Identify Bad Money Advices

Identify Bad Money Advices
We receive lots of financial advices in our daily life from different channels. Which one is good, and which one is bad? There're rules to identify them. Renae Wang
The Associated Press
Updated:

There are a lot of people out there who want to tell you what to do with your money. The problem is only some of them know what they’re talking about.

Whether it’s a friend with a hot investment tip, a relative spouting off outdated directives about the way it “should” be done, or a social media influencer touting a trendy financial product, money advice can be hit or miss. You can filter out the useful tidbits and leave the rest, but to do that, you have to know how to evaluate which pieces of advice you can trust.

Consider the Source

Certified financial planners, financial coaches, or nonprofit credit counseling agencies can all supply you with advice that’s tailored to your unique circumstances. Look for professionals who don’t earn a commission when you agree to follow their advice by using recommended solutions. That way, you know you’re getting unbiased guidance.