What is the worst financial advice you've ever received?

I'm feeling playful today--what is the worst financial advice you've ever received?  Mine was so bad it was epic and funny, at least to me.

I am a professional author of a trade paperback and two e-books, one of which is self-published.  This "make a six figure income and travel the world" guru wrote that you could get a six figure income by hiring a ghostwriter (I've done that, too) to write 100 books and sell them on Kindle.

This is funny to me because of what all goes in to writing a book.  My trade paperback is about 22,500 words and took three months to write and was published two months later--that's extremely fast for a book and at several points in time I questioned my sanity.  Total haul--$7,500.

Multiply that by 100.  If you write one book at a time at three months per book, you'll hit 100 books at 300 months, or 25 years.

While we're at it, a total haul of $7,500 over 3 months comes down to $525 a week.  You can make that at a full-time job that pays slightly more than $13/hour.

But say you do e-books.  Most e-books sell less than 100 copies.  So let's say you sell 100 copies at $100 each--I own an extremely rare book that cost that much!  I'm not shelling out that kind of money on an unknown writer with no reviews!

Also, my record turnaround on e-books is a 25-page e-book on overcoming loneliness that was written in 5 days, and the client I wrote it for defaulted, so I self-published it to recoup some of my losses.  Writing five pages a day is pretty taxing even if you know what you're doing.

Anyway, that's the worst advice I ever got on how to make money.  What's yours?

Original Post
×
×
×
×