"The 10 Worst Places To Get Investing Advice"

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
User avatar
Taylor Larimore
Advisory Board
Posts: 27627
Joined: Tue Feb 27, 2007 8:09 pm
Location: Miami FL

"The 10 Worst Places To Get Investing Advice"

Post by Taylor Larimore » Sat Dec 08, 2018 12:16 pm

Bogleheads:

The reliable Physician On Fire website has an important article about getting investment advice. This is a list of the The 10 Worst Places To Get Investing Advice:

1. Your bank or credit union.
2. Your local brokerage shop.
3. Your insurance agent.
4. Your TV.
5. Your stomach (greed and fear).
6. Anyone you attend church with.
7. Your family or friend who recently started with a financial services company/
8. The doctor's lounge.
9. The typical internet forum (Bogleheads are named as an exception).
10. Unsolicited Emails.

Use the link above to understand why these 10 sources of investment information are dangerous.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

User avatar
Blake7
Posts: 46
Joined: Fri Mar 30, 2018 2:52 pm
Location: USA

Re: "The 10 Worst Places To Get Investing Advice"

Post by Blake7 » Sat Dec 08, 2018 12:23 pm

Fell for #1 30 years ago. Wells Fargo's investments had front-end loads and high expense ratios. Rolled everything into Vanguard a few years later once I starting learning more about investing, and have never looked back.

User avatar
ruralavalon
Posts: 14267
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: "The 10 Worst Places To Get Investing Advice"

Post by ruralavalon » Sat Dec 08, 2018 12:36 pm

That's a nice article, thanks for posting the link.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

User avatar
LadyGeek
Site Admin
Posts: 49271
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: "The 10 Worst Places To Get Investing Advice"

Post by LadyGeek » Sat Dec 08, 2018 2:15 pm

This thread is now in the Investing - Theory, News & General forum (general discussion).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

User avatar
bengal22
Posts: 1470
Joined: Sat Dec 03, 2011 6:20 pm
Location: Ohio

Re: "The 10 Worst Places To Get Investing Advice"

Post by bengal22 » Sat Dec 08, 2018 2:19 pm

It appears from list that you should not take financial advice from anyone.

I think any financial advice(or any advice) should not be taken unless it is from someone you respect regarding finances, and it should be validated by your wisdom, your experience, your research, and input from others. I don't think you can just stereotype sources of bad advice.
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley

GoldenFinch
Posts: 1676
Joined: Mon Nov 10, 2014 11:34 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by GoldenFinch » Sat Dec 08, 2018 2:32 pm

The problem is that when you know nothing about finances and someone you otherwise respect tells you “what to do” you are likely to consider their advice as good when maybe it is terrible. I am convinced that a person has to educate themselves by doing extensive reading and hopefully they will stumble upon Boglehead stay-the-course principles. But when you’re young it’s easy to fall into other bad investment traps first just because you trust people (as many of us have recounted here).

(Edited a typo.)
Last edited by GoldenFinch on Sat Dec 08, 2018 10:27 pm, edited 1 time in total.

User avatar
ruralavalon
Posts: 14267
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: "The 10 Worst Places To Get Investing Advice"

Post by ruralavalon » Sat Dec 08, 2018 2:39 pm

bengal22 wrote:
Sat Dec 08, 2018 2:19 pm
It appears from list that you should not take financial advice from anyone.
. . . . .
The article does state exceptions, like good advice you can get from from Bogleheads and White Coat Investor.

I agree that being an educated investor is key, whether as a do-it-yourself investor or using an advisor of some kind.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

User avatar
goodenyou
Posts: 1404
Joined: Sun Jan 31, 2010 11:57 pm
Location: Skating to Where the Puck is Going to Be..or on the golf course

Re: "The 10 Worst Places To Get Investing Advice"

Post by goodenyou » Sat Dec 08, 2018 5:05 pm

I would add:


11. An insider at the company that you are planning to invest in.


Bad form and may land you in jail.
"Ignorance more frequently begets confidence than does knowledge" | "The best years you have left are the ones you have right now"

User avatar
willthrill81
Posts: 6523
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The 10 Worst Places To Get Investing Advice"

Post by willthrill81 » Sat Dec 08, 2018 6:50 pm

GoldenFinch wrote:
Sat Dec 08, 2018 2:32 pm
The problem is that when you know nothing about finances and someone you otherwise respect tells you “what to do” you are likely to consider their advice as good when maybe it is terrible. I am convinced that a person has to educate themselves by doing extensive reading and hopefully they will stumble upon Boglehead stay-the-course principles. But when you’re young it’s easy to fall into other bad investments traps first just because you trust people (as many of us have recounted here).
If you know enough to properly evaluate the financial advice being provided to you by someone, then you probably don't need their advice.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
willthrill81
Posts: 6523
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The 10 Worst Places To Get Investing Advice"

Post by willthrill81 » Sat Dec 08, 2018 6:55 pm

goodenyou wrote:
Sat Dec 08, 2018 5:05 pm
11. An insider at the company that you are planning to invest in.
12. The water cooler.
13. Your neighbors.
14. Anyone who tells you that you need to act right now.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
ruralavalon
Posts: 14267
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: "The 10 Worst Places To Get Investing Advice"

Post by ruralavalon » Sat Dec 08, 2018 7:02 pm

willthrill81 wrote:
Sat Dec 08, 2018 6:50 pm
GoldenFinch wrote:
Sat Dec 08, 2018 2:32 pm
The problem is that when you know nothing about finances and someone you otherwise respect tells you “what to do” you are likely to consider their advice as good when maybe it is terrible. I am convinced that a person has to educate themselves by doing extensive reading and hopefully they will stumble upon Boglehead stay-the-course principles. But when you’re young it’s easy to fall into other bad investments traps first just because you trust people (as many of us have recounted here).
If you know enough to properly evaluate the financial advice being provided to you by someone, then you probably don't need their advice.
"The great paradox of using an advisor is that you must know some basics in order to evaluate the advice, and once you do, you also know enough to consider doing your own management." "Chapter 10 – On Your Own or Hire an Advisor".
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

NotTooDeepLearning
Posts: 10
Joined: Wed Oct 24, 2018 2:04 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by NotTooDeepLearning » Sat Dec 08, 2018 9:17 pm

1. www.reddit.com/r/wallstreetbets/

It's almost beautiful to watch. It's the type of place where people accidentally buy tens of millions of dollars worth of shares on margin at the market close and have to hold them overnight until the market reopens.

User avatar
Alexa9
Posts: 1733
Joined: Tue Aug 30, 2016 9:41 am

Re: "The 10 Worst Places To Get Investing Advice"

Post by Alexa9 » Sat Dec 08, 2018 9:26 pm

A lot of advice is bad or even completely wrong. You have to weed through it all and decide what's best for you.

User avatar
GerryL
Posts: 1954
Joined: Fri Sep 20, 2013 11:40 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by GerryL » Sat Dec 08, 2018 9:34 pm

willthrill81 wrote:
Sat Dec 08, 2018 6:55 pm
goodenyou wrote:
Sat Dec 08, 2018 5:05 pm
11. An insider at the company that you are planning to invest in.
12. The water cooler.
13. Your neighbors.
14. Anyone who tells you that you need to act right now.
15. The person who comes to your door out of the blue and introduces him/herself to you as a financial advisor who just opened an office in the neighborhood. (Just had an Edward Jones solicitor ring my doorbell a couple of months ago.)

User avatar
GerryL
Posts: 1954
Joined: Fri Sep 20, 2013 11:40 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by GerryL » Sat Dec 08, 2018 9:36 pm

ruralavalon wrote:
Sat Dec 08, 2018 7:02 pm
willthrill81 wrote:
Sat Dec 08, 2018 6:50 pm
GoldenFinch wrote:
Sat Dec 08, 2018 2:32 pm
The problem is that when you know nothing about finances and someone you otherwise respect tells you “what to do” you are likely to consider their advice as good when maybe it is terrible. I am convinced that a person has to educate themselves by doing extensive reading and hopefully they will stumble upon Boglehead stay-the-course principles. But when you’re young it’s easy to fall into other bad investments traps first just because you trust people (as many of us have recounted here).
If you know enough to properly evaluate the financial advice being provided to you by someone, then you probably don't need their advice.
"The great paradox of using an advisor is that you must know some basics in order to evaluate the advice, and once you do, you also know enough to consider doing your own management." "Chapter 10 – On Your Own or Hire an Advisor".
This is the story of a lot of us DIYers who frequent this forum.

averagedude
Posts: 365
Joined: Sun May 13, 2018 3:41 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by averagedude » Sat Dec 08, 2018 9:40 pm

The more that someone profits from selling you a financial product, the worse the advice.

edgeway
Posts: 6
Joined: Thu Nov 15, 2018 3:00 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by edgeway » Sat Dec 08, 2018 10:07 pm

GerryL wrote:
Sat Dec 08, 2018 9:34 pm
willthrill81 wrote:
Sat Dec 08, 2018 6:55 pm
goodenyou wrote:
Sat Dec 08, 2018 5:05 pm
11. An insider at the company that you are planning to invest in.
12. The water cooler.
13. Your neighbors.
14. Anyone who tells you that you need to act right now.
15. The person who comes to your door out of the blue and introduces him/herself to you as a financial advisor who just opened an office in the neighborhood. (Just had an Edward Jones solicitor ring my doorbell a couple of months ago.)

This just happened to my wife (who refuses to let a door bell go unanswered like I’m perfectly fine doing). I can’t imagine this actually works for them.

User avatar
willthrill81
Posts: 6523
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The 10 Worst Places To Get Investing Advice"

Post by willthrill81 » Sat Dec 08, 2018 10:10 pm

edgeway wrote:
Sat Dec 08, 2018 10:07 pm
GerryL wrote:
Sat Dec 08, 2018 9:34 pm
willthrill81 wrote:
Sat Dec 08, 2018 6:55 pm
goodenyou wrote:
Sat Dec 08, 2018 5:05 pm
11. An insider at the company that you are planning to invest in.
12. The water cooler.
13. Your neighbors.
14. Anyone who tells you that you need to act right now.
15. The person who comes to your door out of the blue and introduces him/herself to you as a financial advisor who just opened an office in the neighborhood. (Just had an Edward Jones solicitor ring my doorbell a couple of months ago.)

This just happened to my wife (who refuses to let a door bell go unanswered like I’m perfectly fine doing). I can’t imagine this actually works for them.
A friend of mine who is a financial adviser (he'll tell you he's in sales though) started at EJ doing just that and actually met who came to be his wife that way. It's difficult, but it must still be effective on some level.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
dccboone
Posts: 131
Joined: Wed Feb 04, 2015 4:02 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by dccboone » Sat Dec 08, 2018 11:18 pm

16. Dave Ramsey and his Endorsed Local Providers now known as Smartvestors - Dave is great when it comes to budgets and helping people save more for retirement. He helped us save more than we ever dreamed. But his investment ELP's love to sell funds with both front-end and/or back-end loads. If Dave really practiced what he preaches when it comes to helping people save, he would only endorse organizations like Vanguard.

Murgatroyd
Posts: 151
Joined: Sun Jan 21, 2018 8:23 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by Murgatroyd » Sun Dec 09, 2018 2:40 pm

What’s not on here is school. I’m one of those who believe not enough is done in education to prepare the young for life.

BTW, in today’s Chicago Tribune was a full page ad from B of A for 3% down mortgages. Here we go again.......

Fallible
Posts: 6567
Joined: Fri Nov 27, 2009 4:44 pm
Contact:

Re: "The 10 Worst Places To Get Investing Advice"

Post by Fallible » Sun Dec 09, 2018 3:16 pm

Thanks for posting these best worst places, Taylor.

They (the first three in particular) reminded me of a book by Jason Zweig, The Little Book of Safe Money, in which he lists "words and phrases that shysters are fond of and that the financially legitimate people are very unlikely to use" and they include: "Can't lose," "Free money," "I'm on your side," "Limited-time offer," "I would never lie to you," "Guaranteed," "The opportunity of a lifetime," "A sure thing," and "Low risk, high return."
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

User avatar
GerryL
Posts: 1954
Joined: Fri Sep 20, 2013 11:40 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by GerryL » Sun Dec 09, 2018 4:19 pm

Fallible wrote:
Sun Dec 09, 2018 3:16 pm
Thanks for posting these best worst places, Taylor.

They (the first three in particular) reminded me of a book by Jason Zweig, The Little Book of Safe Money, in which he lists "words and phrases that shysters are fond of and that the financially legitimate people are very unlikely to use" and they include: "Can't lose," "Free money," "I'm on your side," "Limited-time offer," "I would never lie to you," "Guaranteed," "The opportunity of a lifetime," "A sure thing," and "Low risk, high return."
One exception to the above list of suspect words and phrases: Investing up to the company match in a 401k is the way to get "free money." I emphasize this to the kids in the classes where I present on the fundamentals of investing. Of course, I am not trying to sell them a particular investment.

User avatar
Stinky
Posts: 248
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: "The 10 Worst Places To Get Investing Advice"

Post by Stinky » Sun Dec 09, 2018 4:59 pm

#17. Almost any hour-long local radio show hosted by a "financial advisor". The majority of these shows are informercials to peddle annuities.
It's a GREAT day to be alive - Travis Tritt

Nova1967
Posts: 182
Joined: Fri May 27, 2016 3:22 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by Nova1967 » Sun Dec 09, 2018 6:01 pm

1. Tony Robbins

2. People who emphasize Chart Patterns such as William O'Neil at Investor Business Daily.

travelogue
Posts: 66
Joined: Sat Aug 12, 2017 4:29 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by travelogue » Sun Dec 09, 2018 6:15 pm

18. A random dude on YouTube

LXEX55
Posts: 68
Joined: Fri Feb 12, 2016 9:12 am

Re: "The 10 Worst Places To Get Investing Advice"

Post by LXEX55 » Sun Dec 09, 2018 6:34 pm

Your brother in law.

Gill
Posts: 4822
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: "The 10 Worst Places To Get Investing Advice"

Post by Gill » Sun Dec 09, 2018 6:53 pm

It bothers me a bit that ‘the guy at the investment desk” in the bank branch and the guy in the wealth management or trust department are somehow being lumped together in the minds of many. The former service is quite new and is commission based whereas the trust function of banks has existed for centuries and is fee based and often governed by state statute.

I wouldn’t go near the investment peddler at the branch but the wealth management department performs a valuable service which cannot be duplicated by individual fiduciaries.
Gill

Nate79
Posts: 3730
Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: "The 10 Worst Places To Get Investing Advice"

Post by Nate79 » Sun Dec 09, 2018 7:04 pm

Summary: anyone who doesn't have the same investing philosophy as you do.

Freefun
Posts: 389
Joined: Sun Jan 14, 2018 3:55 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by Freefun » Sun Dec 09, 2018 7:20 pm

GerryL wrote:
Sat Dec 08, 2018 9:34 pm
willthrill81 wrote:
Sat Dec 08, 2018 6:55 pm
goodenyou wrote:
Sat Dec 08, 2018 5:05 pm
11. An insider at the company that you are planning to invest in.
12. The water cooler.
13. Your neighbors.
14. Anyone who tells you that you need to act right now.
15. The person who comes to your door out of the blue and introduces him/herself to you as a financial advisor who just opened an office in the neighborhood. (Just had an Edward Jones solicitor ring my doorbell a couple of months ago.)
16. Suze Orman
Remember when you wanted what you currently have?

hoops777
Posts: 2342
Joined: Sun Apr 10, 2011 12:23 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by hoops777 » Sun Dec 09, 2018 7:25 pm

Huge exception to #9…………If you get it from hoops777 bogleheads loses it positive exception and sadly moves to number #1 :D
K.I.S.S........so easy to say so difficult to do.

User avatar
nedsaid
Posts: 10676
Joined: Fri Nov 23, 2012 12:33 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by nedsaid » Sun Dec 09, 2018 7:40 pm

What you find is that you have to learn how to separate the wheat from the chaff. Even otherwise good sources of investing advice can have some clunkers in there.

A few examples.

I learned an awful from Bob Brinker and his MoneyTalk program and was an avid listener from the mid-1980's until the early 2000's. His advice was built around do-it-yourself and no-load mutual funds. His market timing advice wasn't very good except for his call to sell most stocks in early 2000, his other timing calls like his infamous QQQ call didn't work out. So if you listened to his advice but ignored his market timing you would have been okay.

My first mutual fund company was American Century. Over the years, they put out a lot of financial education and it was very good. I learned a lot from these guys. The exception being, they obviously are not going to argue for passive investment through index funds.

I visited a Fidelity advisor not too long ago, and it was a good experience. They want their advisors to suggest their advisory service at a 1% annual fee. They will also suggest annuity products. Don't think the fellow gave me anything but good advice but keep in mind there is the upsell. The advisor was not pushy in any way. They are also in the annuity business. Vanguard sells annuities too.

Some years ago, I actually had my insurance company do a financial review for me. I was skeptical and thought it would be a pitch for Whole Life Insurance and I was pleasantly surprised. They did retirement projects, gave me voluminous Morningstar reports on my individual investments, and sensible advice on asset allocation. They noticed that I had little in Small-Cap stocks, which I fixed by buying an S&P 600 Small-Cap Index ETF. Not bad.

So unfortunately, even the better sources of advice have their weak spots as Bogleheads would define them. Hard to get 100% objective advice.
A fool and his money are good for business.

Fallible
Posts: 6567
Joined: Fri Nov 27, 2009 4:44 pm
Contact:

Re: "The 10 Worst Places To Get Investing Advice"

Post by Fallible » Sun Dec 09, 2018 8:25 pm

GerryL wrote:
Sun Dec 09, 2018 4:19 pm
Fallible wrote:
Sun Dec 09, 2018 3:16 pm
Thanks for posting these best worst places, Taylor.

They (the first three in particular) reminded me of a book by Jason Zweig, The Little Book of Safe Money, in which he lists "words and phrases that shysters are fond of and that the financially legitimate people are very unlikely to use" and they include: "Can't lose," "Free money," "I'm on your side," "Limited-time offer," "I would never lie to you," "Guaranteed," "The opportunity of a lifetime," "A sure thing," and "Low risk, high return."
One exception to the above list of suspect words and phrases: Investing up to the company match in a 401k is the way to get "free money." I emphasize this to the kids in the classes where I present on the fundamentals of investing. Of course, I am not trying to sell them a particular investment.
Good point and good to hear of your class on investing fundamentals.
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

NoHeat
Posts: 224
Joined: Sun Sep 18, 2016 10:13 am

Re: "The 10 Worst Places To Get Investing Advice"

Post by NoHeat » Sun Dec 09, 2018 9:23 pm

Fallible wrote:
Sun Dec 09, 2018 3:16 pm

... a book by Jason Zweig, The Little Book of Safe Money, in which he lists "words and phrases that shysters are fond of and that the financially legitimate people are very unlikely to use" and they include: "Can't lose," "Free money," "I'm on your side," "Limited-time offer," "I would never lie to you," "Guaranteed," "The opportunity of a lifetime," "A sure thing," and "Low risk, high return."
Counterexample:

For those who work for a publicly traded company that offers an ESPP that provides an opportunity a few times per year to enroll to buy stock at a 15% discount, and then immediately sell it — that sure must look a lot like "Can't lose," "Free money, "Limited-time offer, "A sure thing," and "Low risk, high return." The IRR is spectacular, and at zero risk.

Fallible
Posts: 6567
Joined: Fri Nov 27, 2009 4:44 pm
Contact:

Re: "The 10 Worst Places To Get Investing Advice"

Post by Fallible » Sun Dec 09, 2018 11:53 pm

NoHeat wrote:
Sun Dec 09, 2018 9:23 pm
Fallible wrote:
Sun Dec 09, 2018 3:16 pm

... a book by Jason Zweig, The Little Book of Safe Money, in which he lists "words and phrases that shysters are fond of and that the financially legitimate people are very unlikely to use" and they include: "Can't lose," "Free money," "I'm on your side," "Limited-time offer," "I would never lie to you," "Guaranteed," "The opportunity of a lifetime," "A sure thing," and "Low risk, high return."
Counterexample:

For those who work for a publicly traded company that offers an ESPP that provides an opportunity a few times per year to enroll to buy stock at a 15% discount, and then immediately sell it — that sure must look a lot like "Can't lose," "Free money, "Limited-time offer, "A sure thing," and "Low risk, high return." The IRR is spectacular, and at zero risk.
I see your point. Zweig's main point of course is that the words and phrases he refers to are those that "shysters" (hucksters and frauds) like to use and that consumers should watch out for. Some others he lists are "Secret," "Offshore," "You have to hurry," and "I can make you a millionaire."
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

bearcub
Posts: 913
Joined: Sat Mar 08, 2008 7:54 am
Location: Twilight Zone

Re: "The 10 Worst Places To Get Investing Advice"

Post by bearcub » Mon Dec 10, 2018 7:22 am

Few years ago my cousin said that another teacher friend of hers also recently retired. She was using a Primerica rep, and he was coming over for a visit. She had me sit in. Rep was not looking to happy about it. I sat quietly + we thanked him saying she would call if interested. I showed her Vanguard funds + the cost savings. He also wanted to put a large chunk in a variable annuity. She decided on Target Retirement Income fund in her IRA + is pleased with this. She gave me a nice Christmas gift that year. 8-)

sschoe2
Posts: 296
Joined: Fri Feb 24, 2017 4:42 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by sschoe2 » Mon Dec 10, 2018 7:08 pm

18. A seminar at a free dinner at a nice restaurant after getting an invitation in the mail.

rgs92
Posts: 2278
Joined: Mon Mar 02, 2009 8:00 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by rgs92 » Mon Dec 10, 2018 7:12 pm

Great article. Thank you again Taylor for the best info.

User avatar
Taylor Larimore
Advisory Board
Posts: 27627
Joined: Tue Feb 27, 2007 8:09 pm
Location: Miami FL

Re: "The 10 Worst Places To Get Investing Advice"

Post by Taylor Larimore » Mon Dec 10, 2018 7:26 pm

rgs92 wrote:
Mon Dec 10, 2018 7:12 pm
Great article. Thank you again Taylor for the best info.
rgs92:

Everything I know about investing came from experience and listening to experts who know more than I do.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

2015
Posts: 2176
Joined: Mon Feb 10, 2014 2:32 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by 2015 » Mon Dec 10, 2018 10:27 pm

For me, the worst place to get investing advice is anyone who peddles complexity, regardless of its form and regardless of the source. I have found complexity to be a most insidious form of noise because of the way it is regularly cloaked.

User avatar
VictoriaF
Posts: 18633
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: "The 10 Worst Places To Get Investing Advice"

Post by VictoriaF » Mon Dec 10, 2018 10:43 pm

Uber driver.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

iamlucky13
Posts: 1079
Joined: Sat Mar 04, 2017 5:28 pm
Location: Western Washington

Re: "The 10 Worst Places To Get Investing Advice"

Post by iamlucky13 » Mon Dec 10, 2018 10:44 pm

travelogue wrote:
Sun Dec 09, 2018 6:15 pm
18. A random dude on YouTube
I trust him for medical advice. Why wouldn't I trust his investing advice?

User avatar
willthrill81
Posts: 6523
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The 10 Worst Places To Get Investing Advice"

Post by willthrill81 » Mon Dec 10, 2018 10:46 pm

iamlucky13 wrote:
Mon Dec 10, 2018 10:44 pm
travelogue wrote:
Sun Dec 09, 2018 6:15 pm
18. A random dude on YouTube
I trust him for medical advice. Why wouldn't I trust his investing advice?
Image
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
VictoriaF
Posts: 18633
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: "The 10 Worst Places To Get Investing Advice"

Post by VictoriaF » Mon Dec 10, 2018 10:48 pm

iamlucky13 wrote:
Mon Dec 10, 2018 10:44 pm
travelogue wrote:
Sun Dec 09, 2018 6:15 pm
18. A random dude on YouTube
I trust him for medical advice. Why wouldn't I trust his investing advice?
Good point. After the medical dude shortens your life, you will have no use for the assets lost by the financial dude.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

keepingitsimple
Posts: 153
Joined: Sun Mar 18, 2018 8:20 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by keepingitsimple » Mon Dec 10, 2018 10:57 pm

19. Anyone who says they know a guy who is an expert at investing.

User avatar
willthrill81
Posts: 6523
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: "The 10 Worst Places To Get Investing Advice"

Post by willthrill81 » Mon Dec 10, 2018 11:02 pm

VictoriaF wrote:
Mon Dec 10, 2018 10:48 pm
iamlucky13 wrote:
Mon Dec 10, 2018 10:44 pm
travelogue wrote:
Sun Dec 09, 2018 6:15 pm
18. A random dude on YouTube
I trust him for medical advice. Why wouldn't I trust his investing advice?
Good point. After the medical dude shortens your life, you will have no use for the assets lost by the financial dude.

Victoria
That's up the same alley as my universal solution to the whole savings, investing, and retirement topic: work for money until you die. It solves all kinds of problems. :wink:
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
tennisplyr
Posts: 1902
Joined: Tue Jan 28, 2014 1:53 pm
Location: Sarasota, FL

Re: "The 10 Worst Places To Get Investing Advice"

Post by tennisplyr » Tue Dec 11, 2018 8:04 am

I hear what you're saying but if you use any source to obtain information, you can make always choose to accept or reject it and make your own decision. Sometimes one thing leads to another.
Those who move forward with a happy spirit will find that things always work out.

Time2Quit
Posts: 26
Joined: Thu Nov 01, 2018 9:47 am

Re: "The 10 Worst Places To Get Investing Advice"

Post by Time2Quit » Tue Dec 11, 2018 8:12 am

Wait you forgot Jim Cramer. :D

User avatar
goingup
Posts: 3307
Joined: Tue Jan 26, 2010 1:02 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by goingup » Tue Dec 11, 2018 8:35 am

In the late 1990's reading Money magazine and Kipplingers lead me to purchase the hottest funds--Janus Funds. Anyone remember the Janus Mercury and Olympus funds? They faded into extinction after the Tech Wreck. That experience cured me of chasing hot funds recommended in print form or otherwise. :|

User avatar
Watty
Posts: 14609
Joined: Wed Oct 10, 2007 3:55 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by Watty » Tue Dec 11, 2018 8:36 am

edgeway wrote:
Sat Dec 08, 2018 10:07 pm
GerryL wrote:
Sat Dec 08, 2018 9:34 pm
willthrill81 wrote:
Sat Dec 08, 2018 6:55 pm
goodenyou wrote:
Sat Dec 08, 2018 5:05 pm
11. An insider at the company that you are planning to invest in.
12. The water cooler.
13. Your neighbors.
14. Anyone who tells you that you need to act right now.
15. The person who comes to your door out of the blue and introduces him/herself to you as a financial advisor who just opened an office in the neighborhood. (Just had an Edward Jones solicitor ring my doorbell a couple of months ago.)

This just happened to my wife (who refuses to let a door bell go unanswered like I’m perfectly fine doing). I can’t imagine this actually works for them.
Spam email and robocalls are sometimes intentionally designed to be obviously to quickly turn off people who are not good marks. The very small percentage of people that respond to them are the prime targets so that the scammers do not waste hours on someone that will not go eventually along with their scam.

I suspect that the door to door investment sales are like that too. They might need to knock on a lot of doors to find a gullible person but eventually they will find someone that does not quickly slam the door in their face. I

User avatar
Watty
Posts: 14609
Joined: Wed Oct 10, 2007 3:55 pm

Re: "The 10 Worst Places To Get Investing Advice"

Post by Watty » Tue Dec 11, 2018 8:42 am

It has been attributed to several people but one of my favorite quotes is;
Good judgement comes from experience, experience comes from bad judgement.
I think that most of use have probably used some of the bad sources of advice in the past.

Post Reply