We’re all guilty of it at some stage in our lives.
As we grow up, land our first job and receive our first pay check, friends, family and colleagues will all chip in to give you their pearls of wisdom.
“Put that in the bank and don’t touch it!” “I heard that oil price is about to skyrocket, better buy some shares” “Get a fixed rate loan and lock it in!”
Now you need to take a step back and look at where this advice is coming from. Was it your neighbour, Bob the plumber? Or maybe your uncle Lewie, the doctor? Yes, Bob’s a straight up guy who knows a thing or two and you can always count on uncle Lewie for advice because, well he’s a doctor!
But where does their education around managing money come from? The answer is their friends, family and colleagues.
It’s true what people say – we really don’t know what we don’t know. We can never improve our lives, create a life balance, achieve happiness or gain a competitive advantage if we’re not open to new ideas and not prepared to do something different.
So what we find is generations of advice being handed down from people who have never been educated on how to properly manage money. The advice handed down is very often not the best solution for your particular situation, but without the proper guidance from somebody with the necessary training and expertise, you’ll never know any different. So in actual fact, it’s often the free advice that ends up costing you the most.
Looking for some advice?
It can really help to speak with a professional, so why not get in touch and arrange to meet with one of our advisors. To arrange an appointment call us on 02 9328 0876.
Article by Leigh Morris | Senior Financial Planner
General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.