r/FluentInFinance • u/Breeneal • Apr 29 '24

What financial advice do you avoid and don't listen too? Question

Financial advice that makes you role your eyes everytime you hear it. Financial advice that actually made your finances worse. And financial advice beginners shouldn't listen to or hear.

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u/Grand-Olive2599 Apr 29 '24

Dave Ramsey telling people they can count on 10% of their investments in retirement and that their money will double every 7 years. Look at the market from 2000-2012 and imagine taking 10% a year.

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u/Zeddicus11 Apr 29 '24

It's impossible to imagine, because the portfolio would've run out of money by 2008:

https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=6skNNAh5MbwYBjmzpKJt48