4) “Friendly” Stock Tips
To eliminate all stock tips from friends would be just as bad as taking stock tips from friends simply because they are your friend. However, very rarely does a friend have a great stock tip.
Investing on a hunch, or because someone likes certain company or brand should be followed with extensive personal research. While, well meaning, unless your friend is an experienced and successful investor, stock-broker, or investment banker, there is a likelihood that their tip is a gut feeling, or based off of any of a million stock-tip articles written every day.
The truth is that there are no get-rich stock tips that don’t include time, consistent investing, and doing your personal diligence to make sure you are not throwing your money away. There is a big difference between a well-meaning stock tip, and a friend’s opinion.
Do yourself a favor and politely smile and tell your friend, “Thank you, I’ll look into that.”
