Because there are so many people trying to give you advice. And because every situation is different. And because rules of thumb do not apply to everyone equally. The best way to get financial advice is to do it yourself. Make your own decisions. You don’t have to rely on a financial advisor to improve your life.
Seriously, think about it for a minute. Who knows the most about you, your family and your financial situation? You do! And who has your best interests in mind? You do! So who should give you the most unbiased and genuine financial advice? That’s right, you should!
That’s not to say you can’t ask or even pay for financial help from a financial advisor. But when you do see a financial advisor or other type of planner, keep in mind that they are motivated by making money for their services or for the amount of money you give them to manage. They may mean well and they may even have great ideas that will help you, but it is ultimately up to you to make the decision as to how to manage your money.
In my opinion, everyone should be educated to at least a basic level about how to manage their finances. Kind of like learning how to drive a car. Everyone does it differently, but everyone is required to learn the rules, practice driving, and take a test to make sure you know what you’re doing.
If you are serious about getting useful and free financial advice then it is up to you to do some homework. Spend some time learning about the basic financial concepts. Most people spend more time researching and planning their vacation each year than they spend learning about and managing their money. With just a little curiosity and some focused learning, you can become a more than apt money manager for yourself.
If you’re looking to get started, you’ve come to the right place. Articles like this with free financial advice can get you started thinking about what you need to do to learn to make better financial decisions.
The next steps should be to learn a little about how interest rates and rates of return work. Figure out which investments you should utilize to help you plan and reach your retirement goals. Learn about the compounding effect of money and why it matters more than anything else. And learn to make investing habitual and automatic. And most importantly, don’t put it off.
The difference between starting today and starting 7 years from now is a 100% change in your savings account. That’s because at long term normal investment return rates, your money will double about every 7 years. That doesn’t mean much if you don’t have much saved, but when you are close to retirement and have hundreds of thousands of dollars in your account, it means the world! Seriously consider investing your time and energy into improving your financial advice skills.
If you care to share, drop us a comment with some ways that you have learned to give yourself financial advice for free.