Whether it came from a family member, social media influencer or certified professional, if you91裸聊视频檙e a millennial or gen Z who91裸聊视频檚 been burned by bad financial advice in the past year, you can take some solace in knowing you91裸聊视频檙e not alone.

When it comes to the kind of bad advice young people seem to be particularly susceptible to, advice-only certified financial planner Jason Heath has noticed an uptick in three major areas 91裸聊视频� real estate, self-directed investing and education.

91裸聊视频淚 think a lot of young people especially take this 91裸聊视频榝ear of missing out approach91裸聊视频� when it comes to their money, which might drive them to buy property they can91裸聊视频檛 afford because people tell them (the price is) always going up,91裸聊视频� he said.

91裸聊视频淥r, they might have tried to get into the day trading thing during the pandemic, going all-in on a few stocks instead of holding a bunch of different investments so that they weren91裸聊视频檛 overly exposed to risk.91裸聊视频�

Nearly 70 per cent of readers recently surveyed by financial lifestyle magazine MoneySense said they91裸聊视频檝e lost money as a result of financial advice.

However, perhaps the most relatable issue for young Canadians is impractically approaching their financial planning education in an era of high interest rates and mounting student loan debt 91裸聊视频� something Dula Deb, a fourth-year social work student at Carleton University in Ottawa, knows well.

Though Deb had always made an effort to manage her finances responsibly and ensure a relatively steady income to independently support her education, she finished high school with a limited amount of money management know-how. As such, she turned to her older sister for guidance, who had already completed her degree by the time Deb was starting at Carleton.

91裸聊视频淪he kind of advised me that, even if I had good scholarships and was working 30 hours a week, I should still take out my loans even if I didn91裸聊视频檛 need them yet, since they91裸聊视频檇 be helpful throughout (my degree) and take away the stress of being in a bad financial situation if something happened that affected (my income),91裸聊视频� she said.

Though this may not have seemed like bad advice to many 91裸聊视频� especially given the ability to build a better credit score by taking out student debt and eventually paying it off on time 91裸聊视频� by virtue of Deb91裸聊视频檚 limited financial literacy at the time, she took out almost $6,000 in loans without the knowledge required to responsibly use them.

91裸聊视频淚 went from being a big money hoarder and feeling guilty for spending $20 on a shirt, to spending it really irresponsibly, especially when I was under a lot of emotional distress from school or other stuff.91裸聊视频�

Heath noted that though bad financial advice can come from anyone and anywhere, financial advice given by people who don91裸聊视频檛 have the training to 91裸聊视频渕eet people where they91裸聊视频檙e at91裸聊视频� can be especially problematic 91裸聊视频� particularly when looking at advice given by family members and online resources.

91裸聊视频淥f course, there91裸聊视频檚 the chance that someone who isn91裸聊视频檛 professionally qualified and is giving financial advice could be totally factually wrong, or with online resources like social media influencers, be trying to sell you something,91裸聊视频� he said.

91裸聊视频淏ut I think what I would caution people most about when it comes to taking advice from friends or family especially is that even if a family member91裸聊视频檚 advice is good and sound, it might be good and sound for them or for somebody else, but not for you.91裸聊视频�

As such, Heath noted the importance of thinking through the non-professional91裸聊视频檚 perspective, given they don91裸聊视频檛 have the same training and approach a professional might have.

91裸聊视频淚 think, in my case, my sister probably assumed that I would know how to handle all of these loans, and how to think about debt,91裸聊视频� said Deb, 91裸聊视频渁nd even though I know where I went wrong now, I probably needed that extra explanation back then to avoid some of the mistakes I made.91裸聊视频�

However, Heath also acknowledged the potential for shortcomings among professionals, too, and emphasized the importance of remaining vigilant regardless of where the advice was coming from.

91裸聊视频淚 would say that one of the biggest yellow flags in spotting bad financial advice is if you don91裸聊视频檛 understand what they91裸聊视频檙e saying, even after asking for clarification,91裸聊视频� he said.

91裸聊视频淏ut beyond that, if something sounds too good to be true, it probably is, as there91裸聊视频檚 not really a lot of shortcuts to financial success 91裸聊视频� it91裸聊视频檚 normally a slow-moving process when done right.91裸聊视频�

91裸聊视频淭his can definitely happen even with a certified financial planner,91裸聊视频� added Heath, 91裸聊视频渟o it91裸聊视频檚 always important to do your research and compare sources.91裸聊视频�

Nevertheless, Deb91裸聊视频檚 experiences have encouraged her to seek out professional advice for the first time in her university career in order to round out her new approach to personal finance.

91裸聊视频淭his whole situation has taught me how to actually manage my money in a way that91裸聊视频檚 realistic instead of falling on the extreme end of spending or saving,91裸聊视频� she said, 91裸聊视频渁nd I91裸聊视频檓 excited to see where these changes will take me.91裸聊视频�

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