Handed-down financial advice can be highly subjective or dated, and dependent on economic conditions
The old adage that a car loses 11-30 per cent of its value when it is driven off the lot doesn’t hold water in the post-Covid used car market where, in Ireland, prices have jumped 77 per cent
It’s nice to know you can save €40 a month by doing manicures at home but, in the long run, unless it’s invested or put in an extremely high yield savings account, it’s not going to set you up for retirement. That still hasn’t stopped shaky advice – such as that investing in property is as “safe as houses” because the market will eventually always go up – still being dispensed.
Choi found that although “popular financial advice can deviate from normative economic theory because of fallacies”, it was still useful to consumers “When I was starting, people said you need to cut everything out,” she says, in terms of slimming down things such as the weekly food shop. “We cut back too much and found we were spending more on takeaway because we had less in cupboards, so it’s important to be realistic.”
‘It’s about working out the best value. Budgeting is about taking control rather than going completely frugal ... you still have to get the things you need.”, says taking advice from global best-selling finance books without understanding how the US banking system differs from the Irish one can lead to expensive mistakes.
“I couldn’t buy concert tickets on a Pass [debit] card so I ended up with a card with a 5k limit but didn’t have a clue how to manage it. I was just making the minimum repayments.”
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