An Open Letter to Bad Financial Advice
Financial gurus say the darndest things
Dear wiseacres,
If anyone calls you a financial guru, I’m afraid this letter’s for you. You may think your financial advice is top-notch. Heck — you might even be monetizing your free advice with online courses and e-books. It doesn’t mean your empty words are fit for purpose, realistic to implement, or even any good.
Budgeting isn’t about sacrifice
There’s one thing I agree with — spend less than you earn. I too enjoy putting my expenses in a spreadsheet and scrutinizing them with Virgo-inspired fervor. I just draw the line at slashing my brunch budget.
You admonish us to cut out everything not absolutely critical for survival. Streaming services, fast food, and retail therapy must go. Every free dollar is to reduce debt, build an emergency fund, or fund retirement.
This kind of budget won’t stick. If you cut out all the sugar and fat from a diet, you’ll slip up. That chocolate muffin will give you a seductive wink, and you’ll fold like a house of cards. After three snack-related capitulations, you’ll decide you’re too morally corrupt for dieting and abandon further attempts at nutritional self-care. And so it is for budgeting. If you deprive yourself of all…
