It would be great if investing were easy and anybody could just put their money in and get guaranteed profits. Unfortunately, it doesn’t work that way and if you want to increase your chances of success, it’s down to you to do some research and work out which investments you should put your money in. Some investments always require professional advice while others can be researched on your own. Either way, you need to make sure that the advice you are getting is actually reliable and you are not going to lose all of your savings because you listened to the opinion of somebody that knows even less than you.
There are plenty of good places to get advice, but today we’re going to talk about the places you should absolutely not get investment advice from. So, if you are looking to educate yourself about investments, steer clear of any of these sources of information.
Unsolicited Emails
Do you ever get emails telling you about an amazing investment opportunity that you absolutely can’t miss? Usually, these emails tell you about a stock that is about to skyrocket in value, but you still have the chance to get in now while it’s cheap and make tons of money. It might sound like an attractive offer, but you should absolutely never listen to it. In most cases, these emails are simple scams designed to get people to invest a lot of money. Once you part with your money, you’ll never hear from them again. As a general rule, if an investment opportunity sounds too good to be true, it probably is.
Your Friend That Just Started Investing
Taking advice from individuals is always a risky move. When people first get into investing and they make a few smart decisions, they suddenly think that they know everything there is to know about the markets. The thing is, they haven’t got a clue because they’ve only got a tiny bit more experience than you have. If you are going to listen to individual advice about investing, listen to industry experts like Wayne Blazejczyk ASIC, not your friend who has bought a few stocks. However, remember that individual advice is never one hundred percent reliable because it’s all speculation.
Most Investment Forums
This one might be surprising because people assume that investment forums are filled with great advice. But a lot of the people on there are like your friend that just started investing. In other words, they haven’t got a clue and they’re guessing based on a few tidbits of knowledge. However, some of the people on the forums will have a lot of experience and they will know what they are talking about. So, don’t discount the advice completely but look into it yourself and see if you can back it up with any other sources. Make sure you look at reliable forums too.
Finding good investment advice can be tough and listening to the wrong advice could be very damaging to your portfolio. But if you do your own research and take everything with a pinch of salt, you should be able to protect yourself.
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