What do people mean when they say 'do your own due diligence'?

Consider the source of the advice - will whoever is recommending the action benefit from it? What exactly are the benefits and USP it has? (And no, "my cousin's sister in law's lawyer friends' secondary school class mate said so and he works for Warren Buffet so bao jiak" or " trust me I'm a (self proclaimed) guru and I won't con my friends/relatives/colleagues etc " doesn't cut it)

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Look for counter opinions - If it's such a wonder product, why isn't everyone rushing to get it? What are the reasons of the naysayers?

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Engage common sense - which side sounds more rational to you? Double check whatever numbers they spouted with a independent source (e.g. If they say property prices has doubled every 10 years Google for statistics to see if it has done so) and then think if it's even relevant to the point they are making.

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Decide on your own.

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Read up more and know what it is all about before venturing into something. E.g. Before buying a particular stock, download and analyse their annual financial statement to see how the business performed for the past years . If trying out a new investment like P2P, know about the risks involved and if you're willing to take that risk for the higher returns

1. research 2. study 3. understand 4. think

if dont know whats going on, skip it, avoid it. dont listen to friend say, family say, relative say, colleague say.

do your own research and don't rely on just what other people tell you to buy