There is an old saying that says the two topics you always want to avoid in public are politics and religion. You might want to add personal finance to that list, as well. It seems that everyone on every street corner has a hot stock tip that they can’t wait to tell you about if asked, and most times, these tips are nothing more than shots in the dark that will separate you from your money so fast it will make your head spin. A stock investment should only be made after the proper amount of research has been done. Let’s take a look at some bad places to get penny stock quotes and advice from.

Family

We all want to spread the wealth if we come across some rock solid penny stock quotes and news, but it is never a good idea to take stock tips from family members. Just like conventional wisdom dictates that it is never a good idea to do business with a family member, it similarly isn’t a smart idea to take a hot stock tip from an immediate family member. There is no way to tell if the tip has been researched or if the information is any good at all. A bad investment due to family member advice can cause a rift that could last a lifetime.

Shady Websites

A quick Google search shows that there are millions of websites out there dispensing financial advice, some of which is good, some of which is not so good. There is nothing wrong with taking financial advice from blogs and individually run financial websites, as long as you back that advice up with research. These sites should be used as a good jumping off point, not as your only source of penny stock quotes and advice.

Screaming Analysts on Television

It has become all the fashion lately to have a financial consultant with their own television show telling you how to invest your money. The problem here is that even the best analysts are only one person and they are going to make mistakes now and then. Just like with the shady financial websites, you can take the information you hear on one of these shows and then properly research it until you have a consensus that your penny stock is going to be a sound investment or not. Never, ever, take any one source as gospel.

Your Stock Broker

This is a controversial point for many since they feel that their broker should be looking out for their best interests, but the reality is that a broker is, above all else, in business for him or herself and your concerns come second. It is true that brokers are often privy to tips and information that “regular people” aren’t, but that doesn’t mean that their information is iron clad. If your broker slips you a hot stock tip, find out why this company, above all others, demands your investment dollars. A smart investor gets their penny stock quotes and information from multiple sources each time, every time.

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Tags: penny stock quotes, stock market investing advice