We asked 16 regular people on the streets of NYC about the best and worst financial advice they've ever received, and most were told the same thing

Alia Shalaby 28 New York City no job

  • We asked people in New York City about the best and worst financial advice they’ve ever received.
  • Some people said the best advice was to save and prepare for the future, while others said the worst advice was to accept a job just for the money. 
  • Parents don’t always set a good financial example, and some people had to learn finances the hard way.

 Whether you read it, hear it, or see it, good and bad financial advice surrounds us.

After asking people in the streets of New York City the best and worst money advice they’ve ever received, we found that a majority of people were told similar things.

For the most part, bad financial advice included taking a job just for the money or waiting to save until later in life. Many said the best money advice they received is the exact opposite: save, budget, and plan for the future.

For advice that can’t be read online but is more often passed down from parents, the answers were also similar. Many people said their parents taught them to save and plan for what lies ahead. Some people did not receive great advice from their parents and taught themselves how to be financially successful — or are still learning. 

With escalating trade tensions, high cost of living in major cities, and spiked interest rates that could lead to a possible recession, being equipped with good financial advice is as crucial as ever. 

We asked 16 people on the streets on NYC about financial advice they’ve received in life and what their parents taught them about money. Here’s what they had to say:

SEE ALSO: We asked 17 people on the street in New York City how much money it takes to be rich, and almost all of them said the same thing

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Angel Tenesaca, 52

What’s the worst / best financial advice you’ve received?

I would say that you have to save it. You have to organize your finances, for your kids‘ education and for your retirement. I think that’s best.

What did your parents teach you about money?

They didn’t give me any advice because economically they were not well, so this is what I learned from scratch.

Alia Shalaby, 28

What’s the worst / best financial advice you’ve received?

That’s a hard question. It’s always when you make more money, like when you go for a job that offers you more money and you’d be happier, that’s the worst.

The best — try to seize the moment and buy what you really want in the moment, I mean, yes you plan for the future, but don’t overthink it.

What did your parents teach you about money?

They probably encouraged me to save money but I never did, yeah I’ve never been able to do it.

Dakota Lillie, 26

What’s the worst / best financial advice you’ve received?

Best: maximize your 401(k) early on, save for retirement.

What did your parents teach you about money?

To budget and plan accordingly for your needs.

See the rest of the story at Business Insider
Source: Business insider

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