Why do people take bad financial advice from their friends and family? Because hearsay is easier than reality, said certified financial planner Vid Ponnapalli, founder of Unique Financial Advisors.
"At a social gathering, there is no fact-checking," he said. "But money is extremely emotional.
"People get carried away [about it] more than anything else," Ponnapalli added. "The emotional nature of it overrides logic."
Recently, Ponnapalli presented a retirement plan to a couple in their early 50s. Both spouses intended to work into their late 60s.