248: The Worst Financial Advice on the Internet

Seven years ago, I recorded a podcast episode inspired by the worst financial advice I was hearing on other podcasts at the time. A lot of things have changed since 2017, and unfortunately, a lot of things have remained the same. I decided to revisit that awful advice and give it a 2024 refresh so you can see which bad advice is still being recycled, separate what’s true from what’s trendy, and make informed, educated choices that are right for you. My goal is to help you learn how to become a sophisticated, prudent investor. That includes: Identifying the “armchair advisors” on the internet that are sabotaging your wealth–and the lack-of-evidence-based opinions they’re doling out. So in this episode of the Love, your Money podcast, we’re counting down the seven worst pieces of financial advice on the internet–because it’s not just on podcasts, it’s everywhere. From “Bucket Investing Strategy Brad” to “Just Buy Gold Chad”, we’re going to poke holes in some seriously unprofessional opinions–and do the math on how much their bad advice is actually costing you. Because to be perfectly frank, it’s easier to talk everyday investors into giving up their money by making big claims and taking advantage of knowledge gaps. I want to spare you those costs and teach you how to spot the fool’s gold–so you can run from it. Buckle up, Buttercup–and enjoy the ride!! P.S. For the sake of making it easier to wrap your head around the examples as you listen to the podcast, we rounded our numbers to the nearest thousand, but I promise we double and triple checked our math. To see the calculations down to the penny, head to this episode’s show notes at hendershottwealth.com/248. You can find that (very solid) math, below. 🤓 Here’s what you’ll learn in this week’s episode of Love, your Money: Meet Brad + Chad, our Armchair Advisors for today’s episode Bucket Investing Strategy Brad and the real cost of his “safe” vs. “growth” buckets and “just go-for-it” mentality Forget the 401(k) Chad and his misunderstanding of taxes, brokerage accounts, and retirement savings Know-It-All Brad and his “professional” opinions (i.e. why you shouldn’t take money advice from smart people who aren’t experts in finance or investing) Commission-earning Chad and his get-rich-on-life-insurance-policies scheme Budget By Envelope Brad and his restrictive cash flow management system Just Buy Gold Chad and his doomsday predictions Beat the Market Brad and his siren calls for active investing Show Notes To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/worst-financial-advice Follow Hilary on: Twitter LinkedIn Instagram Facebook YouTube Subscribe to Love, your Money Apple Podcasts Overcast Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.