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Is Online Personal Finance Advice Trustworthy?

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Is Online Personal Finance Advice Trustworthy?
This morning a friend who’s an academic and a widely published author and I were talking about publishing. She said she hates that anyone can publish anything online with no way to verify its accuracy. Her work goes through peer review and often gets rejected or sent back for revision. Online, anyone can set up a site and post without oversight.

I’ve had MBA students hand in research papers citing Wikipedia. The problem isn’t the idea of Wikipedia itself but that anyone can edit it, so you can’t always trust the accuracy.

I’m tired of inboxes full of “how to get rich” pitches. If the sender hasn’t achieved financial independence, why should I take their advice? The internet is full of people selling routes to success, money, and happiness — but who’s telling the truth?

Print publications typically have fact-checkers, which gives readers some confidence. The web has plenty of anonymous site owners promising easy riches. How do you know who’s honest? I don’t share my personal finances online, so someone could claim whatever they want and you’d have no way to verify it.

Articles claiming it’s easy to launch a blog or website and make lots of money are usually fiction. After running a blog as editor-in-chief for more than two and a half years, I read everything with skepticism. Very few sites include real proof like paycheck screenshots. Quick and easy paths to wealth are rare; most success stories are exceptions, not the rule.

For most people, success comes from persistent effort, not instant breakthroughs. A handful of people hit it big, but for most of us, building money, success, or recognition takes years of hard work. Don’t believe advice simply because it’s loud or confident — believe it if it makes sense to you.

Ask yourself whether what you’re reading is logical. If someone’s selling an online course for hundreds or thousands of dollars on a topic you can buy a book about for $15, be skeptical. I’ve been to “make money” seminars that are free to attend but then push expensive kits and upsells. I’ve invested in real estate, bought foreclosure properties, and manage a real estate portfolio. The “no money down” pitch is unrealistic for most people; maybe one person in a thousand pulls it off, but if you have no reserves, who pays the mortgage between tenants?

Accept advice only if it sounds reasonable and fits your situation. Don’t check your brain at the door when you turn on your laptop or tablet.

Is the internet filled with empty promises?