SMS 148 – Personal Finance Advice

Opinions vs. Advice

People who may try to give advice:

  1. Perceived general knowledge experts
  2. Individuals who have been where you are
  3. Individuals who are where you are
  4. Individuals who want to be where you are
  5. Parents – may give advice to be cautious because they don’t want to
    see you fail
  6. Family and friends

How to know you’re being given advice:

  1. You second guess your decisions
  2. You find yourself relying on the input from others
  3. You feel bad about your financial decisions (and let others make
    you feel bad)
  4. You’re indecisive and/or easily swayed
  5. You succumb to keeping up with the Joneses (this plays out in a
    multitude of ways with family, friends etc.)

Reasons to get advice:

  1. Lack of confidence
  2. Lack of experience or knowledge – we convince ourselves that others
    know better when no one knows our situation and goals as well as we do
  3. Not wanting to own our own financial decisions
  4. Don’t have well defined goals
  5. Haven’t developed a value system
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