17/09/2021
BE A 5MIN FOOL OR FOREVER?
Hey,
When personal financial advice comes flying your way, how do you know whom to trust?
So much advice is based on personal preference, an advertisement someone saw, or an assumption of what you want and how much you can afford.
But how much of the advice is based on fact? I’d venture to guess little to none.
So, before you invest or start a business, take a step back to decipher fact from opinion.
Start with these five basic questions
1: Does Their Success Translate To What You Want To Do?
It’s easy to assume that if someone is successful, their advice must be worth more.
Don’t fall into that trap.
Just because they are successful in one aspect of their life does not mean they know anything about other areas. They could be offering advice based on their experiences, which may have been rare or unusual. They may have just gotten lucky. They may know a lot about X but nothing at all about Y.
You’ll want to ask a lot of questions before placing anyone on a pedestal, to ensure he or she is an expert in the specific area you’re asking about.
2: Do They Practice What They Preach?
We’ve all seen doctors and nurses who smoke, heard tales of lawyers who break the law, and have probably noticed a personal trainer at the gym who wasn’t in the best shape.
It’s important to determine if the expert you are seeking advice from is taking his or her own advice.
In other words...
Are they investing in what they recommend you invest in?
Are they practicing the habits and strategies they are advocating?
Are they living their message daily?
If a person does not follow his or her own advice, that’s a huge red flag you shouldn’t be following it either.
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3: Have You Considered The Source?
Sometimes it's just downright obvious: “Wealth Creation Dynasty is on the upswing!” have a proven record and a system turning ordinary people to extra ordinary millionaire.
Always consider the source — and who’s ultimately benefiting from that money advice — before you believe the information presented to you. Contact us for more prove of the information.
4: Are They An Adviser Or A Salesperson?
Always follow the money of the person selling you the investment.
Does the person advising you have an agenda (do they benefit financially either directly or indirectly)? Don’t be shy about asking how they are getting paid to determine if they are on a commission or in need of meeting a quota to earn their bonus.
5: Do They Want The Transaction Or A Relationship?
If you're talking with a broker or agent and the conversations are only about this one deal, chances are they’re only in it for the short-term commission.
You may never hear from them again.
However, if they’re talking about future potential investment with residual income and asking you lots of questions (instead of doing all the talking), then they’re probably interested in developing a long-term relationship with you.
That's who you want to work with.
Once you ask all of these questions, you’ll know whether or not you are talking to a good or bad advisor. And if you still aren’t sure about the personal financial advice you’re receiving, trust your gut.
Ask yourself if you really trust this person and what they are saying.
You may risk looking like a fool for five minutes, but that’s much better than being a fool forever.
Best
AIM PRINCE.
