Money advice is everywhere. You hear it from family, friends, and even strangers online. Some of these tips sound smart, but not all of them hold up in real life. In fact, a lot of so-called financial “rules of thumb” can actually hurt your wallet if you follow them blindly. That’s why it’s important to question the advice you hear, even if it’s popular. Your financial situation is unique, and what works for one person might not work for you. Here are five common financial rules of thumb that are actually total BS—and what you should do instead.
