Your friends and family are probably great resources to turn to if you have questions that relate to certain aspects of your personal life. However, when it comes to your money, you should be very critical of who's giving you the advice — and of the actual money advice itself, said financial advisor Sophia Bera, founder of Gen Y Planning.
Young people are constantly getting bombarded with bad money advice from friends and family, said Bera, herself a millennial. While these advice givers usually mean well, she said, young people need to understand what's in their own best interest when it comes to money matters.
Bera is a certified financial planner who works with clients in their 20s and 30s. She helps them navigate through big life decisions, such as buying a home, paying off student loans, maximizing their company benefits and investing in their future. Millennials make up 75 percent of her clientele, and she says she has witnessed many mistakes by young people that can and should be avoided.