"Why is my portfolio not up as much as the S&P or Dow?"
"My brother/sister/in-law is 'good with money' and said I should be doing _________"
"I was watching Suzie Orman or Cramer and they said to _______"
"I'm in cash because I don't trust Donald Trump"
In general, there is an incredible amount of information out there presented in such a fragmented manner that it is impossible to digest what is nonsense and what is sound financial advice in response to your personal financial situation. Even if the source of the advice may be trustworthy, its application in your life is what is most important and without a full assessment of the big picture, it’s impossible to tell heads from tails. Whether it’s a TV show, online article, family member or friend, chances are that by impulsively implementing broad-based "advice," you're doing more harm than good to your personal financial situation.
—Paul Morrone, financial planner, US Wealth Management New Haven