The Bird’s Eye View:
Maybe even more so now than ever, we are looking for more and more financial guidance. A lot of times we turn to lots of different sources to find that information. And while these sources might have the best intentions, that doesn’t mean that the advice is always going to fit you. Let’s look at some examples and explore the reasons why we have to be very careful from whom we’re taking this important guidance.
Your Guide:
Whether you work with an advisor or not, you likely turn to people close to you to get their opinion on a subject or to get advice on a financial strategy.
Often times we look to these sources because we believe we trust that they’ll give us their best information. But even if these sources have the best intentions, it doesn’t always result in good advice. In fact, sometimes the guidance you receive is completely wrong for what you need.
So this episode of Your Retirement Elevated Podcast, Scott is going to take us through four common places we turn to get advice and help us understand why things might go wrong. We chose these four because they are the sources people that are both convenient and trusted.
Here’s what we’ll get into on the show:
- Family
- Friends
- Your CPA
- Financial Experts in the Media
Now that’s not to say that all of these people have bad advice, but how well do they truly know your situation and how knowledgable are they about the topics they discuss with you?
We believe there’s some great information in this episode that we hope will help you out next time you do research, but let’s leave you with a couple thoughts. First, no matter where you turn, make sure you ultimately rely on a financial advisor to help you truly determine what is going to be in your best interest. There are so many pieces to a financial plan and your advisor will know better than anyone which actions to take.
The second is make sure you’re separating information from entertainment. It’s easy to get caught up in what you hear and the confidence in which it’s delivered but is it actually providing you valuable information or just a method for ratings?
Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics.
1:17 – First day back in the office as a team since the pandemic began.
1:52 – Here’s what we’re talking about today.
2:45 – The first source: Family
5:32 – A great lesson Scott learned from a mentor early in his career.
9:21 – The second source: Friends
10:51 – The third source: CPAs
16:16 – The fourth source: Financial experts in the media.
19:45 – Here’s the bottomline on getting advice.
21:30 – Separating experts from entertainers.
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.
Your Guide:
Scott Dougan, RFC, Investment Advisor – Contact
