Beware of Bad Investing Advice on Your Socials -- Like These 3 Money Myths
It's risky to make financial decisions based on advice from strangers who may not know what they're talking about.
Overview
According to a recent report from the Financial Industry Regulatory Authority (FINRA), 61% of social media users and "finfluencer" followers aged 18 to 34 have made an investment decision based on recommendations from a social media personality -- and these folks also reported "substantially higher fraud exposure and victimization."
A lot of financial advice found on social media is worth what you paid for it -- nothing. Here's a look at several bits of advice I've run across that are simply wrong or misleading.
Image source: Getty Images.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.