THE BLOG
12/16/2014 07:50 am ET Updated Feb 15, 2015

5 Financial Advice Givers You Need to Ignore

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You've probably needed some money advice recently. Whether that was about saving, spending or investing. The thing is, money advice comes at you from every direction and there is an endless supply of it.

Who did you turn to? Family, friends, online or your bank?

Be careful to whom you actually listen to. It can be detrimental to your wealth. There are some advice givers you should ignore. Here's my list of financial advice givers you need to ignore at all costs.

1. Your buddy at work. Where do I even begin with this one! This is the same person that goes and gambles, but only tells you about his winnings, not all the money he's lost. Do not believe the stories of successful investment and estate planning that he shares. Even if this advice is good, it probably will not apply to you because your situation is totally different. Don't let them get to you and convince you that what you're doing is wrong or not good enough.

2. Your family. Now I'm sure your family has your well-being in mind when they give you advice. Be very careful taking their financial advice. Family members can be pretty convincing. We trust them, they are family, right? Again, the problem here is they are giving advice about what works for them. Your father may be telling you to buy bonds, but that may not be suitable for you and your risk tolerance or goals. Maybe your older sister is trying to convince you to buy a house even though you have a job that may move you every few years. The problem with all of this advice is the fact it doesn't come from a thorough knowledge of your money and financial situation.

3. The TV or radio money guru. The media is filled with so-called experts. All of which are not giving their advice for free. They want you to purchase their newsletter, book or pamphlet in order to educate you on how easy it is to get rich in the world of options, stocks, gold or whatever crap they are peddling. Most of these individuals do know something about the product they are pushing. The issue is that they don't understand your scenario. Why in the world would you listen to them about the perfect time or technique, and ignore your financial advisor that knows more about your situation?

4. The guy at the bank or insurance company. Now this may be unpopular to say, but just because they work at an institution you trust doesn't mean they know what the hell they're talking about. Many of these individuals lack experience and training in financial management. In many instances (there are some rare exceptions) they are their to sell what makes them and their employer a ton of money regardless of whether you know what it does or doesn't do. I've reviewed countless investments and portfolios only to find that these products were a mistake or completely unsuitable. Stick with a financial planner professional.

5. The little devil that sits on your shoulder. Yep, we all have one. That little red devil that gets us misbehave financially. He's the one whispering in your ear when you see a sale and just can't resist buying another thing-a-ma-bob. He's the one that coaxes you to use your credit card over and over. Funny he's not there when the bill arrives. He's the one that entices you to invest in that oil exploration stock your brother-in-law told you about. Then it drops like a falling dagger. Your conscious, or the little angel on the other shoulder is the one telling you that you shouldn't do something. Don't use that card for another thing-a-ma-bob your don't need. Save for it first. That's the voice you need to listen to and kick the little red devil to the curb.

The Bottom Line
Remember, no one knows as much about your financial situation than you do. That means there are very few people who are qualified to give you good advice about it. If you've done some financial planning with a qualified financial planner or advisor then that's the person that knows your situation as well as you. They are uniquely qualified to give and ask for advice. The next time one of my fav five give their advice, you don't have to reject it, just weigh it against your own situation and goals. Then make an intelligent decision on your own or with your financial planner.

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