9 Pieces of Financial Advice You Should Ignore
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 28 June 2019
⏱️ 54 minutes
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Summary
Transcript
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| 0:00.0 | You can't go anywhere without somebody having an opinion or a piece of advice about how to handle your finances. |
| 0:06.2 | Today we have nine pieces of advice you should just straight up ignore. |
| 0:10.5 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing. |
| 0:19.5 | You've got financial questions, he's got financial answers. It's Brian Preston, the money guy. |
| 0:26.9 | There really are things. I can't help but read articles, see blog posts, and there is all these things that you're like, |
| 0:33.5 | that sounds okay. But then you dig into the actual details, the meat of the situation. |
| 0:40.3 | No, it's horrible advice. Why would you do that? |
| 0:42.5 | So in some of these, and look, there's probably varying degrees of how bad the advice is. |
| 0:47.6 | So I'll make sure that I kind of color it a little bit with what, you know, if this has some semblance of truth to it. |
| 0:54.2 | But overall, you might want to think about it as bad advice. |
| 0:57.2 | I think that's the big thing that I took away, Brian, as we were doing some pre-show prep, |
| 1:00.5 | you remember that game when you played as a kid, a telephone where like one person says something, |
| 1:05.1 | and then they whisper to the next person, the next person, and by the time it gets into the line, |
| 1:09.7 | it's a completely different sentence, completely different idea than what the original person started with. |
| 1:14.3 | I feel like a lot of financial advice circulates out there. |
| 1:17.3 | It's sort of that same thing. It starts off as one thing sort of well intended, |
| 1:21.4 | and then as it sort of morphs through time, it aggregates into something that is not to have absolutely the best advice, |
| 1:27.6 | not something you should follow. |
| 1:28.8 | So you're saying there's components that might be like the initial advice, but over time, it's definitely all skewed. |
| 1:34.6 | Yep, that's exactly right. |
| 1:35.6 | You want to just jump into these things, but moneygot.com, go out there, give us your email address, |
| 1:41.1 | as well as your zip code. So in case we drop into your neighborhood, we know where all of our audience is. |
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