MONEY HACKS: The Best & Worst Financial Advice You’ve Ever Heard

We all get financial advice, whether we ask for it or not. Friends, family, random posts on the internet… some of it’s solid, and some of it? Not so much.

In this episode of Money Hacks, Alex and Kim are calling out some of the worst financial advice they’ve ever heard—and setting the record straight with smart, practical tips for the year.

Should you stop contributing to your 401(k) after the employer match? Is paying off debt before saving always the right move? We’re breaking it all down and giving you real strategies to make better money decisions. Whether you’re just starting out or trying to fine-tune your financial game, these insights can help you get ahead.

Have any money questions you’d like answered? Our Money Hacks series is built on conversations we have with employees, investors, savers, and anyone planning for their financial future. What topics are on your mind for our next episode?

Video Transcript:

Alex:
Hey, this is Alex, and it's episode number 122 of Money Hacks. I'm joined today by my colleague Kim Cochrane, one of the advisors on our team here at HUB, to talk about some of the best—and maybe worst—financial advice you've ever received. Our goal is to help you make the best decisions when it comes to your financial life in 2025.

So, Kim, let's start off. What's the worst advice you've ever received?

Kim:
You know, I think the worst thing I've heard is people saying to only contribute to your retirement plan up to the amount of the match. I think that's completely irresponsible. They suggest putting the rest into a Roth IRA or somewhere outside the plan, but I think that's a mistake. You should contribute as much as you can possibly afford, even if that means going beyond the employer match.

Alex:
Yeah, I think the conventional thought is that some people believe retirement plans are expensive, or the investments are bad, or that they might need the money sooner. But with the evolution of 401(k)s and 403(b)s, most plans today are efficiently run, have low-cost investment options, and have advisory firms—like ours and others—that help ensure you have the right investment mix.

You're right. The key is making sure you're saving the right amount for your long-term financial goals.

Kim:

Plus, when you put money into an IRA, you don’t always get the same protections as with a 401(k). If you get in a car accident and someone sues you, they could force you to liquidate that IRA. But 401(k)s and 403(b)s offer certain legal protections. So why not fully fund your employer-sponsored retirement plan before going outside of it?

Alex:

Let’s flip this around. What’s the best financial advice you’ve ever received or that you like to share?

Kim:
I think the best advice is that no matter what your financial situation looks like, try to do one thing less—spend a little less somewhere—and put that money into your retirement plan.

It’s hard to find extra money when the cost of living is going up and inflation is crazy, but everybody can do a little bit. Maybe you go out to eat at Chipotle three times a week—cut it down to twice and put that extra $15 into your retirement account. Small amounts add up, and over time, those little contributions can make a big difference.

Alex:
That’s a great tip. Now, if you were to give someone just one money hack—whether they’re just starting out or trying to rebuild their financial picture—what would it be?

Kim:
I think there are two key pieces to this.

First, people used to say, "You can't afford not to save for retirement." But I think that idea should be challenged. If you have extremely high debt—credit card balances with high interest rates or big student loans—you might need to prioritize paying those off before maxing out your retirement savings. That might sound counterintuitive, but sometimes it makes sense.

The best money hack I know is to focus on reducing debt strategically. Take all of your outstanding debts, write them down, and start with the smallest balance first. Don’t worry about interest rates at first—just focus on eliminating the smallest balance. Pay that off, and then roll the payment into the next smallest one. This method helps build momentum because you see progress, and it keeps you motivated.

If you put all your effort into paying off the biggest balance first, it takes a long time to see results, and that can be discouraging. By knocking out the smaller debts first, you build confidence and create a snowball effect.

Alex:
I love that. We talk a lot about cash flow planning and taking a holistic approach to your financial picture. Great tips! Thanks so much, Kim. Hopefully, this was helpful, and we’ll see you again next time.