Be Careful Who Your Teachers Are!
Frankly, this is why developing a financial education is so important. Doing so allows you to learn how to weigh the information or advice you receive for yourself. As the saying goes, “Men lie. Women lie. But numbers don’t.”
At the heart of financial education is learning how to have your money work hard for you, instead of you working for money. It means developing the skills necessary to personally manage your financial affairs. If something sounds too good to be true, financial education provides the ability to identify exactly why.
Many times, what financial advisors offer is not financial education at all. It is really just great sales training. And as a result, the financially uneducated get sold the riskiest investments of all. And when they get wiped out, they are told to stay in for the long haul. Can you imagine someone at the age of retirement losing their life’s savings and being told to hold on and stay in for the long haul? Are they expected to live forever? And what are they to do in the meantime?
The financially uneducated often become victims of a game that is stacked against them. It sounds comforting that you are able to give your money over to someone who knows more than you and has your best interest at heart. And after years of allowing someone else to manage your wealth, you’ll be a guaranteed millionaire. It’s possible that this could happen. I’m just simply asking, “What if it doesn’t?”
Just be cautious when dealing with advisors, and remember that most really don’t possess a financial education. Since their income depends on your money, they will tell you anything you want to hear.
The best option is to develop your financial education and learn to take matters into your own hands. It’s your future, and no one is going to look out for you like you will.
