This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
STOP Taking Advice From Broke People
It’s a phenomenon that broke people give financial advice with 100% confidence, and it’s usually way off base. I’ve received ample financial advice through the years, much of which came from broke people. I always take it with a grain of salt.
The best thing you can learn from broke people is what not to do with your money.
1. Buy a new car.
Translation
Finance a fancy brand new car – even if you can’t afford it, and get the car you want. It’ll be worth it when you’re the best-looking car on the road.
For The Broke Person…
They’ve missed some car payments – butchering their credit and financial profile.
My Take
I’ve had my car for almost ten years. I get it; I could easily buy a new one, but I’m too d*mn stubborn, not in a rush to buy a new car, and don’t need a new one right now. I’m enjoying my classic ride, which hasn’t failed me.
2. Buy a nice house; you’re wasting money renting.
Translation
Take out a mortgage, and remember: bigger is better. You’ll always want more space, so it’s best to buy it upfront.
For The Broke Person…
They’re thinking about what other income they can bring in to pay for the mortgage next month [or this month] because they’re struggling to pay their mortgage each month; however, many still feel it’s worth it as long as they have the HGTV crib.
My Take
I’m not wasting money on rent if I can afford to pay rent and have a robust investment portfolio that includes real estate. Just because a person rents doesn’t make them ignorant or financially inept.
3. Travel and stay at the best places.
Translation
When you take a vacation, you need to treat yourself like a king. Stay somewhere nice. Use a credit card to rack up the points.
For The Broke Person…
Another credit card is getting maxed out whenever they travel.
My Take
I enjoy staying at nice hotels when I travel, but I’m not going to go over the top for something I don’t feel is worth it and compromises my financial goals.
4. Take out personal loans to fund your lifestyle.
Translation
Don’t worry if you’re cash-poor. Take out some loans so you can do everything you need to do (the funny thing about the word ‘need’ is we often get it confused with the word “want”).
For The Broke Person…
They have several personal loans with no meaningful purpose other than to buy superfluous stuff.
My Take
This is some of the sh*ttiest advice I’ve ever received in my life. Why would I take out a personal loan for no reason just because I can? Bye.
5. Take out a PPP Loan. Don’t miss this opportunity.
Translation
Come into some significant cash flow, and there are ways to avoid paying it back; you might even get the loan forgiven.
For The Broke Person…
They’re one misstep away from going to prison for defrauding the small business administration.
My Take
More crappy advice I ignored more than once.
6. Treat yourself.
Translation
You’re priceless. Invest in yourself. Treat yourself lavishly. You work hard. You deserve it!
For The Broke Person…
The minimum payments for self-care and “treat yourself” outings are becoming less manageable.
My Take
It is essential to treat yourself – as long as you’re not compromising your financial goals and health.
7. Get the latest iPhone. You got to stay up to date.
Translation
If you want to assimilate and stay in the now, the latest iPhone is a must; this contributes to your social net worth.
For The Broke Person…
If needed, they still can’t afford to buy the phone outright. Furthermore, the phone bill takes a more significant chunk of their paycheck than it should.
My Take
I will hold onto my iPhone for 2–4 years at a time. The only reason I get new ones is that I run out of space, or my phone gets jacked up.
8. You only live once; buy it!
Translation
You might not even be here tomorrow. Live on the edge. Free yourself from financial worry. Get what you desire. Embrace pleasure!
For The Broke Person…
Bankruptcy is right around the corner.
My Take
True. You do only live once, and you don’t take anything to the grace with you. Let’s be more thoughtful about our purchases.
9. You need to get out more.
Translation
Get out of the house, go party, go to more events, do more stuff, and buy more stuff.
For The Broke Person…
When going out, they can only afford to pay their bill. On second thought, can they really afford their bill if they still have to charge it? Lastly, they’re always looking for a super deal when they go out.
My Take
It is important to get out of the house, but getting out of the house doesn’t mean you have to break the bank. There are plenty of free things to do outside of the house that won’t hurt your pockets.
10. Why do you always wear the same clothes?
Translation
Your image is essential; you need to invest in your appearance.
For The Broke Person…
Their closet is overstuffed with clothes worn and unworn – with tags – still unpaid for on that plastic credit card.
My Take
Many of the clothes I own have been in my possession for over twenty years. New clothes are overrated; I could genuinely probably use a few, and I will eventually get some, but it’s not a priority. I won’t die if I never go shopping again.
One More Thought
If you want to be the opposite of broke, simply do the opposite of broke people. It’s helped me come a long way financially.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.