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In this video I am going to share with you what I believe to be some of the most dangerous sources of investment advice and if you stick around until the end of the video, I will offer my thoughts on the two places you should be getting investment advice from.

DANGEROUS SOURCES OF INVESTMENT ADVICE:

1. Your Co-workers
It is unlikely that your co-workers are experienced investment professionals and qualified to provide investment advice. It's quite possible that they do not have greater knowledge on the subject than you do. Do not mistake someone's opinion for thoughtful advice. Unless you work with Warren Buffet or a professional advisor, then you are best to ignore your co-workers' advice and investment recommendations.

2. Friends and Family
For the same reason it is best to ignore your co-workers' advice, it is also best to ignore the advice offered by friends and family. While they may have your best interest in mind and know you well, it is unlikely that they are knowledgeable of the intimate details of your financial life. If you take advice from a friend or family member and the investment doesn't work out, then it may injure your relationship. For this reason, it's best to avoid taking their advice unless they are recommending a book they read on the subject of personal finance or investment management. In this case, you may wish to read the book!

3. The Media
Cable television programs and, financial magazines regularly recommend stocks, mutual funds and exchange-traded funds to their viewers and readers. While it may be interesting and exciting to consume their information, it will not be helpful to you in my opinion. I believe that you will be better served to read books and take courses on personal finance and investment management and learn how to fish, rather than rely on the media to provide you with random investment ideas which may not be suitable for you given your financial goals. The media is in the business of selling advertising, not in offering professional investment guidance.

4. The Internet
The internet provides seemingly endless resources to consumers of financial and investment information. You have financial websites, blogs and YouTube videos, all hosted by people with varying degrees of investment knowledge and experience. It is my belief that the best way to leverage the internet for investment advice is to use it to enroll in online courses covering the topics of personal finance, investment management and asset-allocation. Also, I would avoid the sites and channels offering specific recommendations.

5. Your Gut
Never listen to your gut when it comes to investing. It is an unreliable source of investment advice and is what lazy investors use to justify their actions.

BEST SOURCES OF INVESTMENT ADVICE:

1. Yourself
If you have a passion for learning about personal finance and investing and are willing to invest in a financial education by reading books and taking courses on personal finance and investment management then you might be a do-it-yourself investor and well suited for managing your own financial life.

2. An Experienced Investment Advisor / CFP (R)
If you are not interested in becoming a do-it-yourself investor then I recommend partnering with an experienced investment advisor who is a CERTIFIED FINANCIAL PLANNER (TM) professional as well as held to the FIDUCIARY standard and required to put your interests ahead of their interest and their firm's.

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