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Who are “they”? That’s the question I often ask people when they want my opinion about some financial advice they’ve heard. Here are some of the things “they” say:

• Getting student loans is a good thing because it’s an investment in your future.

• Now’s the time to get a home because interest rates are low.

• Never pay off your mortgage, or you should keep a mortgage for the tax break.

• It’s better to pay off the debt by borrowing from your 401(k) retirement savings account because you will be paying yourself back.

My question about who “they” are often solicits chuckles because people realize that in their effort to help themselves, they’ve picked up pieces of advice from biased individuals or without doing the work to figure out if it’s prudent.

Millions of consumers have been duped by people – many once touted as icons – who turn out to be charlatans or who gave advice that they themselves didn’t follow, says Zac Bissonnette, a personal finance writer.

Time and again, we learn that self-help authors have become wealthy not by following their own advice but by selling the concept of a certain life or financial enriching strategy. It’s these folks that Bissonnette criticizes in “Good Advice from Bad People: Selected Wisdom from Murderers, Stock Swindlers, and Lance Armstrong.” Remember the Beardstown Ladies?

They were part of an investment group from Beardstown, Ill., who wrote the best-selling “The Beardstown Ladies’ Common-Sense Investment Guide: How We Beat the Stock Market and How You Can Too.”

Along with some recipes for stew and chicken, we were told that from 1984 to 1993, the ladies had an average annual investment return of 23.4 percent. Their book sold almost 800,000 copies.

But some number crunching from journalists and an eventual audit found the ladies hadn’t beaten the market or most money professionals. Their actual return during the time period had been 9.1 percent, compared with the 15.7 percent average annual return on the Dow Jones industrial average.

The women said it was a miscalculation. Their publishing company was sued. There was a settlement and now we have a good lesson about the importance of vetting people’s investment claims. While you can learn a lot in an investment club, “the ladies would probably be better off if they’d just put their money in time-proven mutual funds,” Bissonnette writes.

“All too often, America’s smiling, inspirational prophets turn out to be comically – and sometimes darkly – horrible at following their own leads,” Bissonnette said.

If nothing else, think twice before you start a sentence with, “They say.”