NEW YORK (MainStreet) -- What’s the worst financial advice you’ve ever received?
MainStreet posed this question to a group of average Americans and received a variety of colorful responses — from investment mistakes to real-estate blunders.
To find out what can be learned from each person’s story, we picked the brains of financial planners from around the country. Interestingly, while the advisers agreed that some advice was indeed unwise, in other cases they argued that the advice could be sound in certain situations.
“A lot of financial advice is not ‘one size fits all’,” says certified financial planner Helen Huntley of Holifield Huntley Financial Advisers in St. Petersburg, Fla. “Advice that’s good for one person may not be at all good for another who is in different circumstances.”
Folks should also keep in mind that while seeking professional financial advice is often the way to go, always be wary of an adviser who is too pushy.
“When a client feels pressure from anybody to make a financial decision — especially those taking their money — run for the exit,” says certified financial planner Phyllis Carlton of Carlton Advisors in West Linn, Ore. “A true financial professional will be able to answer any and all questions in terms the client understands. If they don’t, either they do not understand the risks themselves or they don’t have their client’s best interests in mind.”
Read on to hear the stories of six Americans, plus comments from the pros.