6. You can do it yourself.
"The No. 1 bad piece of advice I hear is when they say you don't need anyone's help, you can do this on your own," Lyazidi says.
"I couple that with, 'I don't need to talk to a financial adviser now, let's talk when I have some money in the bank,'" he says.
Lyazidi stresses that its not a measure of someone's intelligence to suggest they are wrong with such thinking. It is that they lack the very specific expertise needed to make the right decisions and evolve strategies.
"Part of our job is to help you get that money, not just buying low and selling high or whatever the case may be," he says.7. 'My accountant says to ...'
"Let me talk to my accountant," is a phrase financial advisers hear often, Lyazidi says. Others cite the need to talk to their lawyer for financial guidance. The mistake there is that any such specialty can play an important role in your life, but lack the financial knowledge and experience to adequately weigh in. "Many times I have found that the accountant is simply focused on the IRS and not much else," he says. Similarly, heeding advice from friends and family may not cost anything, but that hardly ensures it is a bargain. Many times, these well-intentioned confidants are inclined to agree with you and reinforce whatever it is you wanted to hear. "Keep the nepotism out so that you get a good, objective answer," Lyazidi says. "Nobody is perfect, and if you make a mistake it shouldn't have to affect your other relationships. My rule of thumb is if you can't fire them, then don't use them. They shouldn't be there. They are just giving you advice out of the goodness of their heart." 8. You can time the market.
You would be hard-pressed to find a reputable financial adviser who would suggest this with a straight face. But time and time again people fall prey to the water cooler suggestions about what stock is destined to shoot up -- or down. It can be a result of how easy it is to trade these days. "Once the Internet was created we had the biggest boom ever in the stock market, and it had nothing to do with the value of the companies," DeYoung says. "It had to do with the ease and accessibility of getting into the stock market." 9. Investing is always for the long term.
"Buy and hold is extinct," Lyazidi says. When people echo advice that they need to hold onto their stocks for the long term, through ups and downs, he counters with a suggestion that they cannot get "emotionally attached." As he sees it, market volatility means investments need to be short term. Each investor needs to develop a reasonable return they desire and the largest drop they can handle. Reaching either of those targets, even if it happens in a matter of days, is a trigger to get out, even if it could mean leaving some gains on the table. 10. You are too young to worry about the future.
Being young and healthy is no excuse to not have an estate plan in place. In fact, those characteristics can mean more affordable insurance with better benefits and the time horizon needed to make sure your ever-evolving wishes are met. And, to add a dose of the morbid, that bus hurtling down the street as you step off the sidewalk doesn't care how healthy you are. -- Written by Joe Mont in Boston.
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