As you try to make the best decisions, you may get a lot of bad advice–even from people with good intentions. How do you know who to listen to? Whose advice is bad and whose is good? We’ll look at four common people we turn to and explain why you should be careful.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
When you think about best of intentions but bad advice, you can get that from just about anywhere. Right now, you may be hearing some of it when it comes to dealing with the pandemic or you may be hearing some bad advice when it comes to your finances. Where should you be careful about what you hear?
Maybe you’re spending extra time with family right now, whether that’s while you’re all together at home or while you spend extra time online or on the phone to check in with them. You’re bound to hear some sort of advice when you talk with them. What should you do when you get financial advice from your relatives? Consider this, do you take your medical advice from your family member or from a doctor?
Should you be scared to use online technology? More and more of our work and financial planning is being pushed online, is that something to steer clear of? Some of it comes down to common sense–be cautious but also leverage the technology to do what you need.
When you work with your CPA, should you take their financial advice? Consider the responsibility of the CPA. Are they supposed be looking at this past year’s taxes or do they have the big picture when it comes to your finances?
In the news, there is often a featured “financial expert” giving out advice and economic predictions. Is that to be trusted? Ultimately, you need to take anything you hear with a grain of salt. What is the purpose of the news, why are they telling you that? Or consider someone like Dave Ramsey who gives financial advice on the radio. Is everything he says good for you? While perhaps he is giving good broad advice, there are things that will fit and things that won’t fit for your situation.
Most of the time, people may have the best of intentions but that doesn’t mean they don’t sometimes give bad advice. Call a qualified professional to narrow down the best plan and solution for you.
Listen to the full episode or click on the timestamps below to hear a specific segment.
3:15 – Are you getting some bad advice from well-meaning family members?
7:39 – Are you afraid of using new technology?
11:59 – What are CPAs supposed to give you advice about?
17:18 – What should you do with financial information in the media?
20:08 – Should you listen to everything Dave Ramsey says?
A Quotable Moment: