1729: One Terrible Piece of Financial Advice You Should Never Ever Listen To by Paula Pant of Afford Anything

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 3 December 2021

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paula Pant of Afford Anything shares one terrible piece of financial advice you should never ever listen to. Episode 1729: One Terrible Piece of Financial Advice You Should Never Ever Listen To by Paula Pant of Afford Anything Paula Pant is the founder of the award-winning website AffordAnything.com and a writer and speaker specializing in money, business, and real estate investing. She is a real estate investor, as the owner of seven rental property units in metropolitan Atlanta. She holds a real estate license in Georgia. She's also the host of the Afford Anything podcast. The original post is located here: http://affordanything.com/2013/05/21/bad-financial-advice-but-it-worked-for-me Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1729.
0:04.1	One terrible piece of financial advice you should never ever listen to.
0:09.4	By Paul Apanne of affordanything.com.
0:12.5	And I'm your host and personal finance enthusiast, Diana Mariam.
0:16.6	Now let's get to today's post as we optimize your life.
0:24.3	One terrible piece of financial advice you should never ever listen to.
0:29.3	By Paul Apanne of affordanything.com.
0:33.5	Launch into any money-related conversation and you'll inevitably hear the following
0:38.9	bad financial advice. But it worked for me. Those insidious,
0:44.3	five little words have been used to justify all types of terrible ideas,
0:49.2	from buying lottery tickets to overleveraging your investments,
0:53.3	to investing every last dime into Apple stock.
0:57.2	Let's try this one on for size. Common sense.
1:01.2	Even if you find an awesome investment, spread your risk by picking a few other investments as well.
1:07.4	Rental properties are awesome. But even if you could make 20% cap rates,
1:12.2	you should still keep a solid chunk of money in stock market index funds.
1:17.2	Retort. But I put 150% of my savings in gold in the year 2007 and it totally worked for me.
1:24.9	Put every dime in gold, nothing else. Why bother diversifying when you can get the best returns
1:30.8	in this arena? Common sense. Hold on, you invested 150% of your savings?
1:37.6	Retort. Yeah, I can take a cash advance from my credit card at 14.9% and invest it for 170% gold
1:46.8	returns. It'd be stupid not to. Common sense. Don't you think that's a bit risky?
1:53.9	Retort. Hey, scaredy cat. If you're so terrified of risk, why don't you
	...

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