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7 Reasons to Be Wary of Financial Advice from Almost Anyone

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The dynamic is the same when it comes to financial matters -- everybody wants to give you advice, but most of it isn't good for you -- even if it would be for somebody else. Consider these seven situations.

1. Different Things for Different Stage

When I was in my early 20s, my grandfather told me that I should invest my money in certificates of deposit and money market funds to get a safe and steady rate of return. Initially I did that, until I realized that his strategy was tailored specifically to a person in his twilight years.

With 40 to 50 years of investing in front of me, I could afford to be more aggressive in my investments and would do better to have more exposure to stocks. We were at different life stages; what he saw as sensible advice would have been a terrible plan for me.

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