. It just continues to go up in value.





The reality, of course, is that while real estate, on the whole, is a good investment, it can go WAY down in value for extended periods, as we have been witnessing over the past couple of years.
1982 - I was 17. I had a great idea.





Buy up the life insurance policies of people who are dying and have no relatives. Give them 70 to 80 cents on the dollar and collect on the policy when they die.





My parents thought that was sick and disgusting. Then along came the AIDS epidemic. I figured I was doing people a favor. If you are going to die and you need the life insurance money while you are alive, then why not cash it out and enjoy the time you have left? You don't have to spend all of it. You can set some aside for the funeral.