Is Contrarian Money Advice Really Good for Your Financial Health?

Be a Money Contrarian.

A Confession – I’m Often A Money Contrarian

Here are some of the stories you’ll find there that offer an unconventional take:

– Why Buying a New Car Makes More Sense than Buying Used

– Why Prepaying Your Mortgage Is Almost Always a Terrible Idea

– Do You Really Need a Massive Emergency Fund After All?

con·trar·i·an /kənˈtre(ə)rēən/

So, what does it mean to be a contrarian anyway?

The Pros And Cons Of Being A Contrarian

If you do things differently than most people, you will likely get different results.

This can be good or bad.

Most people don’t spend all their money on lottery tickets. Go contrary to this conventional choice and you’ll most likely stay broke forever.

3 Reasons Specific Contrarian Advice May Be Toxic For Your Financial Health

Personal finance is just that, personal, so what may be great advice for one person could be the worst possible advice for another.

When you read something that offers a contrarian point of view, understand that being contrarian just means it’s different. This could be good different or bad different. You need to be a critical reader, consider if the advice is well-thought-out and supported by logic and/or data.

The  Bottom Line

Money Management

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