According to the most recent research report from the CFP Board, 57% of Americans admitted to making regrettable financial decisions based on misleading information online. While social media can be filled with insightful and helpful financial advice, there are many millionaires giving awful suggestions on money management. What makes this advice awful is that it’s usually very risky, lacks a proven financial payoff, and can even be misleading.

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Here’s the worst financial advice that you should ignore from millionaires and celebrity financial influencers.

Suggesting That You Drop Out of College

R.J. Weiss, certified financial planner (CFP) and CEO of The Ways to Wealth, pointed out that you may hear millionaires say you should drop out of college and start your own business because that’s where the real education begins. “There are far, far more millionaires off social media than on it. So, it’s important to take everything you hear with a grain of salt,” he said. You’ve likely seen a motivational video from a millionaire or financial influencer suggesting that you drop out of college. While Austin Russell told CNBC dropping out of college is a wise move, not everyone is cut out to be an entrepreneur. He also received a $100,000 grant, which likely alleviated any financial burden associated with dropping out to pursue a business.

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What Can You Do Instead?

Weiss shared that, as a general rule of thumb, he tries to learn from what these millionaires did instead of what they say in social media posts. He also noted that many millionaires went to college. It’s worth noting that dropping out of college can also lead to significant stress, since you have to deal with your student loans and there’s a chance that your business idea won’t take off.

Declaring That Their Strategy Works For Everyone

Weiss pointed out that people who became millionaires from one good investment decision in a short amount of time tend to believe that their investment strategy works for everyone. He said this is common in cryptocurrency and entrepreneurship. “The decision involved a lot of risk, and it was good for them, but that’s not a path the average person should follow to become a millionaire. Most people who got rich in crypto got in very early,” Weiss said.

Rich Jacoby, MBA, founder and CEO of GoldenCrest Metals, agreed that the worst advice a millionaire can give is to assume their investment strategy works for everyone. “When a tech billionaire says ‘real estate is the best way to build wealth’ or that someone should go all-in on crypto, they’re ignoring that they have a massive safety net and can afford to lose millions while weathering a financial downturn,” he explained.