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Don't believe everything you see or is it read or hear? It seems that many financial celebrities are under fire for not calling meltdown. Some have even been caught on tape giving extremely bullish advice right before the collapse. While the truth is there are very few who called the collapse there are even fewer who actually profited from it.

Jim Cramer is one of those. I've personally seen him make recommendations that bit him and anyone who took his advice in the behind multiple times. Jon Stewart has made a point of picking on Cramer on his show.

Jon Stewart puts spotlight on CNBC and meltdown

While it's entertaining it also raises concern. There are a lot of celebrity professionals out there touting advice that may not be sound or worse may cause harm. What you should keep in mind is while many of these people may have enjoyed copious amounts of success in the past a lot of them spend more time on TV or radio than they do in the area of their professed expertise.

When entering any financial transaction you owe it to yourself to understand it completely. A good rule of thumb is if you don't understand it you probably shouldn't do it. You should also get council from a local industry professional who works in their area of expertise every day. There may be value in what celebrity experts have to say but how it will apply to each person differently depending on their situation, goals, and level of knowledge.

 
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3 Comments on Celebrity Experts - Don't believe everthing you see

MAR
14
2009
318,277 Points

Great advice-you are right you should always seek the advice from a professional in the industry when making any kind of a financial decision.
11:17am • #1
947,778 Points 8 Featured Posts Outside Blog Called Shot Master

No one has a road map right now.    I think the changes are societal in nature, and this is about a major reorganization of lifestyles, globally.    In this consumer centric world, eveyone's opinion is valid -- who is the expert?    Essential to take personal responsibility, and to remember one's editing function.    Everyone is an interpreter of data, and it's up to us to use our brains to turn it into information, that works for us, personally.
12:32pm • #2
MAR
15
2009
222,333 Points 9 Featured Posts

Li - I couldn't agree with you more.  there will be a fundamental shift about how Americans view their finances.  At least I hope or we'll be in for an even bigger mess next time. 
7:13pm • #3


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