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Thu April 26, 2012
Financial Advice vs. Infotainment
Staying more frugal than foolish is increasingly complicated. Sources for financial advice no longer come from a few trusted sources, and in the realm of the 24-hour news cycle, there are more and more venues for amateur advice. On this Monday's Central Standard, our CA$H MONEY CLIQUE discusses where to turn.
From cable shows to YouTube videos promising you the one secret to investment success, financial advice doesn't have to be vetted or correct to be on your radar. The CA$H MONEY CLIQUE calls this "financial porn," a term coined by personal-finance writer Jane Bryant Quinn. The term describes the constant advertisements and oversimplified strategies that promise much wealth with little effort.
Joining us will be members of the Financial Planning Association of Greater KC, including David Jackson, Waddell and Reed, Dan Mathews, Stepp & Rothwell, Inc. and Alex Petrovic of Petrovic Financial Services. Here are some examples of the kind of mixed financial advice they'll be talking about:
Jim Cramer's Mad Money
Here's a clip from Fox Business:
Mr. Cramer even infamously appeared on the Daily Show, after Jon Stewart called his fear-mongering tactics into question:
Our experts advise to keep in mind whether your sources for financial advice are meant for entertainment or information. Below are some trusted resources to look into.
FINANCIAL ADVICE RESOURCES: