Roughly 10 years ago I bought stock in Novell. I made this purchase simply because it was on the Money Magazine list of stocks to "hit it big" in the following year and at that time they had a good track record for picking winners. Hell, I was young and financially invulnerable.
11 months later, I lost 70%-80% of my investment. Now you know why I am known as Dumb Little Man. I made a financial decision simply based on what a major publication wrote as opposed to doing my own homework.
What I am leading up to to is an interesting article written by a personal finance blogger. The blog is My Money Blog and this story should make you hesitate before you listen to anyone regarding your money. Sure there are professionals out there, but what is the true motivation and/or thought process?
I know there is plenty of bad advice out there, but this one just caused me physical pain. Mr. Cliff Mason impressively gained the status of Staff Reporter at TheStreet.com fresh out of college (did I mention his uncle is Jim “Mad Money” Cramer?). He hits the ground running with his recent article Young Ones, Go Forth and Speculate, where he bashes veteran Wall Street Journal reporter Jonathan Clements and proceeds to share some of his vast financial knowledge with us.Needless to say, Mr. Mason's advice is comical at best. Read this story and then proceed with caution as you decide how your investments are allocated.
If you have some special strategy to your financial planning, let us know. If you ALWAYS trust the guy in the suit, let me know that too because I have a great property to sell you.
TheStreet.com Gives Horrible Financial Advice To Young People by My Money Blog
