When it comes to financial advice, Marketplace Money is usually in the business of highlighting the good stuff. This week, however, we’re after the bad. We want to hear the absolute worst, most awful pieces of financial advice you’ve ever gotten.
Tell us here.
Maybe your uncle Larry convinced you to invest in a company that went bust, or perhaps it was a financial professional that led you astray. In this case, I’m sure reality is better than anything we can come up with, so click here to tell us your story.
And, who knows, your tale of woe may save someone else from falling into the same trap.
NO ADVICE! On the way to the tech stock decline, I went to visit my financial advisor who worked for a large, reputable firm in the upper midwest. As in previous times, I had seen early indicators that there was a change on the way and wanted to talk to her. She avoided my direct questions preferring to show me toys on her computer she used to watch the market. It was a wasted hour, but told me to make my own decision. I opened an E*Trade account that day, instituted the transfers and wrote her a letter regarding my decision. I did not totally avoid the downturn but was able to save a portion of my money. The next advisor, a change from commission to fee based was better but some of the same problems remained. I now use Vanguard and do it myself!