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Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 28 June 2019

⏱️ 54 minutes

🧾️ Download transcript

Summary

It seems like you can’t go anywhere without someone having an opinion or a piece of advice regarding your finances. We are inundated with financial articles, news headlines, and information from our families - solicited or not. While there are times when the advice shared may sound good, it very well may not be right for your particular situation so you have to be careful about the information you act upon.

Financial advice, no matter how well-intentioned it may be, can function like that old game of Telephone. It starts with one message, but by the time it reaches you it can end up communicating something vastly and, in the case of your money, dangerously different.

Be sure to tune in to this week’s episode of The Money Guy Show as we uncover the nine pieces of financial advice you should probably ignore.

For more information, visit https://www.moneyguy.com/9-pieces-financial-advice-ignore

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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