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Are You Taking Financial Advice From The Wrong People

Posted by Peter Ross on 20 April 2016

I came across this article recently written by Kalen Bruce. It has some home truths about the lack of real life learning, that is money and finance -  in our school system. So who have you learnt from? And are their lessons worth listening to? Read on - 

Handling money. Getting out of debt. Credit cards. Buying a house.

We learn all about it in school, right? Not so much.

Personal finance is a topic often forgotten in our school systems

Government conspiracy, perhaps?

Not enough time in the day?

Honestly, it doesn't matter and you can't change what you weren't taught, but you are fully capable of changing what you teach yourself and who you listen to.

That's what this is about, who you listen to

Who are You Taking Advice From?

Our parents are our first teachers in life. Before we step foot into a classroom, we already have an idea of what the world is all about. An idea we obtained from whatever our parents ingrained in us. When it comes to finances, our parents generally try to help us along in different ways. Allowances, piggy banks, education savings, trust funds you get the idea. And some of our parents actually do have it figured out, but statistically, most do not. So who are you listening to when it comes to your finances? Your parents? Grandparents? Uncle? Aunt? Siblings? Colleagues from work?

Who You Should Be Taking Advice From?

You shouldn't take financial advice from people based on your relationship with them.

On the contrary, just because you shouldn't be taking financial advice from someone, doesn't mean you shouldn't be taking other advice from them.

So, how do you know who to listen to?

Here are a few questions to ask yourself
  • Are they living by the advice they are giving?
  • Are they where you want to be financially?
  • Are they giving advice from personal experience?

Advice should come from someone who is where you want to be.

Different People, Different Skills

This goes for every area of your life and it applies to the content you consume too. It's smart to reach out to different people for different advice. Think of maintaining your home. Plumbers, electricians and carpenters all serve very different purposes. You want the best of the best in every field. This may even mean that you get different financial advice from different people. Some people know stocks. Others know real estate. And others know all about precious metals. Use your resources and seek out mentors.

Stop listening to financial failures

There. I said it.

Plain and simple.

You may not want to admit that some of your close family and friends don't know what they are talking about when it comes to handling money, but you need to face the facts. For your sake.

Find people you can trust for advice. If you know someone who is successful, tell them you want to learn from them. Most people are happy to teach you, but you have to ask.

Author: Peter Ross
Tags: Wealth Creation

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