Certain family members
There may be members in your family who think to know everything. Be away from such person as there’s much difference between sounding smart and being smart. The person may guide you in the wrong direction. A survey finds 70 percent of investment fraud victims purchased investment recommended by a relative or a friend.
Random people on social media
It is also not a good idea to take financial advice from people at random on social media, if believed to a survey conducted by American Institute of CPAs and the Ad Council.
Never take the financial advice from co-workers unless you both are working in the financial industry. He or she may not know everything about your financial situation even though you both are working together in the same office.
Similar to co-workers, it is also not suggested to take financial advice from your neighbors unless the person is a financial professional. It is to note that luxury car, big home and the latest clothing trend of your neighbor does not mean the person is doing well financially.
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