Follow Us: Google+
 
Bankrate.com

investing

5 bad financial decisions and how to recover

Investing » 5 Bad Financial Decisions And How To Recover

Trusting those with limited expertise
Next
6 of 7
Back
text

It can be tough to sift the good investment advice from the bad.

Because of that, consumers are often at the mercy of professionals -- or victims of their own greed.

"I don't care if it's cousin Billy Bob or a well-intentioned insurance agent, they're giving you advice on products or subject matter that they are either not licensed for or they don't understand," says Chris Ravsten, Certified Financial Planner, principal and founder of Foxstone Financial Group in Denver.

How to recover: Sometimes moving on is the best way to recover. That, and accepting the situation as a painful learning experience, though it's hoped not a terribly expensive one.

But for the future, be aware of who is giving you investment advice, what they are licensed to sell, what products their firm sells and how they get paid.

"The simple litmus test is to make sure their firm has a full range of products and services and they are licensed to sell a full range of services and products. Not just one product," says Ravsten.

The Securities and Exchange Commission offers some recommendations for investigating brokers and investment advisers.


advertisement

            Connect with us
advertisement
Most Read
  1. Beach towns with bargain homes
  2. 6 tips for successful yard sale
  3. Nick Nolte's house for sale
  4. 5 costliest tickets for car insurance
  5. 7 sedans for the young at heart
  6. 5 car models that lose value
  7. Ali Landry's house for sale
  8. Headlight requirements by state
  9. 9 gas-only, fuel-efficient cars
  10. 8 eerie ghost towns
CDs Overnight Averages
Product Yield +/- Last week
6 month CD
0.45% 0.41%
1 yr CD
0.67% 0.62%
5 yr CD
1.24% 1.22%
1 yr jumbo CD
0.65% 0.65%
Compare rates:
Don Taylorinvesting
The good news is you're inheriting $500 million. The bad news is you need to hold onto it.
advertisement
Home Depot reported increased sales over its closest rival Lowe's in earnings reports this week.
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.