Podcast Summary: The Worst Money Advice Ever

The Stacking Benjamins Show — Episode 1800 (February 6, 2026)
Host: Joe Saul-Sehy
Contributors: Paula Pant, Jesse Kramer, Sarah Catherine Gutierrez, Doug

Episode Overview

Celebrating their 1800th episode, the Stacking Benjamins crew—minus OG, plus returning favorites Paula Pant, Jesse Kramer, and guest financial planner Sarah Catherine Gutierrez—gather to tackle the theme: “The Worst Money Advice Ever.” In classic SB style, they blend fun banter with myth-busting personal finance insights, sharing laughs, horror stories of financial wisdom gone wrong, and a healthy dose of listener trivia.

Key Points & Discussion Highlights

1. Kicking Off: Milestones & Memories (02:13–06:18)

• Joe and Doug reminisce about 1800 episodes and Paula’s early role.
• Paula’s favorite memories included episodes with Greg McFarlane: “Mostly because he was so unpredictable in what he would say.” (03:51, Paula Pant)
• Sarah Catherine introduces her work at Aptus Financial: holistic, non-sales financial planning especially for early career professionals.

2. What’s the Worst Money Advice You’ve Heard? (07:20–10:33)

The central theme is set: Each panelist will compete in a game show guessing the worst, dumbest financial sayings or advice ever dispensed.

3. Game Show: Guessing Bad Money Advice (Round 1)

a. Chasing the Latest Fad (12:57+)

• Paula’s guess: The dangers of following “hot” trends—stocks, products, vacation spots.
  • “Chasing a fad gets so many people in trouble so often.” (14:08, Joe)
  • Not on the official list, but strong panel consensus that fads (investing or spending) are costly.
• Jesse: Explains “mimetic desire”—people copy what others do, leading to wasting money chasing trends.

b. “Stop Throwing Away Money on Rent—You Have to Buy” (18:00+)

• Sarah Catherine’s guess: The pressure to buy real estate needlessly.
  • “It’s one of the big things I hear: swimming in student loans, big credit card debt, and parents say ‘you have to buy a house right now…stop throwing money away on rent.’” (18:47, Sarah Catherine)
  • Not on the official list but discussed at length as a widespread myth, especially harmful to young people.

c. More Income = Less Money (Brackets and Tax Myths) (23:25+)

• Jesse’s guess: Not taking a raise to “avoid” higher taxes.
  • “Don’t take that raise, Joe, because it’ll increase your taxes.” (23:25, Jesse Kramer)
  • ON the list.
  • Panel dissects the common misconception about progressive taxation:
    • “The tax obsession sets people back…They’ll start a business to save on taxes—well, that means you’ve lost money if you’re saving on taxes.” (25:54, Sarah Catherine)
    • “Don’t let the tax tail wag the more money dog.” (27:07, Joe quoting Paula)
  • Brief aside on real “subsidy cliffs” and rare cases where earning more may drop you off a benefits cliff (healthcare, etc.), but generally, earning more is always better after taxes.

d. Tax Write-Offs Comedy: Schitt's Creek Clip (28:58+)

• A humorous moment plays from Schitt’s Creek, mocking the misunderstanding that tax write-offs mean “the government pays you back.”
  • “It’s when you buy something for your business…and the government pays you back.” (29:31, Schitt’s Creek)

4. Trivia Break: The Founding of Singapore (32:30–44:46)

• Classic SB trivia interlude related to Singapore—a nation known for saving and wealth building.
• The answer is 1819; guest Sarah Catherine wins the round.

5. Game Show: More Bad Money Advice (Round 2)

a. Buy a New Car to “Save” on Repairs (45:40+)

• Paula’s guess: “Buy a new car—you’ll pay less in repairs.”
  • Widely believed but NOT on the official list.
  • Panel agrees it’s a flawed justification for expensive new car purchases, often trapping people in years of payments instead of making a one-time repair.

b. “Put Everything on a Credit Card for Reward Points” (50:14+)

• Sarah Catherine’s guess: Spending more to chase credit card rewards.
  • ON the list.
  • “If our goal is to spend less money and we decide to play their game, we will likely spend more money… credit cards are already enticing us to spend, and these rewards really tip us over the edge.” (52:06, Sarah Catherine)
  • Data cited: People spend ~30% more with credit cards than with debit.
  • Paula notes that redemption value for points is declining quickly: “The devaluation of miles is real.” (52:43, Paula)
  • Responsible credit card use requires system and discipline.

c. Always Avoid Debt, No Matter What (56:43+)

• Jesse’s guess: The notion that all debt is bad, always.
  • Not on the official list (despite being a nuanced misconception, e.g. for mortgages, student loans).
  • Sarah Catherine wins the two-point round for Team OG.

Notable Quotes & Best Moments

• On rent vs. buy:
  “Psychologically, equity that you build in a home is visible, it’s tangible in a way your 401k is not…a certain ‘viscerality’—it feels more real than your 401k balance does.”
  (21:13, Paula Pant)

• On taxes and raises:
  “Don’t let the tax tail wag the decision dog. So many people make their decisions around taxes.”
  (27:07, Joe quoting Paula Pant)

• On credit card points:
  “If you have money, I spend it all. I love spending money. I’m very good at it. I have limits.”
  (54:42, Sarah Catherine)

• Comedy highlight:
  Schitt’s Creek clip on tax write-offs, Joe’s riff on “my favorite Abe Lincoln quote: ‘Don’t believe everything you read on the Internet.’” (54:12)

Highlights from the "Official List" of Worst Money Advice (58:03 onwards)

Joe reveals some gems/duds from the internet's worst advice list, including:

• “Let the bank take it.” (Buy something big, let it be repossessed—at least enjoy it for a bit.)
• “Give your money to your mom or another relative to keep it safe.”
• “Get it at Rent-a-Center.” (Buy on rent-to-own terms, notoriously high-cost.)
• “Buy vehicles you can’t afford to motivate yourself to hustle.”
• “If you can’t afford things, just stop contributing to your retirement.”
• “Emergency funds are overrated.”
• “That neighborhood will never appreciate.”
• “Live in the moment / You only live once.”
• “Borrow now, declare bankruptcy later.”
• “Get a credit card so you learn discipline.”
• “Have kids, sort out the money later.”
• “Don’t let money hold back your dreams.”
• “Charge the vacation.” (Joe: “That was my honeymoon. Horrible trip, loved the marriage, regretted the spending.”)
• “Money is meant to make you happy.”

Panel quickly populates more, including:

• “Always buy lotto tickets, especially when the jackpot is high.”
• “Always carry a balance to build credit.”
• “If you need money, rob a convenience store.”
• “Making good money from sports betting and gambling online.”

Audience and Panel's Own Additions

• "Silence—never talk about money."
• "Buy a house with 28% of your gross income (bank rules)."
• "Invest in pet rocks."
• "Get a loan from the mafia."

Funniest/Liveliest Tangents

• The panel’s riff on “mimetic desire” and fads, Paula’s Singapore trip-planning logic for trivia, debates about cars and used/new math, and the discussion of credit card points and their declining value.
• Paula’s 5-minute Singapore travel planning monologue while others wait for her trivia guess (37:19–40:36).
• Ongoing jabs at Joe’s questionable list and the podcast’s low-tech/“half-finished basement” roots.

Important Timestamps

| Timestamp | Segment | |:--|:--| | 02:13 | Reflections on 1800 episodes, panel greetings | | 07:20 | Main Topic Introduction: Bad Money Advice | | 12:57 | Round 1: “Chasing Fads” discussion | | 18:00 | “Stop throwing away money on rent” | | 23:25 | Tax bracket myth (“don’t take the raise”) | | 28:58 | Schitt's Creek clip on tax write-offs | | 32:30–44:46 | Singapore trivia break | | 45:40 | Buy a new car to save on repairs | | 50:14 | Put everything on a credit card for points | | 54:42 | How to responsibly use credit cards, discipline tips | | 56:43 | “Always avoid debt” myth | | 58:03 | Joe reveals the (unintentionally comical) official list of bad advice |

Final Thoughts & Takeaways

• The worst financial advice is both subtle and overt: From deeply ingrained cultural scripts (“renting is throwing money away”) to wild internet myths (just let the bank repo your stuff), financial ignorance can show up almost anywhere.
• Tax, credit cards, and real estate myths dominate: The panel repeatedly returns to tax avoidance obsession, the rent-vs-buy debate, and chasing reward points as foundational errors.
• Culture and emotion drive most decisions: Tangibility bias (preferring things you can touch), status fads, and fear-of-missing-out regularly trick even savvy people.
• Silence about money is itself bad advice: Not talking about finances leads to shame, mistakes, and repeating cycles of poor management.

Memorable Quotes (with Speaker Attribution & Timestamps)

• "People are so funny when it comes to feeling like they're getting cheated by the tax code. And I think that they make very detrimental decisions...it's more of a gut feeling than actual math." – Sarah Catherine Gutierrez (25:54)
• "The devaluation of miles is real." – Paula Pant (52:43)
• "Silence about money is the worst advice. We have made money taboo." – Sarah Catherine Gutierrez (63:59)
• "It’s one of the big things I hear…my parents really think I need to buy a house right now and stop throwing all my money away in rent." – Sarah Catherine Gutierrez (18:47)

Show Plugs

• Sarah Catherine Gutierrez: AptusFinancial.com; financial planning and “Ladiesplaining Money”
• Paula Pant: Afford Anything podcast, monthly macroeconomic episodes (with a “special, awkward announcement” teased)
• Jesse Kramer: Personal Finance for Long Term Investors podcast — new episodes & AMA out now!

Approachable, funny, and loaded with valuable reminders: This anniversary episode of Stacking Benjamins is essential listening for anyone who's ever wondered, “Wait…should I really do that with my money?”