We’ve all heard the old adage, “keep your mouth shut and ears and eyes open.”
From a financial perspective, I wonder if that may be part of the problem.
With all the forms of communication now available to us, information can be transferred anywhere between anyone at anytime…instantaneously. The good news is we have so many alternatives. The problem is the information you’re receiving may not always be the best advice.
In this competitive world many people try to differentiate and tag themselves as experts. Well, some of these so-called experts don’t realize the harm of blanket financial advice. Yes, some advice is pretty much considered universal truth (e.g. having an emergency fund); however, every person’s situation is different. Being an avid reader of business and financial publications and having a great passion for these subjects, I cringe when these instant gurus offer questionable advice to the general public without disclaimers. In my opinion, financial advice is like Health advice but with numbers. Consider your own planners, advisors, brokers, agents as those who can give you a financial check up. Make sure that whomever you seek money or business advice from has the whole picture of two things – (1) where you are and (2) where you’re trying to go. These two points are fairly easy to remember but are monumental in your trail to wealth.
What I’ve managed to do in my pursuit of creating wealth is identify and/or create strategies that compliment my style. This works well because whatever I do financially will feel organic, and I won’t feel forced to do anything that makes me uncomfortable.
Since I’m very interested about building wealth, I will at least listen to someone else’s strategies in investment, real estate or business. If I do not fully understand those concepts or like their approach or perspective, then I will pass. You have that same choice with what I have just shared with you. I’ll readily admit that I may not always have the best advice or all the answers, but I will always (and you shouldn’t say always) encourage others to consider the source of any financial advice, have a clear picture of your own financial standing and know your investing behavior (e.g. risk taker, risk averse, neutral).
Charles W. (C.W.) Singleton
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